Common use of Method of Payment of Development Costs Clause in Contracts

Method of Payment of Development Costs. On a date to be specified by Owner for each month (in no event earlier than the 10th day of any month in question), Developer shall deliver to Owner and Development Consultant the Monthly Report detailing the Development Costs incurred prior to the twenty-fifth (25th) day of the preceding month and the amounts that need to be paid. Owner shall, subject to the provisions of Section 8.2 below, within fifteen (15) calendar days (or such longer period as necessary to obtain Construction Lender’s approval or consent and to obtain the corresponding disbursement of loan proceeds under the Construction Loan, as applicable, or as otherwise approved by Owner), advance the funds to Developer necessary for payment and Developer shall promptly thereafter make such payments, or Owner may elect to make such payments directly.

Method of Payment of Development Costs. On a date to be specified by Owner for each month (in no event earlier than the 10th day of any month in question), Developer shall deliver to Owner and Development Consultant the Monthly Report detailing the Development Costs incurred prior to the twenty-fifth (25th) day of the preceding month and the amounts that need to be paid. Owner shall, subject to the provisions of Section 8.2 below, within fifteen (15) calendar days (or such longer period as necessary to obtain Construction Lenderconstruction lender’s approval or consent and to obtain the corresponding disbursement of loan proceeds under the Construction Loan, as applicable, or as otherwise approved by Owner), advance the funds to Developer necessary for payment and Developer shall promptly thereafter make such payments, or Owner may elect to make such payments directly.

Method of Payment of Development Costs. On a date to be specified by Owner for each month (in no event earlier than the 10th 10111 day of any month in question), Developer shall deliver to Owner and Development Consultant the Monthly Report detailing the Development Costs incurred prior to the twenty-fifth (25th) day of the preceding month and the amounts that need to be paid. Owner shall, subject to the provisions of Section 8.2 below, within fifteen (15) calendar days (or such longer period as necessary to obtain Construction Lender’s construction lender's approval or consent and to obtain the corresponding disbursement of loan proceeds under the Construction Loan, as applicable, or as otherwise approved by Owner), advance the funds to Developer necessary for payment and Developer shall promptly thereafter make such payments, or Owner may elect to make such payments directly.