Payment of Developer’s Fee Sample Clauses

Payment of Developer’s Fee. In further consideration of the obligations of Owner hereunder, the City shall pay a “Developer’s Fee” in the amount of Thirty Thousand Dollars ($30,000), payable upon Owner’s acquisition of the Property to Owner or such other person or entity as Owner may direct. 105. Condition of the Property. The following requirements shall apply to the Property: 105.1 Environmental Condition Prior to City Loan Disbursement. Except as otherwise disclosed in reports obtained by or provided to the City, the Owner represents to the City that it is not aware of, to the best of its actual knowledge, and it has not received any notice or communication from any governmental City having jurisdiction over the Property, or any other person or entity, or any reports or studies, notifying it of the presence of Hazardous Materials or Hazardous Materials Contamination in, on, or under the Property, or any portion thereof, or any violation of applicable laws. The Owner further represents that it knows of no circumstances, conditions or events that may, now or with the passage of time, give rise to any environmental or other legal claim against or affecting the Property. The Owner represents that any inspection reports, environmental audits, reports or studies which concern the Property, or inspection reports from applicable regulatory authorities with respect to the Property, which the Owner has received, have been delivered to the City.
Sample 1
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Payment of Developer’s Fee. As part of a Project Application for Payment, Developer shall be entitled to a portion of the Developer's Fee as determined by the following formula: (A) determine the percentage that Developer's Fee is of the sum of Shell and Core Construction Costs and Tenant Improvement costs (up to the Tenant Improvement Allowance) to be incurred through Substantial Completion of the Project (together, the "Hard Costs"), as shown in the Project Budget; (B) identify seventy- five percent (75%) of that percentage (the "Payment Percentage"); and (C) for each payment made on the Project Application for Payment submitted after each of the milestones described below has been achieved (as reasonably determined by Owner and Developer), Developer shall be entitled to a portion of its fee equal to (i) the sum of the Hard Costs incurred to date, multiplied by the Payment Percentage; less (ii) the Developer's Fee previously paid to Developer hereunder; provided, however, that Developer shall be entitled to such payment only if the Hard Costs incurred as of any of the milestone dates set forth below do not exceed the percentage of the Hard Costs budgeted to be incurred as of such milestone date, as also set forth below. If the Hard Costs incurred as of a date a milestone is achieved exceed the budgeted percentage of Hard Costs, as set forth below, Developer shall not be entitled to draw that portion of its Development Fee until the next milestone is achieved, and then only if the Hard Costs incurred as of such milestone do not exceed the budgeted percentage of Hard Costs to be incurred by such milestone date. Any unpaid portion of the Developer's Fee shall be paid with the Final Payment. The milestone dates and percentages of Hard Costs budgeted to be incurred by each such milestone date are as follows: Milestone Budgeted Percentage of Hard Costs
Sample 1
Payment of Developer’s Fee. (i) As part of a Project Application for Payment, Developer shall be entitled to a portion of the Developer’s Fee as determined by the following formula: (A) determine the percentage that Developer’s Fee is of the sum of _ Costs and Tenant Improvement costs (up to the Tenant Improvement Allowance) to be incurred through Substantial Completion of the Project (together, the “Hard Costs”), as shown in the Project Budget;
Sample 1

Related to Payment of Developer’s Fee

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  • Payment and Contract Price C1 Contract Price

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