Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 21, 2012. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the unpaid portion shall accrue interest at a rate equal to the 5-year Treasury money market rate in effect as of the date of the last capital contribution payment referenced in Section 7.2(b) of the Partnership Agreement.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2013. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall provide Developer with a note payable to Developer ("Development Fee Note") in a principal amount equal to the unpaid balance of the Development Fee. The Development Fee Note shall accrue interest at a rate equal to the 5-year Treasury money market rate in effect as of the date of the last capital contribution payment referenced in Article VII of the Partnership Agreement. The Development Fee Note shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal and accrued interest on the eleventh anniversary of the Completion Date.
Payment of Development Fee. The Development Fee shall be paid to the Developer from Capital Contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available Net Operating Income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2015. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the unpaid portion shall accrue interest at a rate equal to the applicable federal rate (as defined in Code Section 1274(d)) for long-term debt in effect as of the date of the last Capital Contribution payment referenced in Section 7.2(b) of the Partnership Agreement.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement and Exhibit B attached hereto, but in no event later than December 31, 2015. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall provide Developer with a note payable to Developer ("Development Fee Note") in a principal amount equal to the unpaid balance of the Development Fee and with a payment schedule as set forth in Exhibit B attached hereto. The Development Fee Note shall accrue interest at a rate equal to the applicable federal rate in effect as of the date of the last capital contribution payment referenced in Section 7.2 of the Partnership Agreement. The Development Fee Note shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal and accrued interest on the eleventh anniversary of the Completion Date. Amounts due under this Development Fee Agreement, or a Development Fee Note, may not be prepaid.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2021. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall provide Developer with a note payable to Developer ("Development Fee Note") in a principal amount equal to the unpaid balance of the Development Fee. The Development Fee Note shall not accrue interest. The Development Fee Note shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal on the fourteenth anniversary of the Completion Date.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement and Exhibit B attached hereto, but in no event later than December 31, 2022. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall provide Developer with a note payable to Developer ("Development Fee Note") in a principal amount equal to the unpaid balance of the Development Fee and with a payment schedule as set forth in Exhibit B attached hereto. The Development Fee Note shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal on the eleventh anniversary of the Completion Date. Amounts due under this Development Fee Agreement, or a Development Fee Note, may not be prepaid.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2019. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall be indebted to the Developer for the unpaid balance of the Development Fee ("Deferred Development Fee"). The Deferred Development Fee shall accrue interest at a rate equal to the applicable federal rate in effect as of the date of the last capital contribution payment referenced in Section 7.2 of the Partnership Agreement. The Deferred Development Fee shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal and accrued interest on the thirteenth anniversary of the Completion Date. Amounts due under this Amended and Restated Development Fee Agreement may not be prepaid.
Payment of Development Fee. Borrower shall not pay EAH Inc. more than (i) $381,139 of its development fee in the aggregate prior to the Closing Date, (ii) $1,620,464 of its development fee in Construction and Permanent Loan Agreement Revised 4/18/08 (7-20-09) 2276/014742-1024 the aggregate prior to Permanent Loan Conversion, and (iii) $1,170,464 of its development fee in the aggregate prior to receipt of IRS Form 8609 with respect to the Project. [CHECK] 7.42 IRS Form 8609 . Borrower shall deliver to Bank the IRS Form 8609 within five (5) business days following Xxxxxxxx’s receipt of the same from the Allocation Committee.
Payment of Development Fee. Section 7.42 of the Borrower Loan Agreement is deleted in its entirety and replaced with the following: “Borrower shall not pay more than (i) $350,000 of the development fee in the aggregate on or prior to the Closing Date, (ii) $600,000 of the development fee in the aggregate on or prior to the date of Project Completion, (iii) $1,150,000 of the development fee in the aggregate on or prior to Permanent Loan Conversion, and (iii) $1,400,000 of the development fee in the aggregate on or prior to receipt of IRS Form 8609 with respect to the Project.
Payment of Development Fee. 3.1 As consideration for the Development Activities to be performed by Blueline, Paranovus shall pay by milestones, as specified in Paragraph 2 of Exhibit A (the “Development Fee”).
