Common use of Payment of Development Fee Clause in Contracts

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, but in no event later than December 31, 20152017. 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) 7.2 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 31October 1, 20152016. 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.