Payment of Excess Costs for Transitional Parking Plan Sample Clauses

Payment of Excess Costs for Transitional Parking Plan. The Allowance for the Transitional Parking Plan in the Project Budget is Five Hundred Thousand and No/100 Dollars ($500,000.00) (“Transitional Parking Allowance”). Any Project Costs incurred by Xxxxxxxx to provide transitional parking during the construction of the Project in accordance with the Transitional Parking Plan in excess of the Transitional Parking Allowance shall be the responsibility of Herndon (“Excess Transitional Parking Costs”). Herndon shall pay to Xxxxxxxx all Excess Transitional Parking Costs upon the earlier to occur of (i) thirty days after receipt by Herndon of written invoice from Xxxxxxxx detailing the Excess Transitional Costs, together with third party invoices or other reasonable supporting documentation, or (ii) the Arts Unit Closing. Notwithstanding the foregoing, Herndon may elect, by written notice to Xxxxxxxx given within one hundred twenty days after the Effective Date, to provide transitional parking for the Project by negotiating off-site leases or licenses at rates which reduce the total costs for transitional parking to an amount less than the Transitional Parking Allowance, in which event Xxxxxxxx shall be relieved of all obligation to perform the Transitional Parking Plan. If Herndon timely elects to undertake responsibility for providing transitional parking without any cost, expense, or liability being incurred by Xxxxxxxx (and without delay), then the Fixed Payment shall be reduced by the amount of the Transitional Parking Allowance. Xxxxxxx’x failure to timely exercise its right to provide the transitional parking for the Project in accordance with this Section 6.6 shall be deemed Xxxxxxx’x waiver of such right, unless otherwise consented to by Xxxxxxxx in writing.
Sample 1
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Related to Payment of Excess Costs for Transitional Parking Plan

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