Payments to Developer. 19.3.5.1 Within thirty (30) days after approval of the Application for Payment, Developer shall be paid a sum equal to ninety-five percent (95%), of the value of the Tenant Improvement Payment (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall operate to release Developer, or any Surety upon any bond, from damages arising from such Work, or from the District's right to enforce each and every provision of the Contract Documents, and the District shall have the right subsequently to correct any error made in any estimate for payment.
19.3.5.2 Developer may not be entitled to have payment requests processed, or may be entitled to have only partial payment made for Work performed, so long as any direction given by the District concerning the Work, or any portion thereof, remains incomplete.
Payments to Developer. Within thirty (30) days after District approval of the Application for Tenant Improvement Payment, Developer shall be paid a sum equal to ninety percent (90%) of the value of the Work performed (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld as allowable herein. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall operate to release the Developer, or any Surety upon any bond, from damages arising from such Work, or from the District's right to enforce each and every provision of this Contract, and the District shall have the right subsequently to correct any error made in any estimate for payment.
Payments to Developer. 14.1 Consideration for D&C Work
Payments to Developer. 19.3.5.1 Within thirty (30) days after approval of the Application for Payment, Developer shall be paid a sum equal to ninety-five percent (95%), of the value of the Tenant Improvement Payment (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall
19.3.5.2 Developer may not be entitled to have payment requests processed, or may be entitled to have only partial payment made for Work performed, so long as any direction given by the District concerning the Work, or any portion thereof, remains incomplete.
Payments to Developer. 18.3.11.1 Within thirty (30) days after approval of the Application for Payment, Developer shall be paid a sum equal to ninety percent (90%) of the value of the Work performed (as verified by Architect and Inspector and certified by Developer) up to the last day of the previous month, less the aggregate of previous payments and amount to be withheld. The value of the Work completed shall be Developer’s best estimate. No inaccuracy or error in said estimate shall operate to release the Developer, or any Surety upon any bond, from damages arising from such Work, or from the District's right to enforce each and every provision of the Contract Documents, and the District shall have the right subsequently to correct any error made in any estimate for payment.
18.3.11.2 The Developer may not be entitled to have payment requests processed, or may be entitled to have only partial payment made for Work performed, so long as any lawful or proper direction given by the District concerning the Work, or any portion thereof, remains incomplete.
18.3.11.3 If the District fails to make any Tenant Improvement Payment within thirty (30) days after receipt of an undisputed and properly submitted Application for Payment from the Developer, the District shall pay interest to the Developer equivalent to the legal rate set forth in subdivision (a) of Section 685.010 of the Code of Civil Procedure.
Payments to Developer. The District agrees to make payments to the Developer for repayment of the Developer Advances described in the Bright Agreement in accordance with the terms and conditions of this Agreement (the "Developer Payments").
Payments to Developer. 23.1 Each time a Recoupment Contribution is paid to the Council, the Council is to deposit an amount equal to the amount of that contribution, plus any interest earned by Council on that contribution into the Council’s trust fund referred to in s411 of the Local Government Act 1993 in an account styled GDC Recoupment Contributions – Googong Development (Recoupment Trust Fund).
23.2 Within 14 days of the Council providing its consent, pursuant to clause 24.3.2, to a notice issued by the Developer pursuant to clause 24.3.1, if the Developer has provided Contribution Items with a combined Contribution Value and Phase Value (Item Value) in excess of the Contribution Obligation at the date of the notice, then Council will pay the Recoupment Contributions held in the Recoupment Trust Fund to the Developer.
23.3 The Council is not obliged to pay Recoupment Contributions to the Developer pursuant to clause 23.2 which would result in the amount paid to the Developer, when added to the Contribution Obligation at the date of the notice referred to in clause 23.2, exceeding the Item Value at the date of that notice.
23.4 Once the sum of the payments made to the Developer under this clause (not including any interest earned on Recoupment Contributions by the Council) equals the Surplus Value, the Council has no further obligation to make any payments under this clause.
23.5 For the purposes of s7.11(3) and s7.12(3) of the Act, the Parties agree that immediately prior to the imposition of a condition pursuant to s7.11 or s7.12 of the Act on a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution.
23.6 The Parties further agree that immediately prior to the imposition of a pre- condition to the issuing of a certificate of compliance pursuant to s306 of the Water Management Act 2000 in relation to a Development Consent granted to an Other Developer requiring the payment of a Recoupment Contribution, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution.
23.7 The Parties further agree that immediately prior to the imposition of any other requirement to pay a Recoupment Contribution on an Other Developer, the Council incurs a liability to pay the Developer an amount equal to the Recoupment Contribution.
23.8 For the avoidance of doubt, nothing in this Agreement imposes any obligation o...
Payments to Developer. The City shall pay a sum not to exceed $100,000.00, or 100% of the Eligible Project Costs, whichever is less, that sum to be known as known as the Total City Contribution. $25,000 shall be in the form of a grant, and Developer shall have no obligation to repay the first $25,000 of payments the City makes toward invoices for eligible Project Improvements, except in accord with the provisions of Section 4.02. The balance of the Total City Contribution shall be made in the form of a loan in the amount not to exceed $75,000 with a term of 60 months and an annual percentage rate of 2.75%, for which Developer shall execute the Note attached to this Agreement as Exhibit C at the occasion upon which the City’s payments to Developer under this Agreement exceeds $25,000. Eligible Project Costs shall include any increased costs in any of the Eligible Project Improvements, provided that in no event shall the City be liable for more than $100,000.00 total cumulative costs. Developer shall have the right to prepay the unpaid balance owing to the City in advance, in whole or in part, in Developer’s sole discretion and without penalty. In the event Developer fails to make any monthly payment within five (5) days of its due date (the first of the month), and said failure to make the payment continues for a period of thirty
Payments to Developer. The City shall pay a sum not to exceed $100,000.00, or 100% of the Eligible Project Costs, whichever is less, that sum to be known as known as the Total City Contribution. The initial sum of $25,000 shall be in the form of a grant, and Developer shall have no obligation to repay the first $25,000 of payments the City makes toward invoices for eligible Project Improvements, except in accord with the provisions of Section 4.02. The balance of the Total City Contribution shall be made in the form of a loan in the amount not to exceed $75,000 with a term of 60 months and an annual percentage rate of 3.5%, for which Developer shall execute the Note attached to this Agreement as Exhibit C at the occasion upon which the City’s payments to Developer under this Agreement exceeds $25,000. Eligible Project Costs shall include any increased costs in any of the Eligible Project Improvements, provided that in no event shall the City be liable for more than $100,000.00 total cumulative costs. Developer’s obligation to begin making payments shall be triggered by final payment obligated by the City or the date of issuance of the certificate of occupancy, whichever is later (“Payment Trigger Event”), and the Developer’s payments shall be due beginning on the first day of the month following the Payment Trigger Event and shall continue on the first day of each month thereafter in 60 equal monthly payments necessary to pay the loan portion of the Total City Contributions together with the annual percentage rate of 3.5% in total on or before the end of the 60 month period. Developer shall have the right to prepay the unpaid balance owing to the City in advance, in whole or in part, in Developer’s sole discretion and without penalty. In the event Developer fails to make any monthly payment within five (5) days of its due date (the first of the month), and said failure to make the payment continues for a period of thirty
Payments to Developer. Payments to Developer, except as provided herein, will be in compliance with Article 6 of the DBIA 535. Payments made to Developer of the Contract Price shall be made as follows:
