Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount equal to the greater of (i) $1,104,320 or (ii) subject to the Special Limited Partner's reasonable determination that such higher amount may be included in the Eligible Basis of the Apartment Housing, 15% of the total development costs as stated in the cost certification provided by the Accountants and approved by the State Tax Credit Agency, pursuant to the Amended and Restated Development Fee Agreement entered into by and between the Developer and the Partnership on even date herewith; provided, however, that the Development Fee shall be reduced prior to the end of the first year of the Tax Credit Period, as necessary, to meet the 50% test for financing development costs from tax-exempt bond proceeds as described in Code Section 42(h)(4)(B), with the amount of such reduction to be determined by the Accountant and approved by the Special Limited Partner. The Amended and Restated Development Fee Agreement provides, in part, that the Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the balance of the Development Fee will be paid in accordance with Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2 of this Agreement for costs associated with the development and construction of the Apartment Housing including, but not limited to, land costs, Land Acquisition Fee, architectural fees, survey and engineering costs, financing costs, loan fees, building materials and labor. If any Capital Contribution proceeds are remaining after Completion of Construction and all acquisition, development and construction costs, excluding the Development Fee, are paid in full and the Construction Loan retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Apartment Housing in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed 1 year, and the execution or renewal of any Management Agreement shall ...
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $168,498 in accordance with the Development Fee Agreement entered into by and between the Developer and the Partnership on even date herewith. The Development Fee Agreement provides, in part, that the Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the balance of the Development Fee will be paid in accordance with Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2 of this Agreement for costs associated with the development and construction of the Apartment Housing including, but not limited to, land costs, Land Acquisition Fee, architectural fees, survey and engineering costs, financing costs, loan fees, Syndication Fee, building materials and labor. If any Capital Contribution proceeds are remaining after Completion of Construction and all acquisition, development and construction costs, excluding the Development Fee, are paid in full and the Construction Loan has been retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Apartment Housing in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed 1 year, and the execution or renewal of any Management Agreement shall be subject to the prior Consent of the Special Limited Partner. If the Management Agent is an Affiliate of the General Partner and there is an Operating Deficit following the termination of the Operating Deficit Guarantee Period or the depletion of the maximum Operating Deficit amount pursuant to Section 6.3, whichever occurs first, then 30% of the management fee will be deferred ("Deferred Management Fees"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1
Payments to the General Partners and Others. 3 Specific Powers of the General Partner ......... 29 9.4
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in an amount equal to 6.99% of the total eligible basis (acquisition plus rehabilitation, new construction) before the addition of the fees and the high cost adjustment, which is approximately $200,000. The Development Fee shall first be paid from available proceeds from the Capital Contribution described in paragraph 7.2 (b)(c)of this Agreement and if not paid in full then the Development Fee will be paid to the extent permitted in Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2(b) and Section 7.5 of this Agreement for development costs including, but not limited to, land costs, architectural fees, survey and engineering costs, financing costs, loan fees and building materials. If any Capital Contribution proceeds are remaining after Completion of Construction and all construction costs, excluding the Development Fee, are paid in full and the Construction Loan retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year, and the execution or renewal of any Management Agreement shall be automatic provided there is no default here under or under the Management Agreement, otherwise it shall be subject to the prior Consent of the Special Limited Partner. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer, a Development Fee in the amount of $125,000. The Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the Development Fee will be paid in accordance with the Development Fee Agreement.
(b) Notwithstanding the preceding, the Partnership will use the sum of $320,499 from the Capital Contributions paid pursuant to Sections 7.2(b) and 7.5 of this Agreement to be used as follows: $114,472 for acquisition of the Project and the balance to be used for rehabilitation and development costs including, but not limited to, architectural fees, survey and engineering costs, financing costs, loan fees, building materials and labor. If any such funds are remaining after Completion of Construction and all rehabilitation costs are paid in full then the remainder shall first be paid to the General Partner in an amount equal to any unpaid Development Fee and the balance, if any, shall be paid to the General Partner as a reduction of the General Partner's Capital Contribution and/or an incentive rent-up fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed three years, and the execution or renewal of any Management Agreement shall be subject to the prior Consent of the Special Limited Partner which consent shall not be unreasonably withheld. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period the Management Agreement shall provide that, in any year in which the Project has an Operating Deficit, up to 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent solely in accordance with and to the extent permitted by Section 11.1 of this Agreement.
(1) The Special Limited Partner shall have the right to cause the General Partner to remove the Management Agent and replace it with a Management Agent designated by the Special Limited Partner if any of the following is true: (1) an event has occurred which would allow a General Partner to be removed for cause (as defined in Section 13.2 hereof), regardless of whether the Special Limited Partner exercises its right to remove the General Partner...
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $124,000 in accordance with the Development Fee Agreement entered into by and between the Developer and the Partnership on the even date hereof. The Development Fee Agreement provides, in part, that the Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the balance of the Development Fee will be paid in accordance with Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2 of this Agreement for costs associated with the development and construction of the Apartment Housing including, but not limited to, land costs, Land Acquisition Fee, architectural fees, survey and engineering costs, financing costs, loan fees, Syndication Fee, building materials and labor. If any Capital Contribution proceeds are remaining after Completion of Construction and all acquisition, development and construction costs, excluding the Development Fee, are paid in full, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Apartment Housing in an
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $59,458 in accordance with the Development Fee Agreement entered into by and between the Developer and the Partnership on the even date hereof. The Development Fee Agreement provides, in part, that the Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the balance of the Development Fee will be paid in accordance with Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2 and Section 7.5 of this Agreement for development costs including, but not limited to, land costs, Land Acquisition Fee, architectural fees, survey and engineering costs, financing costs, loan fees, Syndication Fee, building materials and labor. If any Capital Contribution proceeds are remaining after Completion of Construction and all acquisition, development and construction costs, excluding the Development Fee, are paid in full and the Construction Loan retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Apartment Housing in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed three years and can be cancelled with 30 days notice by the Special Limited Partner, and the execution or renewal of any Management
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $133,553. The Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the Development Fee will be paid to the extent permitted in Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.1(b) and Section 7.4 of this Agreement to pay any outstanding construction costs. Any remainder of the Capital Contribution proceeds shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed two years, and the execution or renewal of any Management
Payments to the General Partners and Others. (a) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement
Payments to the General Partners and Others. (a) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year, and the execution or renewal of any Management Agreement shall be subject to the prior Consent of the Limited Partner. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1
