Reduction of Lot Cost Basis; Reduction of Developer Equity Sample Clauses

Reduction of Lot Cost Basis; Reduction of Developer Equity. Subject to clause (d) above [Loan Payment Priority], for purposes of calculating the Excess Profit as of the end of each year, Total Proceeds received in each year will first be applied to reduce the Lot Cost Basis Interim Balance until the Lot Cost Basis Interim Balance in such year is reduced to zero. Thereafter, any remaining or additional Total Proceeds will be applied to reduce Developer Equity Balance as of January 1 of such year until the Developer Equity Balance as of the end of such year is reduced to zero (the “Equity Repayment Date”). If the Lot Cost Basis Interim Balance is greater than zero in any calendar year, notwithstanding a reduction to zero in a prior year, Total Proceeds received in such year will first be applied to reduce the Lot Cost Basis Interim Balance to zero before the Developer Equity Balance is further reduced. Similarly, if the Developer Equity Balance is greater than zero in any calendar year, notwithstanding a reduction to zero in a prior year, Total Proceeds received in such year will be applied, after reduction of any positive Lot Cost Interim Balance in such year, to reduce the Developer Equity Balance to zero before any additional Excess Profit accrues.
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