Common use of Scholarship Program Clause in Contracts

Scholarship Program. Developer shall contribute (or cause the contribution of) Three Million Five Hundred Thousand Dollars ($3,500,000) in all cash (the “Scholarship Fund Contribution”) to the “Lennar Bayview Scholarship Fund” to be held as part of the Community Benefits Fund (as defined below) and to be used to assist youth and adults up to age thirty (30) living in BVHP with the cost of tuition and/or educational materials for any course in support of any educational program that grants a diploma, degree or certificate of completion that is offered by a college, university, community college, technical or trade school recognized by any of the six regional higher education accreditors, including the Western Association of Schools and Colleges. In addition, the Lennar Bayview Scholarship Fund will be used to fund “The Will Bass Memorial Educational Travel Scholarship” which will annually award Five Thousand Dollars ($5,000) for educational travel to Africa or Asia to one African American student (18 to 25 years old) from BVHP. The obligation to contribute the Scholarship Fund Contribution shall accrue and be made as follows: (i) Five Hundred Thousand Dollars ($500,000) on the date that is ninety (90) days after the first Major Phase Approval and (ii) Three Hundred Thousand Dollars ($300,000) on the date that is sixty (60) days after the date that Developer obtains each thousandth (e.g. the 1,000th, 2,000th, 3,000th, etc.) Unit Credit, as described in the Below-Market Housing Plan.