Common use of Surcharge for Late, Non-Concurrent Execution of Development Agreement Clause in Contracts

Surcharge for Late, Non-Concurrent Execution of Development Agreement. In the event that one or more of the Developer Parties enters into the Development Agreement or a substantially similar agreement and conveys to the City or the City’s Designee fee title to the City Conveyance Parcels located within each such Developer Party’s Parcel on or before August 31, 2005, the Net CFD Amount and the Supplemental Development Agreement Fee applicable to any Developer Party entering into the Development Agreement or a substantially similar agreement after September 1, 2005 shall be as follows: 4.5.2.1 In the event that such Developer Party enters into the Development Agreement or a substantially similar agreement and conveys to the City or the City’s Designee fee title to the City Conveyance Parcels located within such Developer Party’s Parcel following September 1, 2005 but on or before December 31, 2005, the Net CFD Amount and the Supplemental Development Agreement Fee applicable to such Developer Party shall each be multiplied by one hundred five percent (105%), and such amount increased by the Applicable Percentage calculated in accordance with Section 4.3 above. 4.5.2.2 In the event that such Developer Party enters into the Development Agreement or a substantially similar agreement and conveys to the City or the City’s Designee fee title to the City Conveyance Parcels located within such Developer Party’s Parcel following December 31, 2005, the Net CFD Amount and the Supplemental Development Agreement Fee applicable to such Developer Party shall each be multiplied by one hundred five percent (110%), and such amount increased by the Applicable Percentage calculated in accordance with Section 4.3 above.

Surcharge for Late, Non-Concurrent Execution of Development Agreement. In the event that one or more of the Developer Parties enters into the Development Agreement or a substantially similar agreement and conveys to the City or the City’s Designee fee title to the City Conveyance Parcels located within each such Developer Party’s Parcel on or before August 31, 2005, the Net CFD Amount and the Supplemental Development Agreement Fee applicable to any Developer Party entering into the Development Agreement or a substantially similar agreement after September 1, 2005 shall be pay a revised Development Agreement Fee as follows: 4.5.2.1 4.4.1 In the event that such Developer Party enters into the Development Agreement or a substantially similar agreement and conveys to the City or the City’s Designee fee title to the City Conveyance Parcels located within such Developer Party’s Parcel following September 1, 2005 but on or before December 31, 2005, the Net CFD Amount and the Supplemental Development Agreement Fee applicable to such Developer Party shall each be pay an amount equal to the Adjusted Development Agreement Fee multiplied by one hundred five percent (105%), and such amount increased by the Applicable Percentage calculated in accordance with Section 4.3 above. 4.5.2.2 4.4.2 In the event that such Developer Party enters into the Development Agreement or a substantially similar agreement and conveys to the City or the City’s Designee fee title to the City Conveyance Parcels located within such Developer Party’s Parcel following December 31, 2005, the Net CFD Amount and the Supplemental Development Agreement Fee applicable to such Developer Party shall each be pay an amount equal to the Adjusted Development Agreement Fee multiplied by one hundred five ten percent (110%), and such amount increased by the Applicable Percentage calculated in accordance with Section 4.3 above.