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, any Developer Party entering into the Development Agreement or a substantially similar agreement after September 1, 2005 shall pay a revised Development Agreement Fee as follows:

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 pay a revised Development Agreement Fee be as follows: