Total Development Fee Sample Clauses

Total Development Fee. COMPANY shall pay OPERATOR fees for its assistance in the development of the Property equal to $600,000 (“Total Development Fee”) with $25,000 due upon the first closing under the ABC agreement pertaining to the permanent funding of the Miami ▇▇▇ ▇▇▇▇ project (representing a February 15, 2011 installment), $50,000 due upon the second closing under the ABC agreement pertaining to the permanent funding of the Miami ▇▇▇ ▇▇▇▇ project (representing March 15 and April 15, 2011 installments), and six subsequent payments of $25,000 each during the Property’s development period to be paid on each monthly anniversary for such period beginning on May 15, 2011 and continuing through and including October 15, 2011 (collectively, the “Monthly Development Fees”). If Opening occurs prior to all Monthly Development Fees being paid, all remaining Monthly Development Fees shall be paid at Opening. OPERATOR shall then be due installments of $150,000 to be paid at the 1st and 2nd annual anniversary of Opening. OPERATOR shall be due a final installment of $75,000 to be paid at the 3rd annual anniversary of Opening. Notwithstanding the foregoing, if the COMPANY is able to achieve Realized Savings in its Construction Budget (as those terms are defined in the COMPANY’S Disbursement Agreement entered into with ABC) and completes a permitted Budget Amendment per section 5.4.1 of the Disbursement Agreement to allocate such Realized Savings to the Line Item that includes Monthly Development Fees, the COMPANY shall pay OPERATOR any remaining amounts due pursuant to the Total Development Fee within thirty days of Opening.