Total Project Budget. The Design Builder acknowledges that the Owner has appropriated a fixed amount of money for the Project. The Design Builder also acknowledges that the Program Manager, as the Owners' design consultant will manage the Owner’s Total Project Budget. The Design Builder agrees to notify the Program Manager of any change requests that may have an impact on the budget as soon as the Design Builder becomes aware of the need for such a change request.
Total Project Budget. The Parties must pay all expenses associated with the performance of this Contract in accordance with the Budget in Attachment A.
Total Project Budget. The Parties hereby agree that the Total Project Budget shall be as set forth in Exhibit A as attached hereto. In the event that the Authority approves a Total Facilities Grant for the Proposed Project, the Total Facilities Grant would be based on the Total Project Budget set forth in Exhibit A as of the Effective Date and contingent upon the District maintaining this Total Project Budget. The Total Project Budget shall not be altered, modified, or changed without the prior written approval of the Authority. Any increases to the Total Project Budget as set forth in Exhibit A as of the Effective Date, shall not result in any changes to the amount of the Total Facilities Grant set forth in Section 3 of this Project Scope and Budget Agreement. The District hereby acknowledges and agrees that all costs related to the Proposed Project, including without limitation all site costs, shall be subject to review and audit by the Authority, and the Authority shall determine, in its sole discretion, whether such costs are eligible for reimbursement pursuant to the Authority’s regulations and policies.
Total Project Budget. Additional budget for Amendment 9: US$25,000 Total: US$190,000
Total Project Budget. Attached hereto as Exhibit “D-1” is the Total Project Budget. The Members hereby approve the Total Project Budget and authorize Developer to construct the Project in accordance with the Total Project Budget, with such modifications as may be agreed to by the Members pursuant to Section 7.07(xiv).
Total Project Budget. Exhibit J to the Redevelopment Agreement is hereby deleted in its entirety and replaced with Exhibit J hereto, titled “Total Project Budget”.
Total Project Budget. The Members have attached the Total Project Budget to this Agreement as Exhibit C. The Total Project Budget may be modified only (i) as may be agreed to by the Members pursuant to Section 7.7, (ii) by the TCR Member to reallocate savings in a line item within the Total Project Budget to another line item within the Total Project Budget or (iii) as allowed by Section 4.2 of the Development Agreement.
Total Project Budget. 2.5.1 Borrower represents and warrants that Exhibit D attached hereto contains a complete and full enumeration of all costs (hard, soft, and land costs) which Borrower anticipates will be incurred in connection with the construction and development of the Improvements and in connection with the starting up of the operation of the Improvements; Exhibit D being hereinafter referred to as the "Total Project Budget."
2.5.2 The Total Project Budget will be financed in accordance with Exhibit D and this Agreement by:
2.5.2.1 $5,500,000.00 in equity funds or subordinated debt from MCRC, or binding commitments acceptable to Lender for equity injections or subordinated debt from MCRC in such amounts, to be provided by Borrower; and
2.5.2.2 the balance (not to exceed $6,500,000.00) from the Loan Proceeds.
2.5.3 It is understood and agreed that:
2.5.3.1 initial equity funds required to be provided by Borrower shall be fully expended in payment of items listed in the Total Project Budget prior to the disbursement of any of the Loan Proceeds by Lender, and any subordinated loans from MCRC shall be disbursed pari passu with Loan Proceeds disbursed by Lender;
2.5.3.2 the undistributed Loan Proceeds and subordinated loans to be disbursed by MCRC at all times shall equal or exceed the amount necessary to pay for the completion of the Improvements, including (i) all items set forth in the Total Project Budget; (ii) all incurred cost overruns and incurred costs for items not included in the Total Project Budget; and (iii) all cost overruns and costs not included in the Total Project Budget which Lender deems likely to be incurred;
2.5.3.3 the undistributed portion of the Loan Proceeds allocated to each item in the Total Project Budget at all times shall equal or exceed the amount necessary to pay for such items;
2.5.3.4 if for any reason the amount of such undistributed Loan Proceeds with respect to the Improvements or any of the individually budgeted items set forth in Exhibit D shall at any time be, or become, or in the judgment of Lender appear reasonably likely to become, insufficient for the purpose described in Subsections 2.5.3.2 or 2.
Total Project Budget. 2.2.1. Borrower understands that advances of the Loan Proceeds by Lender are keyed to future disbursements according to the Total Project Budget. Lender is aware that the General Contractor has commenced the Project prior to the date hereof with Borrower's authorization, and that the Borrower has paid the General Contractor therefor. Accordingly, Lender shall reimburse Borrower for such of those prior disbursements as are elsewhere provided herein. Borrower covenants and represents that Exhibit "D" attached hereto contains a complete and full enumeration of all costs (hard, soft, and land costs) which Borrower anticipates will be incurred in connection with the construction of the Improvements , Exhibit "D" being hereinafter referred to as the "Total Project Budget", which costs will be incurred by the list of contractors, subcontractors and materialmen listed on Exhibit "E" attached hereto.
2.2.2. It is understood and agreed that:
2.2.2.1. the Borrower covenants to pay for the completion of the Improvements and thus the undistributed Loan Proceeds at all times shall equal or exceed the amount necessary to pay for the completion of the Improvements, including (i) all items set forth in the Total Project Budget; (ii) all incurred cost overruns and incurred costs for items not included in the Total Project Budget; and (iii) all cost overruns and costs not included in the Total Project Budget which Lender deems likely to be incurred;
2.2.3.2. the undistributed portion of the Loan Proceeds allocated to each item in the Total Project Budget, plus the undistributed portion of the Loan Proceeds allocated to
Total Project Budget. A complete and full enumeration of all costs of the Project, as defined in the Project Scope and Budget Agreement or Project Funding Agreement.
