Total Project Cost. The total cost of the Project is $36,378,683, of which (i) a match is being contributed in the amount of $21,000,000 shall be Matching Funds, and (ii) $15,378,683 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. To the extent that the actual cost of the Project exceeds $36,378,683, Grantee shall be solely responsible for such excess. Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) Grantee’s portion of the Matching funds decreases by greater than five percent (5%). If Grantee proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. If Grantee fails to obtain Triumph's approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other sources (including, but not limited to, the Matching Funds), Grantee agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, Grantee agrees to spend all of the Matching Funds as contemplated in the Budget, and agrees that its failure to do so shall be deemed a material breach of this Agreement.
Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or improvement stages, all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs.
Total Project Cost. 5.12.1 The Total Project Cost for successful and timely development, implementation and completion of the entire Project and undertake the works related to Scope of the Project and as per terms and conditions of the Agreement shall be borne by and be the liability of the Developer.
Total Project Cost. The total estimated cost of the Project is $21,000,000. To the extent that the actual cost of the Project exceeds $21,000,000, the Company shall be responsible for such excess, not Triumph and not Grantee. Grantee shall monitor the Budget and submit an amended Budget to Triumph for approval in any case in which Grantee proposes to make a change to a previously approved Budget which decreases the total Budget amount. Triumph shall have sixty (60) days from the receipt of a proposed amended Budget to notify of its approval or disapproval. If Triumph fails to approve or disapprove the proposed amended Budget within such sixty (60) day period, the proposed amended Budget shall be deemed disapproved. If Grantee fails to obtain Triumph's approval but nevertheless proceeds to implement the proposed amendments, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f) above. For amendments where either (a) the total Budget increases or decreases by greater than five percent (5%), and/or (b) the Matching Funds increase or decrease by greater than five percent (5%), the Board of Directors of Triumph must approve such amendments. If Grantee proposes an amendment with an increase or decrease of less than five percent (5%) as described above as compared to the most recent Budget approved by the Board of Directors of Triumph, Triumph staff shall have the right to approve or disapprove such amendment. It is expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, Grantee shall ensure that the expenditure of all of the Matching Funds is as contemplated in the Budget, and agrees that its failure to do so shall be deemed a material breach of this Agreement
Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction or improvement stages, all hard and soft costs and expenses paid or incurred by or on behalf of the Corporation that are in any way related to the development, construction, improvement or stabilization (including tenant improvements) of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 2%/25% Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period.
Total Project Cost. The total estimated cost of the Project is $ 22,646.00. This amount is based upon the budget summarized in Exhibit "B" and by this reference made a part hereof. The Grantee agrees to bear all expenses in excess of the total estimated cost of the Project and any deficits involved, including any deficits revealed by an audit performed in accordance with Section 6.00 hereof after completion of the project.
Total Project Cost. The total cost of the Project is $13,500,000 of which (i) matching funds are being contributed by Grantee and others in the amount of $3,000,000 (the “Matching Funds”), and (ii) up to $10,500,000 is being provided by the Grant. The total estimated cost of the Project is based upon the Budget. To the extent that the actual cost of the Project exceeds $13,500,000, Grantee shall be solely responsible for such excess. Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project cumulatively increases or decreases by greater than five percent (5%), (b) the total Budget cumulatively increases or decreases by greater than five percent (5%), (c) the Budget cumulatively increases or decreases by greater than five percent (5%) within a particular Budget category, and/or
Total Project Cost. Both the Program Manager and Project Sponsor acknowledge that the Approved Project has been authorized by the Mountainland MPO Regional Planning Committee (Utah County Commission must also approve if county funds are used) to be funded at an amount not to exceed $2,941,850 (Total Project Cost) for the direct costs of the Approved Project.
Total Project Cost. The total cost of the Project is $1,055,918, of which (i) Grantee shall pay $647,918 as shown in the Budget (the “Matching Funds”), and (ii) $408,000 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), Grantee agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, Grantee agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.
Total Project Cost. With regard to any Real Property acquired prior to or during the development, construction, improvement or acquisition stages, all hard and soft costs and expenses paid or incurred by the Corporation that are in any way related to the development of such Real Property, including, but not limited to, any debt, whether borrowed or assumed, land and construction costs. 2%/25% Guidelines. For any year in which the Corporation qualifies as a REIT, the requirement pursuant to the NASAA REIT Guidelines that, in any 12 month period, Total Operating Expenses not exceed the greater of 2% of the Corporation’s Average Invested Assets during such 12 month period or 25% of the Corporation’s Net Income over the same 12 month period.
