Xxxxxxx del Mar Phase I Project Return Contribution Sample Clauses

Xxxxxxx del Mar Phase I Project Return Contribution. 1. Until the FMV of the property contributed by LBHI for this Project is paid in full by the Joint Venture to LBHI, LBHI shall receive (i) on a quarterly basis Advances on Distributable Cash Flow as the buildings progress regarding Xxxxxxx del Mar Phase I Project properties sales. For such purpose every time a condominium building has a completed construction and the Joint Venture is selling and closing on the units of said condominium and since the accounting treatment of said condominium construction is WIP, then the Joint Venture will be able to identify the Profits on a particular unit of said condominium and distribute (i) fifty (50%) percent of those profits to LBHI withholding ten (10%) per cent until the building of said Xxxxxxx del Mar Phase I Project is completed according to this Agreement and then the ten (10%) percent withholding amount shall be immediately repaid; and (ii) fifty (50%) percent of all Project Financing obtained by the Joint Venture for this Project, provided such Project Financing is for no less than $20 million.
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Related to Xxxxxxx del Mar Phase I Project Return Contribution

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