Construction Cost Overruns definition
Examples of Construction Cost Overruns in a sentence
Developer shall promptly deliver to Construction Lender upon the request of Owner and from Developer’s own funds and not proceeds of the Construction Loan such amounts as are required by Construction Lender to maintain the Construction Loan “in-balance” to the extent the Construction Loan is not “in-balance” for a reason directly and solely caused by Developer or as a result of Construction Cost Overruns.
The Additional Capital Contribution obligations of SIP Member shall be separate and distinct from Construction Cost Overruns (for which SIP Member is required to make Construction Cost Overrun Contributions under Section 6.3).
Such request shall be supported by a certificate from the Independent Construction Consultant stating the amount of the Construction Cost Overruns and confirming that the amount requested has been incurred for legitimate Construction Expenses and that following disbursement pursuant to such request the Available Construction Funds will exceed the Remaining Costs.
Each Guarantor’s obligation to pay for any such Construction Cost Overruns shall be memorialized in a Guaranty in the form attached hereto as Exhibit H and incorporated herein by this reference.
If a Party has overpaid its obligation for Construction Cost Overruns, the overpayment shall be returned to the Party from the first available funds out of Cash Flow which, as provided in Section 6.1 of the FCF Agreement, would otherwise be available for distributions to the Members of FCF.
SIP Member shall make payments to the Company (“Construction Cost Overrun Contributions”), as are required to defray such Construction Cost Overruns, provided SIP shall be responsible for all hard cost variances associated with site work and shell construction, subject to allocation from available contingency reserves to cover such costs, including but not limited to infrastructure, design, and construction.
Subject to Section 4.3(d), if, at any time, there is a Controllable Construction Cost Overrun, TNHC shall immediately reimburse the Partnership in the amount of such Controllable Construction Cost Overruns, provided that no such amount shall be treated as made in TNHC’s capacity as a Partner or as a Capital Contribution.
The Parties acknowledge that portions of Construction Cost Overruns were included in amounts paid by FCF Members pursuant to cash calls of D-GAS to date, but such amounts paid pursuant to such cash calls were used for payment of D-GAS operating expenses as well.
The Parties also acknowledge that 40% of the Construction Cost Overruns, pursuant to the Turnkey Agreement, were to have been paid by HRC, and that Tipperary advanced the funds for HRC's 40% share (the "40% Share") of such Construction Cost Overruns, beginning with the June 14, 1995 cash call.
Construction of the Apartment Complex, Construction Cost Overruns, Operating Deficits.