Cost Overruns definition

Cost Overruns shall have the meaning set forth in Section 12.1 of this Agreement. “County” shall have the meaning set forth in the Recitals of this Agreement.

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Cost Overruns means those Public Improvement Project Costs that exceed the budget cost set forth in the SAP(s) plus the Developer Cash Contribution.

Cost Overruns. The meaning set forth in the Development Agreement.

Examples of Cost Overruns in a sentence

• The Total Development Cost estimate used to determine any Cost Overruns in accordance with Section 5.4(c)(1) will be based on an Updated Budget approved by the Citywide Affordable Housing Loan Committee and the Agency Commission and reviewed by Developer in accordance with Section 5.4(c)(1) for the applicable ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project as of the date of the applicable construction loan closing for such ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project.

• If construction-phase change orders or increased costs exceed the value of contingency reserves and the portion of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇’s development fee available under MOH Underwriting Guidelines, then Developer and the Agency shall provide the additional funds necessary to Complete the ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project in the same ratio as that applied to Cost Overruns as set forth in Section 5.4(c)(1).

• For example, if an ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project has eighty (80) Units, including twenty (20) Agency Affordable Units and sixty (60) ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units, then the Agency shall be responsible for twenty five percent (25%) (20/80 = 25%) of the Cost Overruns and Developer shall be responsible for seventy-five percent (75%) (60/80 = 75%) of the Cost Overruns for such ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project.

• For the avoidance of doubt, the Total Development Cost set forth in Exhibit F-C is an estimate as of the Reference Date and Cost Overruns applicable to an ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project shall be based on the estimated Total Development Cost identified in an updated budget (“Updated Budget”) and approved by the Citywide Affordable Housing Loan Committee and the Agency Commission as of the date of the construction loan closing for the applicable ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project.

• Cost Overruns shall be apportioned between the Agency and Developer according to the ratio of the number of Agency Affordable Units to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units in the applicable ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project.

More Definitions of Cost Overruns

Cost Overruns. Any Project Construction Costs and Development Costs over and above those set out in the Investment and Financing Plan;

Cost Overruns shall have the meaning set forth in the Development Agreement. “County” shall have the meaning set forth in the Recitals to this Agreement. “County Bonds” shall have the meaning set forth in the Development Agreement. “Deficiency” shall have the meaning set forth in Section 3.4(f) of this Agreement.

Cost Overruns as used in this Agreement shall mean the amount by which the total costs and expenses required to be paid under the Construction Agreements by StadCo for the Project Improvements Work exceeds the aggregate of the amounts on deposit in the Accounts (as defined in the Construction Funds Trust Agreement) plus the then-unused commitments in respect of each StadCo Source of Funds; provided that, Cost Overruns shall not include such excess to the extent such excess arises out of or is attributable to any Excluded Costs.

Cost Overruns means any amounts by which actual Total Project Costs exceed the amount of Total Project Costs that were included in the Project Budget.

Cost Overruns means the amount, if any, by which the aggregate amount of Actual Development and Construction Costs (defined below) for the Project exceeds the aggregate amount of Budgeted Development and Construction Costs (defined below) for the Project.

Cost Overruns means the amount of any and all construction costs for CityCenter that exceed $8,485,638,000 in the aggregate.

Cost Overruns means any expenses incurred by Battelle that exceed the sum of the Project Plan Fixed Cost and the planned costs set forth in all associated Scope Change Orders.