Excess Development Costs means those Development Costs which are in excess of the aggregate amounts allocated to Development Costs in the Development Plan and Budget.
Excess Development Costs shall have the meaning attributed thereto in Section 7.2A.
Excess Development Costs means all funds in excess of the Development Sources which are required to (i) complete rehabilitation of the Apartment Complex, including paying any final cost overruns and the cost of any change orders which have been approved by the Lender and which are not funded from Development Sources, (ii) achieve Substantial Completion, (iii) achieve Initial Closing and Final Closing and satisfy any escrow deposit requirements which are conditions to the Initial Closing and/or the Final Closing, including without limitation, any amounts necessary for local taxes, utilities, insurance premiums and other amounts which are required, (iv) pay any applicable loan assessment fees, discounts or other costs and expenses incurred by the Partnership as a result of the occurrence of the Initial Closing and/or the Final Closing, (v) make the required deposit into the Tenant Transition Fund, (vi) make the required deposit into the Reserve Fund for Replacements and the Supplemental Replacement Reserve and (vii) pay any Operating Deficits incurred by the Partnership prior to the occurrence of Rental Achievement. Excess Development Costs shall not include any amounts paid or to be paid in respect of the Development Fee.
Examples of Excess Development Costs in a sentence
In the event that the Managing Member shall fail to pay any such Excess Development Costs as required in this Section 8.9(a), each Investor Member may, in its sole discretion, cause the Company to pay such Excess Development Costs using each Investor Member’s Capital Contribution.
In 2009, Plaintiffs asked for damages in the amount of $250,000, but were only awarded damages for 2012, 2013 and 2014 which is the exact amount of Excess Development Costs funded by Hudson since 2012 when Defendants materially breached the contract.
During closing, Appellants’ counsel argued that to the extent that Hudson claimed AHP breached the Limited Partnership Agreement by failing to pay Excess Development Costs, that breach occurred well before July 2010 and, therefore, the statute of limitation had run and the case should be dismissed.
Appellants maintain that their conclusion is supported by the Limited Partnership Agreement’s definition of Excess Development Costs as “all funds in excess of the proceeds of the Mortgage Loan and Capital Contributions.” Appellants deduce from this definition that there were no Excess Development Costs because Hudson’s advances must have been capital contributions and Excess Development Costs are defined as funds in excess of revenue plus capital contributions.
Inspectors will follow the PAH Indicator Monitoring SOP, Appendix H when conducting a monitoring event.
More Definitions of Excess Development Costs
Excess Development Costs means those Development Costs which: (i) are in excess of the aggregate amounts allocated to such items in the Operating Plan and Budget; or (ii) were neither included nor contemplated in the Operating Plan and Budget.
Excess Development Costs means as of any particular date (a) the Development Costs which the Partnership has an obligation to pay as of such date, minus (b) the Permitted Sources received by the Partnership as of such date. Excess Development Costs shall be determined on a particular date by AHF, based on the calculation in the form of Exhibit O attached hereto.
Excess Development Costs means all Development Costs in excess of Development Sources.
Excess Development Costs means all costs in excess of the proceeds of the Construction Loan or the Mortgage Loan which are or will be incurred to (i) complete construction and development of the Apartment Development and (ii) achieve Initial Closing and Final Closing including, without limitation, (A) Construction Loan and/or Mortgage Loan discounts or extension fees, (B) interest, taxes, property insurance or title insurance premiums not payable from Construction Loan proceeds, (C) construction cost overruns and the cost of any change orders which are not funded from Construction Loan or Mortgage Loan proceeds, (D) escrow deposits and/or any other amounts necessary for local taxes, utilities, insurance premiums and other purposes which are conditions to the Final Closing, (E) Operating Deficits incurred by the Partnership prior to Final Closing, and (F) loan assessment fee, or other such fee or fees, as may be assessed by the ADFA/HOME and which are not payable out of Construction Loan or Mortgage Loan proceeds, or revenues and rents of the Partnership available at Final Closing.
Excess Development Costs means that portion of the aggregate Development Costs actually incurred in a given Calendar Year that exceeds the Baseline Development Costs for the applicable Calendar Year; provided, however, that if all or part of the Development Costs within the Baseline Development Costs for a given Calendar Year are delayed or otherwise incurred in a Calendar Year after the Calendar Year for which such Baseline Development Costs were budgeted (under the applicable Development Plan and Budget from which such Baseline Development Costs were determined), such amounts that were delayed or otherwise incurred in a subsequent Calendar Year shall not be “Excess Development Costs,” and shall be shared by the Parties as set forth in Sections 6.1.1-6.1.3.
Excess Development Costs means all funds in excess of the Development Sources which are required to (i) complete construction of the Apartment Complex, including paying any final cost overruns and the cost of any change orders which have been approved by the Lender and which are not funded from Development Sources, (ii) achieve Substantial Completion, (iii) achieve Initial Closing and Final Closing and satisfy any escrow deposit requirements which are conditions to the Final Closing, including without limitation, any amounts necessary for local taxes, utilities, insurance premiums and other amounts which are required, (iv) pay any applicable loan assessment fees, discounts or other costs and expenses incurred by the Partnership as a result of the occurrence of the Initial Closing or the Final Closing, (v) make the required initial $52,000 deposit into the Operating Deficit Reserve, (vi) make the required initial pro rata deposit for 1997 into the Reserve Fund for Replacements, and (vii) pay any Operating Deficits incurred by the Partnership prior to the occurrence of Rental Achievement.
Excess Development Costs means all funds in excess of the Development Sources which are required to (i) complete rehabilitation of the Apartment Complex, including paying any final cost overruns and the cost of any change orders which have been approved by the Lender and which are not funded from Development Sources, (ii) achieve Substantial Completion, (iii) achieve Final Closing and satisfy any escrow deposit requirements which are conditions to the Final Closing, including without limitation, any amounts necessary for local taxes, utilities, insurance premiums and other amounts which are required, (iv) pay any applicable loan assessment fees, discounts or other costs and expenses incurred by the Partnership as a result of the occurrence of the Final Closing, (v) make the required deposit into the Operating Deficit Reserve, (vi) make the required deposit into the Reserve Fund for Replacements, and (vii) pay any Operating Deficits incurred by the Partnership prior to the occurrence of Rental Achievement. Excess Development Costs shall not include any amounts paid or to be paid with respect to the Development Fee.