Excess Development Costs definition

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

• If Tenant has obtained Landlord’s advanced written approval prior to incurring any Excess Development Costs in accordance with the provisions of Section 4 hereof, such approved expenses shall be deemed to constitute “Authorized Excess Development Costs,” and Landlord agrees to authorize the payment of (and reimburse Tenant for) such Authorized Excess Development Costs, subject to and in accordance with the terms and conditions of Section 6 of this Agreement.

• In the event Tenant incurs any Unauthorized Excess Development Costs, Tenant hereby agrees to and shall indemnify, defend, hold harmless and protect Landlord and the Land from and against any mechanic’s or materialmen’s liens, or other liens, liabilities or encumbrances arising out of or in connection with any such Unauthorized Excess Development Costs.

• Tenant shall follow the procedures set forth in Section 6 of this Agreement with respect to processing any Application for payment requests in connection with securing the payment of: (i) any Budgeted Development Costs; and (ii) any Authorized Excess Development Costs.

• In the event Tenant incurs any Excess Development Costs without first obtaining Landlord’s prior written approval, such expenses shall be deemed to constitute “Unauthorized Excess Development Costs,” and Tenant shall be obligated to pay or otherwise satisfy such Unauthorized Excess Development Costs.

• As such, the entirety of the industry as a whole is a fleshy knowledge- based enterprise which must be duly analyzed for the average student of maritime related activities to be able to effectively appreciate the corpus of workings within the industry.

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 Development Plan and Budget; or (ii) were neither included nor contemplated in the Development Plan and Budget.

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 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 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 all Development Costs in excess of Development Sources.

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 Company as a result of the occurrence of the Initial Closing or the Final Closing, (v) make the required initial pro rata deposit for 1996 into the Reserve Fund for Replacements, and (vi) pay any Operating Deficits incurred by the Company 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 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.