Monthly Draw Package definition

Monthly Draw Package shall have the meaning set forth in Section 6.2.1 hereof.
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Monthly Draw Package for the month shall include (i) a Development Work cost summary spreadsheet which shall be a static financial account of all Development Costs incurred (hard and soft), (ii) AIA documents G 702 Application for Payment and G 703 Continuation Sheet, (iii) the lien waivers submitted by the Contractor and all subcontractors, (iv) a statement of any funding required from Owner and
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Monthly Draw Package has the meaning set forth in Section 6.2 of this Agreement.
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Examples of Monthly Draw Package in a sentence

  • Developer shall not commingle Owner’s funds with the funds of any other Person and shall disburse Owner’s funds only in accordance with the Monthly Draw Package.

  • Payments made by Owner (and the Construction Lender under the Construction Loan, if applicable) pursuant to an approved Monthly Draw Package may be made, at Owner’s (or any such Construction Lender’s) discretion, directly to the parties to whom payment is owed or may be made to an account of Owner over which Developer has signature authority for further disbursement to the Architect(s), Contractor, the Specialists and Consultants, suppliers and other creditors.

  • Provided Developer has delivered the Monthly Draw Package in accordance with the provisions of Article 7 and the Owner has confirmed the same as complying with the requirements of this Agreement, the Development Costs set forth in such Monthly Draw Package shall be payable as provided in Section 7.2. The provisions of this Section 8.2 shall survive the completion of Developer’s services hereunder or any termination of this Agreement.

  • On or about the 1st day of each month, Developer shall deliver to Owner and Development Consultant the Monthly Draw Package detailing the Development Costs that need to be paid.

  • Provided Developer has delivered the Monthly Draw Package in accordance with the provisions of Article 7 and Owner and any applicable Construction Lender has approved same, the Development Costs set forth in such Monthly Draw Package shall be payable as provided in Section 7.2.

  • Provided Developer has delivered the Monthly Draw Package in accordance with the provisions of Article 7 and Owner and any applicable Lender has approved same, the Development Costs set forth in such Monthly Draw Package shall be payable as provided in Section 7.2.

  • No later than fifteen (15) days after the end of each month, Developer shall deliver to Owner the Monthly Draw Package detailing the Development Costs incurred as of and including the last day of the preceding month and the amounts to be paid.

  • To the extent the Monthly Draw Package is approved by Owner, Owner shall pay the Development Costs set forth in such Monthly Draw Package within twenty-five (25) calendar days after the end of each calendar month.

  • Notwithstanding anything in this Agreement to the contrary, Owner shall be under no obligation to provide any amounts for the payment of the Hard Costs, Soft Costs, or any obligations of Owner to Manager hereunder, unless the Monthly Draw Package is accompanied by lien waivers from the Construction Contractor and all other contractors, subcontractors and material suppliers as set forth in the Draw Request.

  • Provided Developer has delivered the Monthly Draw Package in accordance with the provisions of Article 7 and Owner and the Construction Lender has approved same, the Development Costs set forth in such Monthly Draw Package shall be payable as provided in Section 7.2.