Soft Cost Contingency definition
Examples of Soft Cost Contingency in a sentence
Borrower shall be responsible for paying all cost overruns on the Project as they occur, which may be paid from documented line item cost savings in the Budget or from the Contractor Hard Cost Contingency, the Developer Hard Cost Contingency, or the Developer Soft Cost Contingency, but in each instance, only in accordance with the terms and provisions set forth in the subsection below captioned “Line Item Savings” and “Contingency”.
The Buyer is granted a non- exclusive and non-assignable right to use all supplied software products provided that the Seller’s copyrights are respected.
If the actual costs are more or less than the maximum amount hereunder, then such additional or excess amount may be reallocated from or to Paragraph C.2(k) Soft Cost Contingency Reserve, upon Lender's approval.
No reallocation of line items in the Project Budget may be made without Administrative Agent’s prior written consent (other than with respect to Borrower’s rights to reallocate demonstrable cost savings to the Hard Cost Contingency and Soft Cost Contingency, and amounts from the Hard Cost Contingency and Soft Cost Contingency to other line items of the Project Budget as provided above).
Any amount in the Soft Cost Contingency Reserve reallocated to such other specific category set forth in this Disbursement Schedule, as Borrower shall request in writing and Lender shall approve, will be disbursed for items set forth in Paragraphs C.2(d) through C.2(i).
Notwithstanding the foregoing, any reallocation of the Reserves, including the Contingency Reserves, Interest Reserve, Soft Cost Contingency and Hard Cost Contingency shall be subject to the prior written approval of Lender.
Budget Savings resulting from line items which are Soft Costs shall be reallocated to the Soft Cost Contingency.
Development Manager shall not be permitted to effect any Soft Cost Contingency to a line item in the Development Budget representing Hard Costs.
At Closing, the funds in the (i) Owner’s Hard Cost Contingency Budget Line Item must be in an amount equal to $8,000,000, and at no time shall the Owner’s Hard Cost Contingency be reduced below $8,000,000 to pay for an increase in the initial contractual amount of such General Contract, and (b) the Soft Cost Contingency Budget Line Item must be in an amount equal to $750,000.
The Budget shall contain Budget Line Items available to Borrower for (i) payment of Hard Costs, separate and apart from the General Contract (the “Owner’s Hard Cost Contingency”) and (ii) for payment of Soft Costs (the “Soft Cost Contingency;” together, the Owner’s Hard Cost Contingency and the Soft Cost Contingency constitute the “Contingency Fund”).