Development and Construction. The Advisor shall receive a fee for development and construction services requested by the Company. The development fee shall be calculated in accordance with the following schedule, unless otherwise agreed by the parties: Total Cost Fee Range of Fee Formula 0 - 10M 5.0% 0 - .5 M 0M + 5.0% x (TC - 0M) 10M - 20M 4.5% .5 M - .95M .50M + 4.5% x (TC - 10M) 20M - 30M 4.0% .95M - 1.35M .95M + 4.0% x (TC - 20M) 30M - 40M 3.5% 1.35M - 1.70M 1.35M + 3.5% x (TC - 30M) 40M - 50M 3.0% 1.70M - 2.00M 1.70M + 3.0% x (TC - 40M) Total Project Cost shall be defined as the total of all hard and soft costs (excluding the cost of the subject land) on the Company authorized development project. The development fee shall be calculated and paid when Advisor delivers a certificate of occupancy for the structure which is the subject of the authorized development project. If an authorized development project involves multiple structures to be completed over a period of time, the development fee shall be calculated and paid in increments upon delivery of each individual structure’s certificate of occupancy. Except in those limited circumstances where a target cap rate would not apply, Company shall hold-back ten percent (10%) of each development fee payment until such time as the authorized development project achieves financial performance at a cap rate equal to or greater than the performance cap rate target agreed to by Advisor and Company at the time of the original land acquisition.
Development and Construction. TAMC shall, with the consent of the Underlying Jurisdiction, undertake the development and construction of FORTAG segments that have received final design and alignment approval by the Underlying Jurisdiction through a Supplemental Agreement.
Development and Construction. OF THE HOTELS 6
Development and Construction i. Conditional Use Permit – Xxxx County
Development and Construction. If the proceeds of the requested Revolving Loan are to be used for development and construction of a Property, the Borrowers have notified the Administrative Agent with respect thereto.
Development and Construction. Borrower shall commence the on-site physical development of the Land on or before December 15, 2016 and shall commence vertical Unit construction on or before March 15, 2017 in accordance with the terms and provisions of this Loan Agreement and will pursue the same in good faith with diligence and continuity in accordance with the Plans and Specifications.
Development and Construction. Section 11.01 Schedule for Construction. 3130
Development and Construction. Section 11.01 Schedule for Construction. 30 Section 11.02 Substantial Completion 30 Section 11.03 Construction Inspection and Punch List Work 31 Section 11.04 Commissioning 31 Section 11.05 Final Completion. 31 Section 11.06 As-Built Plans 32 Section 11.07 Development Loan Proceeds 32 Section 11.08 Open Books 32 Section 11.09 Liens 33 Section 11.10 Mutual Cooperation and Commercially Reasonable Efforts 33 Section 11.11 Force Majeure. 33 Section 11.12 Developer to Pay Project Costs 33 Section 11.13 Prohibition on Owner’s Authority to Enter into Contracts and Subcontracts 33 Section 11.14 Inspection Rights. 34 ARTICLE XII. INSURANCE Section 12.01 Builder’s Risk Insurance 34 Section 12.02 Design Builder Liability and Workers’ Compensation Insurance 34 Section 12.03 Insurance Policy Requirements. 34 Section 12.04 Evidence of Insurance 35 Section 12.05 Subcontractor Insurance. 35
Development and Construction. TAMC shall undertake the development and construction of the CDR Segment, consistent with the terms of the Active Transportation Program Grant Adoption Resolution G-19-31 and the Project Baseline Agreement between TAMC, Caltrans, and the California Transportation Commission.
