Common use of Compensation to Developer Clause in Contracts

Compensation to Developer. The Authority shall pay to Developer as compensation forthe services set forth herein, a fee in the amount of Fourteen Million Dollars ($14,000,000) (the "Development Fee"). The Development Fee shall be paid as follows: on January 15, 2000 and thereafter within fifteen (15) days following the end of each calendar quarter until the Completion Date, the Authority shall pay to Developer a percentage of the Development Fee equal to the completion percentage of the Project certified by Developer as of December 31, 1999 and the end of each successive calendar quarter. The Authority shall make payments of the Development Fee to Developer upon receipt of an application for payment from Developer, which statement shall include evidence of satisfaction of the foregoing conditions to payment.

Compensation to Developer. The Authority shall pay to Developer as compensation forthe for the services set forth herein, a fee in the amount of Fourteen Million Dollars ($14,000,000) (the "Development Fee"). The Development Fee shall be paid as follows: on January 15, 2000 and thereafter within fifteen (15) days following the end of each calendar quarter until the Completion Date, the Authority shall pay to Developer a percentage of the Development Fee equal to the completion percentage of the Project certified by Developer as of December 31, 1999 and the end of each successive calendar quarter. The Authority shall make payments of the Development Fee to Developer upon receipt of an application for payment from Developer, which statement shall include evidence of satisfaction of the foregoing conditions to payment.