Construction Fee. For duties performed by the Property Manager pursuant to Section 3.2(H) hereof, the Property Manager shall pay itself from the applicable Operating Account a fee (“Construction Fee”) equal to six percent (6%) of the construction hard costs. In no event shall the Construction Fee be less than Five Hundred and No/100 Dollars ($500). Actual costs shall not include fees paid by the Owner for architectural or engineering services or construction permits. No fee shall be paid for actual costs of tenant improvements for services for which the tenant is responsible for payment. The Construction Fee shall be paid within ten (10) days after completion of tenant’s improvements for each individual tenant or completion of capital or Property improvement projects.
Appears in 5 contracts
Samples: Property Management Agreement (American Realty Capital - Retail Centers of America, Inc.), Property Management Agreement (American Realty Capital - Retail Centers of America, Inc.), Property Management Agreement (American Realty Capital - Retail Centers of America II, Inc.)
Construction Fee. For duties performed by the Property Manager pursuant to Section 3.2(H) hereof, the Property Manager shall pay itself from the applicable Operating Account a fee (“Construction Fee”) equal to six percent (6%) of the construction hard costs. In no event shall the Construction Fee be less than Five Hundred and No/100 Dollars ($500). Actual costs shall not include fees paid by the Owner Company for architectural or engineering services or construction permits. No fee shall be paid for actual costs of tenant improvements for services for which the tenant is responsible for payment. The Construction Fee shall be paid within ten (10) days after completion of tenant’s improvements for each individual tenant or completion of capital or Property improvement projects.
Appears in 2 contracts
Samples: Property Management Agreement (Necessity Retail REIT, Inc.), Property Management Agreement (American Finance Trust, Inc)
Construction Fee. For duties performed by the Property Manager pursuant to Section 3.2(H) hereof, the Property Manager shall pay itself from the applicable Operating Account a fee (( a “Construction Fee”) equal to six percent (6%) of the construction hard costs. In no event shall the Construction Fee be less than Five Hundred and No/100 Dollars ($500). Actual costs shall not include fees paid by the Owner for architectural or engineering services or construction permits. No fee shall be paid for actual costs of tenant improvements for services for which the tenant is responsible for payment. The Construction Fee shall be paid within ten (10) days after completion of tenant’s improvements for each individual tenant or completion of capital or Property improvement projects.
Appears in 1 contract
Samples: Property Management Agreement (American Realty Capital - Retail Centers of America II, Inc.)
