Common use of Developer Fees Clause in Contracts

Developer Fees. Developer shall receive “Developer Fees” from the Home Funds in an amount not to [insert dollar amount]. Payment of Developer Fees shall be disbursed as follows: a. Ten percent (10%) of the Developer Fee shall be disbursed when construction of the Project is deemed twenty-five percent (25%) complete based on the approved construction contract draw schedule; b. Ten percent (10%) of the Developer Fee shall be disbursed when construction of the Project is deemed fifty percent (50%) complete based on the approved construction contract draw schedule; c. Forty percent (40%) of the Developer Fee shall be disbursed when construction of the Project is deemed seventy-five percent (75%) complete based on the approved construction contract draw schedule; d. Thirty-five percent (35%) of the Developer Fee shall be disbursed when DEVELOPER receives a Certificate of Use and Occupancy from the Department of Codes and Building Safety; and e. Five percent (5%) of the Developer Fee shall be disbursed upon MDHA’s receipt of the items listed in paragraph F. below.

Developer Fees. Developer CHDO shall receive “Developer Fees” from the Home Funds in an amount not to exceed [insert dollar amount]. Payment of Developer Fees shall be disbursed as follows: a. Ten percent (10%) of the Developer Fee shall be disbursed when construction of the Project is deemed twenty-five percent (25%) complete based on the approved construction contract draw schedule; b. Ten percent (10%) of the Developer Fee shall be disbursed when construction of the Project is deemed fifty percent (50%) complete based on the approved construction contract draw schedule; c. Forty percent (40%) of the Developer Fee shall be disbursed when construction of the Project is deemed seventy-five percent (75%) complete based on the approved construction contract draw schedule; d. Thirty-five percent (35%) of the Developer Fee shall be disbursed when DEVELOPER CHDO receives a Certificate of Use and Occupancy from the Department of Codes and Building Safety; and e. Five percent (5%) of the Developer Fee shall be disbursed upon MDHA’s receipt of the items listed in paragraph F. below.

Developer Fees. Developer shall receive “Developer Fees” from the Home Funds in an amount not to [insert exceed [ dollar amountamount of developer fees being provide for the project]. Payment of Developer Fees shall be disbursed as follows: a. Ten percent (10%) of the Developer Fee shall be disbursed when construction of the Project is deemed twenty-five percent (25%) complete based on the approved construction contract draw schedule; b. Ten percent (10%) of the Developer Fee shall be disbursed when construction of the Project is deemed fifty percent (50%) complete based on the approved construction contract draw schedule; c. Forty percent (40%) of the Developer Fee shall be disbursed when construction of the Project is deemed seventy-five percent (75%) complete based on the approved construction contract draw schedule; d. Thirty-five percent (35%) of the Developer Fee shall be disbursed when DEVELOPER developer receives a Certificate Certificates of Use and Occupancy from the Department of Codes and Building Safety; and e. Five percent (5%) of the Developer Fee shall be disbursed upon MDHA’s receipt of the items listed in paragraph F. below.