Common use of Developer Fees Clause in Contracts

Developer Fees. (a) The development fee set forth in the Approved Budget shall be disbursed (i) twenty-five percent (25%) on the Closing Date, and (ii) the balance funded monthly on a percentage of completion basis with each Disbursement Request, subject to the Borrower’s compliance with the requirements for Disbursements set forth herein. (b) No other fees in connection with the development of the Project shall be paid to Borrower, Guarantor, Developer, or any Affiliate of Borrower or any of the foregoing entities, without the prior written consent of Lender except as expressly permitted under Section 6.12 of this Agreement.