Developer Payment Sample Clauses

Developer Payment. Developer shall deliver to the Town within fifteen (15) days from the Effective Date, the sum of $50,000 (the “Developer Payment”) to pay for Professional Services and related expenses incurred by the Town. Fees for all Professional Services to be covered by the Developer Payment other than the services to be provided by the Town’s financial advisor and Town staff shall be evidenced by periodic invoices that describe the work performed by date and time entries (copies of which invoices shall be provided to Developer). The Town will separately account for staff time and submit accounting of same to Developer. The funds to cover said Professional Services shall be deposited in a segregated account and not be commingled with any other Town funds. If the cost of Professional Services exceeds the Developer Payment, the Developer may elect to: (i) make an additional payment of $25,000 to be deposited by the Town and utilized in the same manner described above, or (ii) negotiate in good faith to amend this Agreement to provide for a reasonable amount of additional payment by Developer. The payment(s) made by the Developer under this Agreement are not contingent upon any outcome of the negotiations between the Town and the Developer. 137699993v.1

Developer Payment. As used in this Section 1, the term "Developer Payment" shall mean an amount equal to Eight Hundred Twenty-Five Thousand Dollars ($825,000) plus interest at the rate equal to five percent (5%) which shall commence to accrue as of the date the Agency provides the Agency Contribution.

Developer Payment. Developer shall make payment to the City an amount of Nine Thousand Dollars and No Cents ($9,000.00) within 45 days of execution of this Agreement. This amount is equivalent to the difference in price of the cost estimates for the City’s Improvements described in Section 2 and the Developer’s Improvements described in this Section. Payment shall be made to the Finance Office at ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇.

Developer Payment. The Developer herewith agrees to pay the Fair Share Payment to the City in the form of a certified check payable to the City of Port Orange in an amount as set forth in Development Exhibit “A-2.” Upon the City’s receipt of the payment from the Developer, the funds shall become the property of the City. The payment must be deposited with the City within 30 days of the city council’s approval of this Agreement and shall be required prior to the issuance of a Development Order for the Development. A. To guarantee payment of its fair share, the Developer herewith agrees to pay to the City of Port Orange the amount equal to the actual cost plus the carrying cost for debt service, if any, of the Fair Share Payment, pursuant to Chapter 21 of the Port Orange Land Development Code. Upon Developer’s deposit of any payment with the City, the funds shall become the property of the City. This payment must be deposited with the City prior to the issuance of a Development Order for the Project. B. The City and the Developer acknowledge that other entities, including but not limited to the Florida Department of Transportation and the County of Volusia, may participate in and contribute financially to one or more Concurrency Improvements as referenced herein, and hereinafter “Project Participant.” In the event that a Project Participant reduces the amount of its proposed participation resulting in a funding shortfall for the cost of the Concurrency Improvement, then the Developer shall be responsible for the increased construction cost to the extent of the Developer’s percentage share of the Concurrency Improvement. The dollar amounts reflected on the attached Project Exhibit “A-2” do not include the anticipated financial contributions by a Project Participant. Any adjustment will be reflected in the final accounting described in subparagraph (d) below. C. The City shall have the right to make one or more adjustments to the amount of the deposit based upon increased construction costs and all associated costs of the Concurrency Improvements, hereinafter referred to as the “Adjusted Payment”. In the event an Adjusted Payment is required by the City, the City shall notify Developer in writing and within twenty (20) days thereafter, the Developer shall deposit the Adjusted Payment with the City. D. Upon completion of the construction, the City shall notify the Developer in writing of the total project cost. In the event the Developer’s Payment exceeds the Developer’s percenta...

Developer Payment. The first $1,000,000 of Surplus Moneys (the “Developer Payment”) shall be paid to ABPC, provided, however, that during the first and last Lease Years, such Developer Payment amount shall be prorated for the actual number of months in said years.

Developer Payment