Common use of Developer’s TUMF Obligation Clause in Contracts

Developer’s TUMF Obligation. Developer hereby agrees and accepts that as of the date of this Agreement, the amount Developer is obligated to pay to AGENCY pursuant to Ordinance No. (insert appropriate reference for city or county) as part of the TUMF Program is [INSERT DOLLAR VALUE OF TUMF REQUIREMENT] ($ ) (“TUMF Obligation”). This TUMF Obligation shall be initially determined under the TUMF fee schedule in effect for the AGENCY at the time the Developer submits a building permit application for the TUMF Improvement. Notwithstanding, this TUMF Obligation does not have to be paid until the Certificate of Occupancy is obtained.

Developer’s TUMF Obligation. Developer hereby agrees and accepts that as of the date of this Agreement, the amount Developer is obligated to pay to AGENCY pursuant to Ordinance No. (( insert appropriate reference for city or countycounty ) as part of the TUMF Program is [INSERT DOLLAR VALUE OF TUMF REQUIREMENT] ____________________________________ ($ $______________) (“TUMF Obligation”). This TUMF Obligation shall be initially determined under the TUMF nexus study and fee schedule in effect for the AGENCY at the time the Developer submits a building permit application for the TUMF Improvement. Notwithstanding, this TUMF Obligation does not have to be paid until the Certificate of Occupancy is obtained.