Development Fee Cash Payments. (i) Concurrent with the issuance of a Grading Permit and the Take Authorization for each phase of the Covered Project on the Montreux, Altec shall pay a sum equal to forty-five percent (45%) of that portion of the development fee amount allocated to such phase, in 2019 Dollars to Pittsburg, the applicable Permittee. The portion of the development fee amount allocated to each phase shall be determined by dividing the number of acres included in each phase by the total number of acres included in the Covered Project on the Montreux Property.
Development Fee Cash Payments. (i) Concurrent with the issuance of a Grading Permit and Take Authorization for each phase of the Covered Project on the Skyranch II Property, Skyranch shall pay a sum equal to forty-five percent (45%) of that portion of the development fee amount allocated to such phase in 2019 Dollars to Pittsburg, the applicable Permittee. The portion of the development fee amount allocated to each phase shall be determined by dividing the number of acres included in each phase by the total number of acres included in the Covered Project on the Skyranch II Property.
Development Fee Cash Payments. (i) Concurrent with the issuance of a Grading Permit and Take Authorization for each phase of the Covered Project on the Xxxxx Property, Xxxxx shall pay a sum equal to fifty percent (50%) of that portion of the development fee allocated to such phase in 2019 Dollars to Pittsburg, the applicable Permittee. The portion of the development fee amount allocated to each phase shall be determined by dividing the number of acres included in each phase by the total number of acres of the Covered Project on the Xxxxx Property.
