Fee Developer Community Builder Sample Clauses

Fee Developer Community Builder. A “Fee Developer Community Builder” is a Community Builder which enters into a customary development services agreement (the “Fee Developer Agreement”) with the Vertical Developer the applicable Community Builder Lot pursuant to which the Fee Developer Community Builder participates in the day-to-day development of the applicable Community Builder Lot. The Fee Developer Agreement will not require the Community Builder to contribute capital to either (i) acquire the applicable Community Builder Lot or (ii) complete the Vertical Improvements for such Community Builder Lot. In consideration of such participation, the Fee Developer Community Builder will receive compensation (the “Development Fee”) of up to three percent (3%) of either: (a) the direct costs associated with the vertical construction of the applicable Community Builder Lot (the “Cost Model”) or (b) the gross revenues of the applicable Community Builder Lot (the “Revenue Model”). Under (x) the Cost Model, the Development Fee will be paid based on the payment date and amount of qualifying costs and (y) the Revenue Model, the Development Fee will be paid monthly based on the anticipated gross revenues, with a portion of
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