Common use of PAYMENT COVENANTS Clause in Contracts

PAYMENT COVENANTS. Phase Two Owner shall pay to Phase One Owner Forty Two and 13/100 percent (42.13%) of the maintenance, utilities, replacements, repairs, taxes, insurance and any and all other costs and expenses involved in the operation and use of the Lift Station (the “Operating Costs”), however that Phase Two Owner shall have no obligation to contribute its share until the improvements to be constructed on the Phase Two Property have received a temporary or permanent Certificate of Occupancy. Phase One Owner shall be responsible for Fifty Six and 87/100th percent (56.87%) of the Operating Costs. Phase One Owner shall provide Phase Two Owner with copies of all maintenance contracts and service agreements entered into that will generate fixed costs, and shall consult with Phase Two Owner prior to incurring any extraordinary costs for unanticipated service or repairs. Phase One Owner shall invoice Phase Two Owner for all routine and extraordinary aspects of the use, maintenance or repair of the Lift Station, and payment shall be made to Phase One Owner within ten (10) days following the date of any invoice for Operating Costs associated with the Lift Station. Invoices shall include copies of all bills and statements pertaining to the Lift Station for the billing period in question. Phase One Owner shall use reasonable efforts to tender invoices on a quarterly basis but the right is reserved to alter the billing period in any manner consistent with its bookkeeping procedures. In the event Phase One Owner discovers that any previously tendered invoice was in an amount which was insufficient to cover Phase Two Owner’s share of Operating Costs for any billing period, payment shall be made within ten (10) days following receipt of a supplemental invoice therefor. Each of the Parties shall each be individually responsible for the maintenance, repair and replacement of any portion of the pipes or other equipment pertaining to the Lift Station which solely serve their individual properties.