Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 21, 2012. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the unpaid portion shall accrue interest at a rate equal to the 5-year Treasury money market rate in effect as of the date of the last capital contribution payment referenced in Section 7.2(b) of the Partnership Agreement.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2014. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall provide Developer with a note payable to Developer ("Development Fee Note") in a principal amount equal to the unpaid balance of the Development Fee. The Development Fee Note shall accrue interest at a rate equal to the 5 year Treasury money market rate in effect as of the date of the last capital contribution payment referenced in Section 7.2 of the Partnership Agreement. The Development Fee Note shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal and accrued interest on the eleventh anniversary of the Completion Date.
Payment of Development Fee. The Development Fee shall be paid to the Developer from Capital Contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available Net Operating Income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2015. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the unpaid portion shall accrue interest at a rate equal to the applicable federal rate (as defined in Code Section 1274(d)) for long-term debt in effect as of the date of the last Capital Contribution payment referenced in Section 7.2(b) of the Partnership Agreement.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement and Exhibit B attached hereto, but in no event later than December 31, 2015. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall provide Developer with a note payable to Developer ("Development Fee Note") in a principal amount equal to the unpaid balance of the Development Fee and with a payment schedule as set forth in Exhibit B attached hereto. The Development Fee Note shall accrue interest at a rate equal to the applicable federal rate in effect as of the date of the last capital contribution payment referenced in Section 7.2 of the Partnership Agreement. The Development Fee Note shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal and accrued interest on the eleventh anniversary of the Completion Date. Amounts due under this Development Fee Agreement, or a Development Fee Note, may not be prepaid.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2019. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall be indebted to the Developer for the unpaid balance of the Development Fee ("Deferred Development Fee"). The Deferred Development Fee shall accrue interest at a rate equal to the applicable federal rate in effect as of the date of the last capital contribution payment referenced in Section 7.2 of the Partnership Agreement. The Deferred Development Fee shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal and accrued interest on the thirteenth anniversary of the Completion Date. Amounts due under this Amended and Restated Development Fee Agreement may not be prepaid.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available net operating income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2021. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then Owner shall provide Developer with a note payable to Developer ("Development Fee Note") in a principal amount equal to the unpaid balance of the Development Fee. The Development Fee Note shall not accrue interest. The Development Fee Note shall be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid principal on the fourteenth anniversary of the Completion Date.
Payment of Development Fee. The Development Fee shall be paid to the Developer from capital contribution payments received by the Owner in accordance with Section 9.2(b) of the Partnership Agreement. If the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement then the balance of the Development Fee shall be paid from available Net Operating Income in accordance with the terms of Section 11.1 of the Partnership Agreement, but in no event later than December 31, 2027. Also, if the Development Fee is not paid in full in accordance with Section 9.2(b) of the Partnership Agreement, then Owner shall provide Developer with a note payable to Developer (“Development Fee Note”) in a principal amount equal to the unpaid balance of the Development Fee. The Development Fee Note will accrue interest at a rate of 4% per annum. The Development Fee Note will be paid out of Net Operating Income pursuant to Section 11.1 of the Partnership Agreement, but the Owner shall pay to the Developer any unpaid Development Fee principal and accrued interest on December 31, 2027.
Payment of Development Fee. Borrower shall not pay EAH Inc. more than (i) $381,139 of its development fee in the aggregate prior to the Closing Date, (ii) $1,620,464 of its development fee in Construction and Permanent Loan Agreement Revised 4/18/08 (7-20-09) 2276/014742-1024 the aggregate prior to Permanent Loan Conversion, and (iii) $1,170,464 of its development fee in the aggregate prior to receipt of IRS Form 8609 with respect to the Project. [CHECK] 7.42 IRS Form 8609 . Borrower shall deliver to Bank the IRS Form 8609 within five (5) business days following Xxxxxxxx’s receipt of the same from the Allocation Committee.
Payment of Development Fee. To the extent not previously paid for Development services performed and to be performed under this Agreement, the Owner shall pay the Developer the Development Fee on the Permanent Loan Funding Date. If the Development Fee is not paid in full upon the Permanent Loan Funding Date then the Development Fee shall be paid from available Owner's Annual Return in accordance with the terms of Section 11.1 of the Amended and Restated Agreement of Limited Partnership for BELEN VISTA ASSOCIATES LIMITED PARTNERSHIP, a New Mexico limited partnership (said agreement is incorporated herein by this reference) but in no event later than December 31, 2010.
Payment of Development Fee. Subject to (a) the Developer’s compliance with its obligations under Section 5.1of this Agreement, and (b) the availability of funds in the Project Fund for such payment, the Development Fee shall be paid to the Developer upon (i) Final Completion of the Project and (ii) occupancy by ICE; provided however that the Development Fee shall not be paid to the Developer from the Project Fund unless and until (i) the Developer shall have deposited the full amount of the First Subordinated Loan and the Second Subordinated Loan with the Trustee and (ii) the balance in the Operating Reserve Fund established under the Indenture shall be equal to at least the Operating Reserve Requirement, the balance in the Major Maintenance Reserve Fund shall be equal to at least the Major Maintenance Reserve Requirement and the Insurance and Property Tax Fund shall be fully funded as provided in the Indenture; and provided further that the Developer hereby agrees that, notwithstanding anything contained herein to the contrary, the full amount of the Development Fee payable to the Developer hereunder, or so much thereof as may be necessary, may be applied by the Trustee in accordance with the Indenture to the Operating Reserve Fund and/or the Major Maintenance Reserve Fund in order to meet the Operating Reserve Requirement and/or the Major Maintenance Reserve Requirement, if, and to the extent that funds otherwise available therefor under the Indenture, including the proceeds of the Second Subordinated Loan, are insufficient to meet those requirements as of the date of Substantial Completion or the date of occupancy of by the Developer as operator, whichever occurs earlier. Notwithstanding the foregoing, however, Developer hereby agrees that the Owner’s obligation to make payments to the General Contractor under the Design/Build Contract and any other contractor engaged by the Developer for the Project is superior to the Owner’s obligation to make payments of the Development Fee hereunder, and that, if at any time there shall be insufficient funds in the Project Fund under the Indenture to enable Owner to make payments of both the Development Fee and payments required or anticipated to be required under the Design/Build Contract or any other contract entered into by Developer on behalf of Owner, the Owner shall have the right to apply payments due to Developer on account of the Development Fee to payments due under the Design/Build Contract or any other such contract.
