Payments to the General Partners and Others Sample Clauses
The "Payments to the General Partners and Others" clause defines the rules and procedures for compensating the general partners and potentially other parties involved in a partnership or investment fund. It typically outlines the types of payments that may be made, such as management fees, reimbursements for expenses, or performance-based compensation, and specifies who is eligible to receive these payments. By clearly delineating the financial entitlements and obligations, this clause ensures transparency and helps prevent disputes over compensation within the partnership structure.
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $689,212.00. The Development Fee shall first be paid from available proceeds referenced in Section 9.2(b) of this Agreement and if not paid in full, then the Development Fee will be paid in accordance with the Development Fee Agreement.
(b) Notwithstanding the preceding, the Partnership shall retain the sum of $3,040,300.00 from the Capital Contributions paid pursuant to Section 7.2(b) and Section 7.5 of this Agreement to be used for supplemental development costs including, but not limited to, land costs, architectural fees, survey and engineering costs, financing costs, loan fees, building materials and labor, but the amount retained shall in no event be greater than the difference between the Construction Loan and the Mortgage Loan. If any such funds are remaining after Completion of Construction and all construction costs are paid in full, then the remainder, less appropriate reserves as determined by the General Partner, shall first be paid to the General Partner in an amount equal to any unpaid Development Fee and the balance, if any, shall be paid to the General Partner as a reduction of the General Partner's Capital Contribution and/or an incentive rent-up fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year. If the management agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period referenced in section 6.2(b), in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent solely in accordance with and to the extent permitted by Section 11.1 of this Agreement.
(1) In the event the property is noncompliance or is in default of the Mortgage Loan the General Partner shall, upon receiving any request of the Mortgage lender requesting such action, dismiss the Management Agent as the entity responsible for the management of the Project under the terms of the Management Agreement; or, the General Partner shall dismiss the Management Agent at the request of the Special Limited Partner.
(2) The appointment of any successor Management Agent is subject to the Consent of the Speci...
Payments to the General Partners and Others. 3 Specific Powers of the General Partner ......... 29 9.4
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $555,000 in accordance with the Development Fee Agreement entered into by and between the Developer and the Partnership on the even date hereof. The Development Fee Agreement provides, in part, that the Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the balance of the Development Fee will be paid in accordance with Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2 and Section 7.5 of this Agreement for development costs including, but not limited to, land costs, Land Acquisition Fee, architectural fees, survey and engineering costs, financing costs, loan fees, Syndication Fee, building materials and labor. If any Capital Contribution proceeds are remaining after Completion of Construction and all acquisition, development and construction costs, excluding the Development Fee, are paid in full and the Construction Loan retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Apartment Housing in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year, and the execution or renewal of any Management Agreement shall be subject to the prior Consent of the Special Limited Partner.
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in an amount equal to 6.99% of the total eligible basis (acquisition plus rehabilitation, new construction) before the addition of the fees and the high cost adjustment, which is approximately $200,000. The Development Fee shall first be paid from available proceeds from the Capital Contribution described in paragraph 7.2 (b)(c)of this Agreement and if not paid in full then the Development Fee will be paid to the extent permitted in Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2(b) and Section 7.5 of this Agreement for development costs including, but not limited to, land costs, architectural fees, survey and engineering costs, financing costs, loan fees and building materials. If any Capital Contribution proceeds are remaining after Completion of Construction and all construction costs, excluding the Development Fee, are paid in full and the Construction Loan retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year, and the execution or renewal of any Management Agreement shall be automatic provided there is no default here under or under the Management Agreement, otherwise it shall be subject to the prior Consent of the Special Limited Partner. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $155,000. The Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the Development Fee will be paid to the extent permitted in Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.1(b) and Section 7.4 of this Agreement to pay any outstanding construction costs. Any remainder of the Capital Contribution proceeds shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year, and the execution or renewal of any Management Agreement shall be subject to the prior Consent of the Special Limited Partner. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $300,700. The Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the Development Fee will be paid to the extent permitted in Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the Capital Contributions paid pursuant to Section 7.2(b) and Section 7.5 of this Agreement for development costs including, but not limited to, land costs, architectural fees, survey and engineering costs, financing costs, loan fees, building materials and labor. If any Capital Contribution proceeds are remaining after Completion of Construction and all construction costs, excluding the Development Fee, are paid in full and the Construction Loan retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining Capital Contribution proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year, and the execution or renewal of any Management Agreement shall be subject to the prior Consent of the Special Limited Partner. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $261,150. The Development Fee shall first be paid from the funds, and priority, established in Section 9.2(b) of this Agreement and if not paid in full then the Development Fee will be paid to the extent permitted in Section 11.1 of this Agreement.
(b) Notwithstanding the preceding, the Partnership shall retain the sum of $402,887 from the Capital Contributions paid pursuant to Section 7.2(b) and Section 7.5 of this Agreement to be used for supplemental development costs including, but not limited to, land costs, architectural fees, survey and engineering costs, financing costs, loan fees, building materials and labor, but the amount retained shall in no event be greater that the difference between the Construction Loan and Mortgage Loan. The Partnership shall pay the Development fee to the Developer prorata at the time of each Capital Contribution payment referenced in Section 7.2(b)(1)(A)-(D), Section 7.2(b)(2)(A)-(D) and Section 7.2(b)(3)(A)-(D), based on the formula $261,150 times the fraction of which the numerator equals the current Capital Contribution payment and the denominator equals $402,847. If any funds are remaining after Completion of Construction and all construction costs are paid in full, then the remainder shall first be paid to the General Partner in an amount equal to any unpaid Development Fee and the balance, if any shall: be paid to the General Partner as a reduction of the General Partner's Capital Contribution and/or an incentive rent up fee, at the election of the General Partner.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed three years but shall automatically renew for successive one year periods if the Management Agent is not in default or is diligently proceeding to cure any default. If the Management Agent is an Affiliate of the General Partner then following the termination of the Operating Deficit Guarantee Period, the Management Agreement shall provide that, if the Project has an Operating Deficit, then up to 40% of the management fee will be deferred ("Deferred Management Fee") based on the amount of he actual Operating Deficit. Deferred Management Fees, if any, shall be paid to the Management Agent solely in accordance with and to the extent permitted...
Payments to the General Partners and Others. (a) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement
Payments to the General Partners and Others. (a) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed one year, and the execution or renewal of any Management Agreement shall be subject to the prior Consent of the Limited Partner. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1
Payments to the General Partners and Others. (a) The Partnership shall pay to the Developer a Development Fee in the amount of $266,884. The Development Fee shall first be paid from available proceeds in accordance with Section 9.2(b) of this Agreement and if not paid in full then the Development Fee will be paid to the extent permitted in Section 11.1 of this Agreement.
(b) The Partnership shall utilize the proceeds from the payments and Capital Contributions paid pursuant to Section 7.2(b) and Section 7.5 of this Agreement for development costs including, but not limited to, land costs, architectural fees, survey and engineering costs, financing costs, loan fees, building materials and labor. If any proceeds are remaining after Completion of Construction and all construction costs, excluding the Development Fee, are paid in full and the Construction Loan retired, then the remainder shall: first be paid to the Developer in payment of the Development Fee; second be paid to the General Partner as a reduction of the General Partner's Capital Contribution; and any remaining proceeds shall be paid to the General Partner as a Partnership oversight fee.
(c) The Partnership shall pay to the Management Agent a property management fee for the leasing and management of the Project in an amount in accordance with the Management Agreement. The term of the Management Agreement shall not exceed three years. If the Management Agent is an Affiliate of the General Partner then commencing with the termination of the Operating Deficit Guarantee Period, in any year in which the Project has an Operating Deficit, 40% of the management fee will be deferred ("Deferred Management Fee"). Deferred Management Fees, if any, shall be paid to the Management Agent in accordance with Section 11.1