Developer Bonus definition
Developer Bonus. The amount by which (i) the sum of $37,000,000 and the Fee Increase Amount (as defined in the next sentence) exceeds (ii) the sum of $5,395,497.21 and the aggregate funds disbursed pursuant to the Funding Agreement. The "Fee Increase Amount" equals the total of disbursements made pursuant to Funding Agreement for the following: (a) legal expenses of BCOI actually funded under the Funding Agreement minus the amount reflected as the original budgeted amount for such item in the Development Budget under the Funding Agreement; (b); legal expenses of Owner actually funded under the Funding Agreement; and (c) City Permits, Impact Fees and Utility Fees actually funded under the Funding Agreement minus the amounts reflected as the original budgeted amounts for such items in the Development Budget under the Funding Agreement; provided, however, that in no event shall the Fee Increase Amount exceed $1,000,000.00.
Examples of Developer Bonus in a sentence
In addition, the Developer Bonus (as defined in Article 6 of the Development Agreement), shall be paid as provided in the Development Agreement.
Notwithstanding anything contained herein to the contrary, Owner and BCOI shall have the right to withhold from the Developer Fees and the Developer Bonus (as defined in Article 5 hereof) payable to Developer hereunder an amount equal to the excess, if any, of one hundred twenty-five percent (125%) of the total costs necessary to complete the Punch List items over the retainage under the Contract with the Construction Company, until such Punch List items are completed to BCOI's and Owner's satisfaction.