Development Advance definition
Examples of Development Advance in a sentence
Any balance of the amount of each Development Advance not reimbursed through Permanent Mortgage Commencement shall not be reimbursable, shall not be credited to the Capital Account of any Partner, or otherwise change the interest of any Person in the Partnership, but shall be borne by the Developer under the terms of this Agreement.
The Development Budget for purposes of the Development Advance and portions thereof shall include the foregoing Development costs together with real estate taxes, an interest reserve to be withheld from loan proceeds and applied monthly to payment of accrued interest as hereinafter set forth, and other expenses approved by the Lender.
The additional advances when added to the principal amount of the Development Advance Amount is collectively being referred to herein as the “Development Loan”.
If the estimated Development Costs paid by Astellas pursuant to Section 9.2(a) above for such prior calendar quarter is more than Cytokinetics’ actual Development Costs for such quarter, the excess shall be credited toward the Development Advance Invoice for the current calendar quarter (except where such invoice is the final such invoice to be provided by Cytokinetics, in which case the excess shall be refunded by Cytokinetics to Astellas within [*] days after the delivery of such invoice).
For ease of administration, Astellas shall pay Cytokinetics a single payment reflecting the amount due under the Development Advance Invoice for the current calendar quarter plus any deficits (or less any credits) reflected in the Development True-Up Report for the prior calendar quarter within the later of (1) [*] days of Astellas’ receipt of such Development Advance Invoice, or (2) [*] days of Astellas’ receipt of such Development True-Up Report.
Lender shall make no more than one Development Advance per month.
Borrower shall have delivered to Lender all Required Lien Waivers deemed necessary by Lender and the Title Company for services and materials provided in connection with the development, design and Construction through the date of the applicable Development Advance.
With respect to Development Advances for Construction, the Architect or other design professional, as appropriate, involved with such advance shall have certified to Lender in form required by Lender and included as part of Schedule 1.1(G) that the requested Development Advance is for the payment of construction costs incurred in connection with Construction which has been completed in accordance with the Plans and Specifications for the Project.
Borrower covenants and agrees that if the Borrower makes any Development Advance Loan repayments to the Property Seller, any such repayments paid from Residual Receipts funds shall be paid solely from Borrower’s retained thirty percent (30%) of the Residual Receipts, pursuant to the disbursement of such Residual Receipts to the Borrower under Section 2.05(b)(1) above.
Owner reserves the right to make disbursements of the Development Advance directly to Developer, jointly to Developer and to its vendors, subcontractors and materialman and/or directly to Developer's vendors, subcontractors and materialmen.