Development Deficits definition

Development Deficits means the positive amount, if any, by which (a) Development Costs exceed (b) the sum of the Capital Contributions of the Members required to be made at the Initial Closing, the Final Closing Capital Contribution and the Net Operating Income for the period prior to the Conversion Date.
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Development Deficits means all funds in excess of (a) the proceeds of the Mortgage Loan, (b) operating income of the Apartment Complex realized prior to funding of the Mortgage Loan, and (c) that portion or portions of the Investor Limited Partner Contribution payable at or prior to closing of the Mortgage Loan which are required to (i) complete the Construction, including paying all amounts due under and pursuant to the Construction Agreements, and any construction cost overruns and the cost of any change orders which have been approved by the Lender and which are not funded from proceeds of the Mortgage Loan, as applicable, but not including any portion of the Development Fee which may be deferred pursuant to the Development Services Agreement; (ii) achieve commencement of the Permanent Financing Phase, and satisfy any escrow deposit requirements which are conditions thereto, including, without limitation, any amounts necessary for local taxes, utilities, mortgage insurance premiums, casualty and liability insurance premiums and any additional reserves or insurance required under this Agreement, and any other amounts which are required pursuant to the Mortgage Loan; (iii) pay any applicable loan assessment fees, discounts or other expenses incurred by the Partnership as a result of the commencement of the Permanent Financing Phase; and (iv) pay any Operating Deficits incurred by the Partnership prior to Rental Achievement.
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Development Deficits which appears in Section 1(ad) of the Operating Agreement is hereby deleted in its entirety and the following is substituted therefor:
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Examples of Development Deficits in a sentence

  • All fees payable to ▇▇▇▇ shall be subject to a right of offset in favor of the Company and WPHC with respect to any claims or damages they may have against ▇▇▇▇ and for any Development Deficits and Operating Deficits.

  • Without limiting the generality of the foregoing, ▇▇▇▇ shall not be entitled to reimburse himself for any Development Deficits.

  • In any event, all Development Deficits shall be paid by ▇▇▇▇ in full prior to the Final Closing Date.

  • In any event, all Development Deficits shall be paid by Feld in full prior to the Final Closing Date.

  • Feld hereby guarantees Feld sha▇▇ ▇dvance to or for th▇ ▇▇count of the Company amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments").

  • Without the prior written consent of WPHC, the funds reserved as Budgeted Construction Loan Interest will be used for the sole purpose of debt service expenses on the Construction Loan and for no other purpose (including, without limitation, the payment of Development Deficits).

  • Without limiting the gene▇▇▇▇ty of the foregoing, Feld shall not be entitled to r▇▇▇▇urse himself for any Development Deficits.

  • Feld hereby guarantees Feld shall advance to or ▇▇▇ the account of the ▇▇▇▇any amounts equal to all Development Deficits at such time as such Development Deficits occur ("Development Deficit Payments").

  • All fees payable to Feld shall be subject to a right of offset in favor of the Company ▇▇▇ WPHC with respect to any claims or damages they may have against Feld and for any Development Deficits and Operating Deficits.

  • All fees payable to Feld shall be subject to a right of offset in fa▇▇▇ of the Company and WPHC with respect to any claims or damages they may have against Feld and for any Development Deficits.