Entitlement, Development and Construction Management Fee definition
Entitlement, Development and Construction Management Fee means an entitlement, development and construction management fee to the Manager or its Affiliates as compensation for services rendered in connection with the entitlement, development and construction of the Real Estate Assets and/or the supervision of any non-Affiliates that are engaged by the Manager to provide such services. A CDS Entity shall pay the Entitlement, Development and Construction Management Fee to the Manager in an amount equal to four percent (4.0%) of the total cost of the Real Estate Asset under development. For purposes of calculation of the fee, costs shall be deemed to include all projected costs of development, including all soft costs (including but not limited to rezoning and entitlement expenses, proffers, legal, architectural and engineering expenses, taxes and interest carry) and all hard costs (development, construction) of the to be developed Real Estate Asset, but excluding the Entitlement, Development and Construction Management Fee. For purposes of calculation of timing of payment of the fee, the Entitlement, Development and Construction Management Fee shall be deemed to be payable on a pro rata basis to the Manager; commencing on the first day of the month following the date the first permit allowing for land development or construction of a Real Estate Asset is received by CDS Entity and concluding upon the projected issuance of the occupancy permit for such Real Estate Asset, or upon any other commercially acceptable construction means and method mutually agreed upon by the Manager and CDS.
Examples of Entitlement, Development and Construction Management Fee in a sentence
During the term of this Agreement and no later than sixty (60) days after the end of each calendar year, the Manager shall provide to CDS line item calculations for the prior year of each of (A) the Asset Management Fee, (B) the Entitlement, Development and Construction Management Fee, (C) the Property Management Fee, (D) the Acquisition Fee, and (E) the Disposition Fee (the aggregate of all such amounts; the “Market Rate Fee”); prorated for partial years in the event of a termination of this Agreement.