Owner’s Cost Cap definition

Owner’s Cost Cap means the amount of the total amount of Owner’s Cost Allocation of the Project Costs, which may not exceed Two Million Eight Hundred Thousand Dollars ($2,800,000); provided however, that the amount of the Owner’s Cost Cap may be increased by Owner, in Owner’s sole and absolute discretion, in writing to Developer from time to time.
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Examples of Owner’s Cost Cap in a sentence

  • Modifications to the Development Budget shall be deemed “material” if such modifications would result in (1) a change in the quality and character of the Infrastructure Improvements from that contemplated by the Development Plan and Site Plan or (2) an increase of more than five percent (5%) in any line item of the Development Budget wherein an Owner’s Cost Allocation exists or (3) an increase in the overall Owner’s Cost Allocation for the Horizontal Project above Owner’s Cost Cap.

  • The GC Contract shall be based on the Work to be completed under the Project Documents (including any Work to comply with any proffer conditions which relate to the development of the Infrastructure Improvements), subject to the Owner’s Cost Cap.

  • To the extent modifications to the Work or Owner Change Orders are requested by Owner, Developer shall make appropriate revisions to the Project Documents, or promptly advise Owner if any such requested revisions are impracticable under the Owner’s Cost Cap or other budget, timing or scope constraints established under the other Project Documents, and, if applicable, work with Lead Engineer and Contractor to revise the Preliminary Development Budget.

  • Notwithstanding the foregoing, in the event of any modifications to the Financing Plan that would either result in an increase in the Owner’s Cost Allocation in the Development Budget above Owner’s Cost Cap or result in a change in the quality and character of the Horizontal Project from that contemplated by the Development Approvals and the Development Plan, such modifications shall require the prior written approval of Owner, which approval Owner may grant or withhold in its sole and absolute discretion.