Total Managed Costs definition
Total Managed Costs means hard costs plus architectural and engineering costs.
Examples of Total Managed Costs in a sentence
The Development Management Fee set forth on Exhibit D is hereby reduced to 4.0% of Total Managed Costs, but only with respect to each Approved Investment that is approved by the Executive Committee after the Effective Date.
For the avoidance of doubt, the Development Management Fee for each Approved Investment that was approved by the Executive Committee prior to the Effective Date shall continue to equal 4.5% of Total Managed Costs.
If an Affiliate of IPT serves as the development manager, a market rate development management fee not to exceed 4.0% of Total Managed Costs, payable upon the commencement of such development management services and thereafter as Total Managed Costs are incurred.