Development Fee. A quarterly development fee of up to 5.00% of the total development cost of each Company property, excluding land; provided that such fee shall only be charged if it is net of the fee being charged by the developer of such property or there is no outside developer of such property. The Manager may, in its sole discretion, waive its development fee, in whole or in part. The Manager will forfeit any portion of the development fee that it waives.
Appears in 7 contracts
Samples: Operating Agreement (Fundrise eFund, LLC), Operating Agreement (Fundrise eFund, LLC), Operating Agreement (Fundrise National for-Sale Housing eFund, LLC)
