Examples of Pre-Commencement Phase in a sentence
Owner shall pay to Operator a fixed fee of $390,000 for the Pre-Commencement Phase Services (the "Pre-Commencement Phase Services Fee").
Operator shall promptly either confirm to Owner its ability to perform the Pre-Commencement Phase Services during such period in accordance with Owner's proposed changes, or object to Owner's proposed changes, stating in detail the reasons for such objection.
Within thirty (30) Days after the Notice to Proceed Date, Operator shall submit a proposed budget for the Pre-Commencement Phase Services, substantially in the form of Exhibit C, for Owner's review and approval.
The Pre-Commencement Phase Services Fee shall constitute full payment for the services listed in Exhibit D, all Operator overhead and profit for the Work and general and administrative costs incurred by the Operator.
If Owner and Operator are unable to agree upon a Pre-Commencement Phase Budget, Owner and Operator shall present the dispute for dispute resolution in accordance with Article VIII hereof.
Owner shall establish the Operating Account and, on or before the first day of each month, shall deposit into such account the portion of the Reimbursable Costs budgeted for such month in the applicable Annual Operating Budget or Pre-Commencement Phase Budget.
No Reimbursable Costs shall be invoiced by Operator unless they were incurred in accordance with the applicable Annual Operating Budget or Pre-Commencement Phase Budget, each as amended, supplemented, or otherwise modified from time to time.
Within thirty (30) Days after receipt of the proposed Pre-Commencement Phase Budget, Owner shall notify Operator in writing of its approval or any proposed additions, deletions or modifications as Owner may deem necessary or appropriate.
Operator acknowledges that the obligation of Owner to pay the Pre-Commencement Phase Services Fee and the Management Fee is subordinate to the obligation of Owner to pay Debt Service (as defined in the Loan Agreement to the Project Lenders).
Until such time as Operator receives such instructions, Operator shall continue to perform the Pre-Commencement Phase Services according to the terms of this Agreement as permitted under the Pre-Commencement Phase Budget then in effect.