Joint Development Agreement, Housing Development Agreement E. Duration of the agreement: the agreement enters into force on the date of its implementation and remains in effect until the initial entry date of: (1) the effectiveness of the shareholder contract, 2) the retraction of all contracting parties, 3) the mutual agreement reached between the contracting parties for the end of the agreement and (4) [the date of entry] (the “Drop Dead Date”). A. Management Committee: A management committee, made up of a representative from each party, manages and supervises the entire development process and holds the contracting parties on all important aspects and developments related to the continuation of the reading – Important Checklist for joint development of House F. Repayment of costs: Each party communicates each month to the project manager an invoice of the development costs mentioned above. Payment is made within 30 days of receiving these invoices, as long as funds are available. If a party is late in paying a cash call, the project manager has the right to compensate arrears with the reimbursement of development costs or other amounts owed to that party under the agreement. In the case of a financial closing, to the extent that funds are available and can be used for this purpose, the project company pays the contracting parties the following payments: 1) reimbursement of all incidental costs incurred by each party; (2) reimbursement of all deferred costs; and (3) the payment of a development fee to each contracting party. D. Development costs: Development costs are the reasonable and prudent costs borne by the contracting parties, to the extent that this has been defined in the development budget and approved by the project manager as part of the project development, including the costs of the project manager and development team to work specifically on the project , a-pocket expenses and third-party costs incurred on behalf of the development team or parties. C. Deferred costs: The contracting parties agree that the internal costs of each of the parties who represent a representative on the management committee and other staff working specifically on the development of the project, as well as travel expenses and payments from that staff, will be funded by these three parties during the development process and accumulated until the financial close.
Each party documents these latent fees and submits an accounting of these costs to the management committee on a monthly basis for approval. D. Development Program: The project manager develops a program of activities for the development of the project, during which are defined the activities to be carried out during the development process, the date or the period during which any person who has entered into a joint development agreement can be the consideration of the landowner, either monetary or non-monetary.