BR Member’s Owner Representative. The BR Member will be entitled to staff the Project with an owner’s representative throughout the construction period to oversee, supervise and assist the Developer in the administration of the Project as needed by the Developer. The reasonable cost of the owner’s representative, which shall not exceed $50,000, will be capitalized into the Total Project Budget and paid from the construction draws to the extent approved by Lender (or, to the extent not so paid, added to the Capital Account of the BR Member).
Appears in 2 contracts
Sources: Operating Agreement, Operating Agreement (Bluerock Residential Growth REIT, Inc.)
BR Member’s Owner Representative. The BR Member will be entitled to staff the Project at the Company’s expense with an owner’s representative throughout the construction period to oversee, supervise and assist the Developer in the administration of the Project as needed by the Developer. The reasonable cost of the owner’s representative, which shall not exceed $50,00015,000, will be capitalized into the Total Project Budget and paid from the construction draws to the extent approved by Lender (or, to the extent not so paid, added to the Capital Account of the BR MemberMember and set off on a dollar for dollar basis amounts owed for the owner’s representative).
Appears in 2 contracts
Sources: Operating Agreement (Bluerock Enhanced Multifamily Trust, Inc.), Operating Agreement (Bluerock Enhanced Multifamily Trust, Inc.)
BR Member’s Owner Representative. The BR Member will be entitled to staff the Project Project, at the expense of the Co-Tenants, with an owner’s representative throughout the construction period to oversee, supervise and assist the Developer in the administration of the Project as needed by the Developer. The reasonable cost of the owner’s representative, which shall not exceed $50,000, will be capitalized into the Total Project Budget and paid from the construction draws to the extent approved by Lender (or, to the extent not so paid, added to the Capital Account of the BR MemberMember and set off on a dollar for dollar basis amounts owed for the owner’s representative).
Appears in 2 contracts
Sources: Operating Agreement (Bluerock Residential Growth REIT, Inc.), Operating Agreement (Bluerock Residential Growth REIT, Inc.)
BR Member’s Owner Representative. The BR Member will be entitled to staff the Project Project, at the expense of the Company, with an owner’s representative throughout the construction period to oversee, supervise and assist the Developer in the administration of the Project as needed by the Developer. The reasonable cost of the owner’s representative, which shall not exceed $50,000, will be capitalized into the Total Project Budget and paid from the construction draws to the extent approved by Lender (or, to the extent not so paid, added to the Capital Account of the BR MemberMember and set off on a dollar for dollar basis amounts owed for the owner’s representative).
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.), Limited Liability Company Agreement (Bluerock Residential Growth REIT, Inc.)
BR Member’s Owner Representative. The BR Member will be entitled to staff the Project Project, at the expense of the Co-Tenants, with an owner’s owner s representative throughout the construction period to oversee, supervise and assist the Developer in the administration of the Project as needed by the Developer. The reasonable cost of the owner’s 's representative, which shall not exceed $50,00025,000, will be capitalized into the Total Project Budget and paid from the construction draws to the extent approved by Lender (or, to the extent not so paid, added to the Capital Account of the BR MemberMember and set off on a dollar for dollar basis amounts owed for the owner's representative).
Appears in 1 contract
Sources: Operating Agreement (Bluerock Residential Growth REIT, Inc.)