Common use of Development Account Clause in Contracts

Development Account. The Developer will: 2.1 as at the date of this agreement, open a separate Development Account in respect of each Phase together with a separate composite Development Account in respect of the whole Development, and debit to the accounts for ▇▇▇▇▇▇ Road Phase and Heygate Phase, the relevant amount of Accrued Development Costs (fairly apportioned between those two Phases); 2.2 from the date of this agreement, maintain the Development Accounts in a proper manner on an open book basis in accordance with current accounting standards and practices on the basis that Interim Development Income offsets Development Costs, and provide a copy of the current Development Account to the Council on reasonable prior written notice but in any event not more frequently than quarterly; 2.3 where Interim Development Income and/or Development Costs accrue in relation to: 2.3.1 more than one Phase, apportion such income and/or costs between such Phases in a fair and reasonable manner; and 2.3.2 more than one Building within a Phase, apportion such income and/or costs between such Buildings in a fair and reasonable manner; and 2.4 procure that the Development Account is annually audited by the Auditors (acting on a independent basis) and the resulting audit report supplied to the Council. 2.5 The Developer shall make available for inspection by or for the Council and, following such inspection, promptly supply to the Council copies of all accounts (including without limitation the Development Accounts) invoices, bank statements, vouchers and other financial information reasonably requested by the Council relating to the calculation of the Development Costs and the Interim Development Income, copies of title or incoming producing documents, and any other information which the Council may reasonably require, including certified copies of all relevant deeds and documents relating to the Development.