Common use of Development Management Fee Clause in Contracts

Development Management Fee. With respect to a Project for which the Company is undertaking development activities previously approved by the Members or the Management Committee, the Manager shall be entitled to receive a development management fee equal to four percent (4.0%) of total development costs with respect to such Project; provided, however, that land costs, capitalized interest and financing costs related to development activities shall not be included in total development costs for purposes of calculating the development management fee. The development management fee shall be payable pro-ratably over the course of the development period, as development costs are funded.