Monthly Requisitions Sample Clauses

Monthly Requisitions. On or before the eighth (8th) day of each month, Development Manager shall assemble and submit to Owner as of the last day of the prior month a requisition package containing: (i) the request for payment submitted by the Contractor and approved by the Architect; (ii) unconditional lien releases executed by Development Manager, Contractor and each subcontractor covering all payments to them through the prior month (or, if Owner did not pay the prior month’s requisition to a specific subcontractor on or before the last day of such prior month, then covering all payments to them through the month immediately preceding the prior month); (iii) conditional lien releases executed by Development Manager, Contractor and each subcontractor for the amount requested under the current month’s payment request; (iv) invoices from the Architect and other design professionals; (v) an invoice for the portion of the Development Fee then payable; (vi) invoices for any other Project Costs then due to third parties; and (vii) an invoice for reimbursement of Project Costs paid or incurred by Development Manager, which are reimbursable to Development Manager pursuant to this Agreement (“Monthly Requisition Package”). Owner shall pay the requisitioned amount included in the Monthly Requisition Package within thirty (30) days after receipt of the Monthly Requisition Package, as long as the Monthly Requisition Package complies with the requirements of this Agreement and the requisitioned amount is properly payable under this Agreement. The foregoing notwithstanding, if a Monthly Requisition Package does not contain a required invoice for any portion of the requisitioned amount or reasonably requested material back-up documentation with respect to a particular invoice as required by this Section 2.5 (any such missing or unsupported invoice, an “Incomplete Invoice”), then Owner shall promptly notify Development Manager of such Incomplete Invoice (but in any case within the 30-day period after receipt of the Monthly Requisition Package). Owner shall pay that portion of the Monthly Requisition Package, including the portion of the Contractor’s invoice, that complies with the requirements of this Section 2.5 and that are properly payable, including any Incomplete Invoice for which Development Manager has provided missing invoices and/or back-up documentation, in no event later than thirty five (35) days after initial receipt of the Monthly Requisition Package. Owner shall have no obligat...