Common use of Prior to Commencement Clause in Contracts

Prior to Commencement. The ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ DDA shall provide that the Agency and Developer shall contribute to an ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project any Cost Overruns applicable to such ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project in accordance with this Section 5.4(c)(1). “Cost Overruns” means any shortfalls in the funding for all of the ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Projects based on the budget for such ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project as of the date of the applicable construction loan closing as compared to the “Total Development Cost” applicable to such ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project as set forth in Exhibit F-C. Cost Overruns shall be apportioned between the Agency and Developer according to the ratio of the number of Agency Affordable Units to ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units in the applicable ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project. For example, if an ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project has eighty (80) Units, including twenty (20) Agency Affordable Units and sixty (60) ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Units, then the Agency shall be responsible for twenty five percent (25%) (20/80 = 25%) of the Cost Overruns and Developer shall be responsible for seventy-five percent (75%) (60/80 = 75%) of the Cost Overruns for such ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Replacement Project.