PURCHASE PRICE OF PROPERTY Sample Clauses

PURCHASE PRICE OF PROPERTY. (a) As consideration for all rights granted and assigned to Producer including the production of one or more theatrical or television motion pictures, and for Writer's representations and warranties, Producer agrees to pay to Writer, and Writer agrees to accept, the following compensation (the "Purchase P rice"): (1) If a motion picture is produced based on the Property with a final production budget more than $100,000 but less than $500,000, the Writer shall be paid the sum of $10,000. (2) If a motion picture is produced based on the Property with a final production budget more than $500,000 but less than $1M, the Writer shall be paid the sum of $30,000. (3) If a motion picture is produced based on the Property with a final production budget more than $1M, the Writer shall be paid the sum of $50,000. (b) The Purchase Price shall be paid by Producer as follows: $5,000 within thirty (30) days of exercise of the option as set forth in section 3; the remainder within thirty (30) days of the first day of principal photography. (c) In addition to the aforesaid Purchase Price, Writer shall receive Additional Compensation as follows: (1) For any sequel produced based on the Property, in whole or in part, Producer will pay or cause Writer to be paid one-half of the Purchase Price; and for any remake produced based on the Property, in whole or in part, Producer will pay or cause Writer to be paid one-third of the Purchase Price. The compensation described in this section 4(c)(1) shall be paid to Writer upon commencement of principal photography of any such sequel and/or remake. (2) For any television series produced, based on the Property, Producer will pay or cause to be paid to Writer the following royalties per initial production upon completion of production of each program: programs up to 30 minutes---$1,500; over thirty (30) minutes but not more than sixty (60) minutes—$1,750; over sixty (60) minutes but not more than ninety (90) minutes-- $2,000; over ninety (90) minutes--$2,500; and in addition to the foregoing, as a buyout of all royalty obligations, one hundred percent (100%) of the applicable initial royalty amount, in equal installments over five (5) reruns, payable within thirty (30) days after each such rerun, or subject to the WGA minimum, whichever is greater. (d) All of the sums set forth as compensation in this paragraph are for the total amount of monies payable by Producer.