Common use of Total Project Cost Clause in Contracts

Total Project Cost. The total cost of the Project is $4,451,565.00, of which (i) WCSO shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 as shown in the Budget (collectively, the “Matching Funds”), and (ii) $2,217,965.00 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSO’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), WCSO agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.00, of which (i) WCSO shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 as shown in the Budget (collectively, the “Matching Funds”), and (ii) $2,217,965.00 shall be provided by the Grant. The total estimated cost of the Project is based upon $12,483,093. To the Budgetextent that the actual cost of the Project exceeds $12,483,093, the Company shall be responsible for such excess, not Triumph and not Grantee. WCSO Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project cumulatively increases or decreases by greater than five percent (5%), (b) the total the Budget cumulatively increases or decreases by greater than five percent (5%), (c) the Budget cumulatively increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSOGrantee’s portion of the Matching funds Funds cumulatively increases or decreases by greater than five percent (5%). If WCSO Grantee proposes an a cumulative increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budgetabove, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen sixty (1560) days from the receipt of a the proposed amended Budget budget to notify WCSO Grantee of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or of the proposed amended Budget budget within such fifteen sixty (1560) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, budget shall be deemed approved as submitted. If WCSO fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f)disapproved. Using the Grant, its own funds, and funds from other grants sources (including, but not limited to, the Matching Funds), WCSO ▇▇▇▇▇▇▇ agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO ▇▇▇▇▇▇▇ agrees to spend spend, or cause the Company to spend, all of the Matching Funds as contemplated in the Grant ApplicationBudget, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.008,099,500, of which (i) WCSO shall pay Grantee is contributing $1,105,600.00 and ECTC shall pay $1,128,000.00 4,253,500 toward the Project as shown in the Budget (collectively, the “Matching Funds”), and (ii) $2,217,965.00 3,846,000 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO To the extent that the actual cost of the Project exceeds $8,099,500, Grantee shall be solely responsible for such excess. Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSOGrantee’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO Grantee proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO Grantee of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO Grantee fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), WCSO Grantee agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO Grantee agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.0010,316,729, of which (i) WCSO shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 as shown Grantee is contributing to the Company land in the Budget Park valued at not less than $400,000 (collectivelythe “Land”), (ii) the State of Florida Economic Development Transportation Fund (the “EDTF”) is contributing $1,246,415, (iii) the Company has committed to spending $5,185,586 toward construction of a warehouse (the “Warehouse”) on the Land (items (i), (ii), and (iii) are collectively referred to herein as the “Matching Funds”), and (iiiv) $2,217,965.00 3,484,728 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO To the extent that the actual cost of the Project exceeds $10,316,729, Grantee shall be solely responsible for such excess. Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSOGrantee’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO Grantee proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO Grantee of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO ▇▇▇▇▇▇▇ fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), WCSO ▇▇▇▇▇▇▇ agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO ▇▇▇▇▇▇▇ agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.0049,100,000, of which (i) WCSO shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 as shown a match is being contributed in the Budget (collectively, the “amount of $40,600,000 shall be Matching Funds”), and (ii) $2,217,965.00 8,500,000 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO To the extent that the actual cost of the Project exceeds $49,100,000, Grantee shall be solely responsible for such excess. Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) the total the Budget increases or decreases by greater than five percent (5%), and/or (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSO’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO Grantee proposes an increase or a decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO Grantee fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants sources (including, but not limited to, the Matching Funds), WCSO ▇▇▇▇▇▇▇ agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO agrees to spend Grantee shall ensure that the expenditure of all of the Matching Funds is as contemplated in the Grant Application, Budget; and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.00199,019,000, of which (i) WCSO $64,100,000 shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 as shown in be provided by the Budget (collectively, Grant on the “Matching Funds”)terms set forth herein, and (ii) $2,217,965.00 134,919,000 shall be provided by Grantee’s cash and other funding commitments as follows (the Grant“Matching Funds”): (a) $38,953,000 has been committed by Grantee from the new local option sales tax revenues (approved in November 2018), TIFF proceeds, and local option gas tax revenues, and (b) $95,966,000 is expected to be committed by FDOT. The total estimated cost of the Project is based upon the budget set forth in Exhibit "B" attached to and incorporated into this Agreement (the "Budget"). WCSO Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSOGrantee’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO Grantee proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO Grantee of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO Grantee fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), WCSO Grantee agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO Grantee agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.0016,655,600, of which (i) WCSO shall pay $1,105,600.00 a match is being contributed by ▇▇▇▇▇▇▇ and ECTC shall pay $1,128,000.00 as shown others in the Budget amount of $13,340,000 (collectively, the “Matching Funds”), and (ii) up to $2,217,965.00 shall be 3,315,600 is being provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO To the extent that the actual cost of the Project exceeds $16,655,600, Grantee shall be solely responsible for such excess. Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project cumulatively increases or decreases by greater than five percent (5%), (b) the total the Budget cumulatively increases or decreases by greater than five percent (5%), (c) the Budget cumulatively increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSOGrantee’s portion of the Matching funds Funds cumulatively increases or decreases by greater than five percent (5%). If WCSO Grantee proposes an a cumulative increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budgetabove, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen sixty (1560) days from the receipt of a the proposed amended Budget budget to notify WCSO Grantee of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or of the proposed amended Budget budget within such fifteen sixty (1560) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, budget shall be deemed approved as submitted. If WCSO fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f)disapproved. Using the Grant, its own funds, and funds from other grants sources (including, but not limited to, the Matching Funds), WCSO ▇▇▇▇▇▇▇ agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO ▇▇▇▇▇▇▇ agrees to spend all of the Matching Funds as contemplated in the Grant ApplicationBudget, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.004,851,565, of which (i) WCSO shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 as shown in the Budget 2,433,600 (collectively, the “Matching Funds”), and (ii) $2,217,965.00 2,417,965.00 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSO’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), WCSO agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.0010,316,729, of which (i) WCSO shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 as shown Grantee is contributing to the Company land in the Budget Park valued at not less than $400,000 (collectivelythe “Land”), (ii) the State of Florida Economic Development Transportation Fund (the “EDTF”) is contributing $1,246,415, (iii) the Company has committed to spending $5,185,586 toward construction of a warehouse (the “Warehouse”) on the Land (items (i), (ii), and (iii) are collectively referred to herein as the “Matching Funds”), and (iiiv) $2,217,965.00 3,484,728 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO To the extent that the actual cost of the Project exceeds $10,316,729, Grantee shall be solely responsible for such excess. Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSOGrantee’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO Grantee proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO Grantee of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO Grantee fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), WCSO Grantee agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO Grantee agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”

Total Project Cost. The total cost of the Project is $4,451,565.00910,000.00, of which (i) WCSO Grantee shall pay $1,105,600.00 and ECTC shall pay $1,128,000.00 470,000.00 as shown in the Budget (collectively, the “Matching Funds”), and (ii) $2,217,965.00 440,000.00 shall be provided by the Grant. The total estimated cost of the Project is based upon the Budget. WCSO Grantee shall monitor the Budget and submit an amended Budget to Triumph in the event that (a) the total cost of the Project increases or decreases by greater than five percent (5%), (b) total the Budget increases or decreases by greater than five percent (5%), (c) the Budget increases or decreases by greater than five percent (5%) within a particular Budget category, and/or (d) WCSOGrantee’s portion of the Matching funds decreases by greater than five percent (5%). If WCSO Grantee proposes an increase or decrease by greater than five percent (5%) as described above as compared to the most recently approved Budget, such proposal shall be submitted to Triumph in writing along with a proposed amended Budget, and Triumph shall have the right to approve or disapprove both the proposed Budget category increase or decrease and the proposed amended Budget. Triumph shall have fifteen (15) days from the receipt of a proposed amended Budget to notify WCSO Grantee of its approval or disapproval. If Triumph fails to approve or disapprove the proposed Budget category increase or decrease and/or the proposed amended Budget within such fifteen (15) day period, the proposed Budget category increase or decrease and/or the amended Budget, as applicable, shall be deemed approved as submitted. If WCSO Grantee fails to obtain Triumph's approval or deemed approval, that failure shall be sufficient cause for nonpayment by Triumph as provided in Section 4.2(f). Using the Grant, its own funds, and funds from other grants (including, but not limited to, the Matching Funds), WCSO ▇▇▇▇▇▇▇ agrees to bear the entire cost and expense of the Project, including but not limited to, all costs and all expenses in excess of the total estimated cost of the Project, it being expressly understood and agreed that the Grant shall operate only to pay, on and subject to the terms and conditions set forth herein, a portion of the costs and expenses of the Project. Furthermore, WCSO ▇▇▇▇▇▇▇ agrees to spend all of the Matching Funds as contemplated in the Grant Application, and agrees that its failure to do so shall be deemed a material breach of this Agreement.”