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<br />9.Distribution of Net Proceeds: The formula for distribution of net proceeds between the <br />URA and Beam will be based on the percentage of funds invested in the project (not <br />including construction financing). Net proceeds are the net project revenues after eligible <br />operating expenses have been deducted. This percentage is approximately 60% URA and <br />40% Beam. Repayment of Beam’s deferred developer fee will only occur after the City’s <br />financial contribution (specifically $1,755,000 in BEDI funds) has been repaid. <br /> <br /> <br />10.Tenant Commitments: Beam will demonstrate tenant commitment sufficient to cover the <br />interest payments to the satisfaction of the URA Director prior to dispersal of HUD 108 <br />funds. <br /> <br /> <br />11.Reversionary Clauses: In the event that Beam does not meet the construction and <br />completion timeline included in the PSA, the URA has the right to repurchase the Centre <br />Court and adjacent site. <br />