Common use of Annual Operating and Capital Budget Clause in Contracts

Annual Operating and Capital Budget. The Budget shall serve as the major control under which the Manager shall operate the Property and there shall be no substantial deviations therefrom, excluding deviations for such expenses as utilities, fuel, insurance and other expenses not within the control of the Manager, except as may be approved in writing by the Owner. No expenses may be incurred and no commitments may be made by the Manager in the name of the Owner in connection with the maintenance and operation of the Property in excess of the amounts allocated to the various classifications of expense in the Budget for Property, except as otherwise provided herein.

Annual Operating and Capital Budget. The Budget shall serve as the major control under which the Manager shall operate the each Property and there shall be no substantial deviations therefrom, excluding deviations for such expenses as utilities, fuel, insurance and other expenses not within the control of the Manager, except as may be approved in writing by the Owner. No expenses may be incurred and no commitments may be made by the Manager in the name of the Owner in connection with the maintenance and operation of the any Property in excess of the amounts allocated to the various classifications of expense in the Budget for that Property, except as otherwise provided herein.