Common use of Annual Operating Budget Clause in Contracts

Annual Operating Budget. The Company shall prepare a budget for each Fiscal Year (each an “Annual Operating Budget”). An Annual Operating Budget for each Fiscal Year subsequent to 2005 shall be prepared by the Company’s Officers for submission to the Board not later than sixty (60) days prior to the start of such Fiscal Year. Each Annual Operating Budget shall include proposed budgets, operating plans and leasing plans for each Company Property and for the Company’s entire portfolio of Properties, as well as a description of major business objectives and challenges (including, but not limited to, vacancy, lease rollover, reletting, sale, refinance, lease option dates, major renovations, and major capital requirements) for each Company Property and for the Company’s entire portfolio of Properties for the forthcoming Fiscal Year. The Annual Operating Budget also shall set forth the following on a monthly basis with annual totals, together with an explanation of all material assumptions made in determining the same: (i) a detailed estimate of the projected Gross Revenues for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected Gross Revenues from rent, escalations, and each other type of revenue expected to be received in such year; (ii) a detailed estimate of the projected operating expenses for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected operating expenses with respect to each type of expense expected to be incurred for such year; (iii) a detailed estimate showing projected debt service payments; (iv) a detailed estimate of the projected reimbursable expenses with respect to each type of expense expected to be incurred for such year; (v) a statement as to the projected balances of any reserves with respect to the Company Property as of the first day of the forthcoming year; (vi) a statement as to the projected additions to or disbursements from such reserves for the forthcoming Fiscal Year; (vii) an estimate of the projected cash flow available for distribution from such Company Property; (viii) a detailed description of the renovations or other capital improvements, if any, proposed to be undertaken with respect to the during the forthcoming Fiscal Year; (ix) an estimate of the total costs of the renovations or other capital improvements, if any, to be undertaken with respect to the Company Property during the forthcoming Fiscal Year; (x) a list of each space for which the lease then in effect will expire during the forthcoming eighteen (18) month period, and a description of the proposed terms and conditions for leasing each such vacant space for the forthcoming Fiscal Year, including, without limitation, a calculation of net effective rent for each such vacant space, and projected costs of tenant improvements and tenant allowances for each such vacant space (collectively, the “Leasing Guidelines”); (xi) a description of the terms and conditions proposed with respect to material contracts relating to the Company Property for the forthcoming Fiscal Year; (xii) a description of the minimum insurance coverage to be maintained with respect to the Company Property for the forthcoming Fiscal Year; and (xiii) and such other information as may be reasonably requested by the Board. In addition, the Officers shall provide to the Board such other financial data and other information as may be reasonably requested by the Board. All Annual Operating Budgets and other reports prepared pursuant to this Section 6.8 shall be prepared in accordance with GAAP unless otherwise requested by the Board.

Annual Operating Budget. The Company Not later than October 15 of each year, the Manager shall prepare a budget for each Fiscal Year (each an “Annual Operating Budget”). An Annual Operating Budget for each Fiscal Year subsequent to 2005 shall be prepared by the Company’s Officers for submission submit to the Board not later than sixty (60) days prior to Members, for the start of such Fiscal Year. Each Annual Operating Budget shall include Members’ Approval, proposed budgets, operating plans and leasing plans (the “Annual Operating Budget”) for each Company Property and for the Company’s entire portfolio of PropertiesProperty, as well as a description of major business objectives and challenges (including, but not limited to, vacancy, lease rollover, relettingrelating, sale, refinance, lease option dates, major renovations, and major capital requirements) for each Company Property and for the Company’s entire portfolio of Properties for the forthcoming Fiscal Year. The Annual Operating Budget also shall set forth the following on a monthly basis with annual totals, together with an explanation of all material assumptions made in determining the same: (i) a detailed estimate of the projected Gross Revenues for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected Gross Revenues from rent, escalations, and each other type of revenue expected to be received in such year; (ii) a detailed estimate of the projected operating expenses for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected operating expenses with respect to each type of expense expected to be incurred for such year; (iii) a detailed estimate showing projected debt service payments; (iv) a detailed estimate of the projected reimbursable expenses with respect to each type of expense expected to be incurred for such year; (v) a statement as to the projected balances of any reserves with respect to the Company Property as of the first day of the forthcoming year; (vi) a statement as to the projected additions to or disbursements from such reserves for the forthcoming Fiscal Year; (vii) an estimate of the projected cash flow available for distribution from such Company Property; (viii) a detailed description of the renovations or other capital improvements, if any, proposed to be undertaken with respect to the during the forthcoming Fiscal Year; (ix) an estimate of the total costs of the renovations or other capital improvements, if any, to be undertaken with respect to the Company Property during the forthcoming Fiscal Year; (x) a list of each space for which the lease then in effect will expire during the forthcoming eighteen (18) month period, and a description of the proposed terms and conditions for leasing each such vacant space for the forthcoming Fiscal Year, including, without limitation, a calculation of net effective rent for each such vacant space, and projected costs of tenant improvements and tenant allowances for each such vacant space (collectively, the “Leasing Guidelines”); (xi) a description of the terms and conditions proposed with respect to material contracts relating to the Company Property for the forthcoming Fiscal Year; (xii) a description of the minimum insurance coverage to be maintained with respect to the Company Property for the forthcoming Fiscal Year; and (xiii) and such other information as may be reasonably requested by either Member. With respect to Company Properties that are build-to-suit or other new development projects, the BoardAnnual Operating Budget shall also include the Investment Report for such Company Property, including all development budgets and construction schedules included therein, together with a narrative report describing the status of such project and any realized or projected variances from the development budget and construction schedule pertaining thereto together with the Manager’s recommendations for mitigation of any negative variances. In addition, the Officers Manager shall provide to the Board such Member such other financial data and other information as may be reasonably requested by the Boardeach Member. All Annual Operating Budgets and other reports prepared pursuant to this Section 6.8 6.9 shall be prepared in accordance with GAAP United States generally accepted accounting principles consistently applied (“GAAP”) unless otherwise requested by the BoardMembers.

Annual Operating Budget. The Company shall prepare a budget for each Fiscal Year (each an “Annual Operating Budget”). An Annual Operating Budget for each Fiscal Year subsequent to 2005 shall be prepared by the Company’s Officers for submission to the Board not Not later than sixty (60) days prior after the acquisition of each Company Property with respect to the start balance of the Fiscal Year during which such Fiscal Year. Each Annual Operating Budget Company Property is acquired and thereafter by no later than June 1st of each year in which the Company continues to hold such Company Property, the Officers shall include submit to the Board, for the Board's Approval, proposed budgets, operating plans and leasing plans (the "ANNUAL OPERATING BUDGET") for each Company Property and for the Company’s entire portfolio of PropertiesProperty, as well as a description of major business objectives and challenges (including, but not limited to, vacancy, lease rollover, reletting, sale, refinance, lease option dates, major renovations, and major capital requirements) for each such Company Property and for the Company’s entire portfolio of Properties for the forthcoming Fiscal Year. The Annual Operating Budget also shall set forth the following on a monthly basis with annual totals, together with an explanation of all material assumptions made in determining the same: (i) a detailed estimate of the projected Gross Revenues for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected Gross Revenues from rent, escalations, and each other type of revenue expected to be received in such year; (ii) a detailed estimate of the projected operating expenses for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected operating expenses with respect to each type of expense expected to be incurred for such year; (iii) a detailed estimate showing projected debt service payments; (iv) a detailed estimate of the projected reimbursable expenses with respect to each type of expense expected to be incurred for such year; (v) a statement as to the projected balances of any reserves with respect to the Company Property as of the first day of the forthcoming year; (vi) a statement as to the projected additions to or disbursements from such reserves for the forthcoming Fiscal Year; (vii) an estimate of the projected cash flow available for distribution from such Company Property; (viii) a detailed description of the renovations or other capital improvements, if any, proposed to be undertaken with respect to the during the forthcoming Fiscal Year; (ix) an estimate of the total costs of the renovations or other capital improvements, if any, to be undertaken with respect to the Company Property during the forthcoming Fiscal Year; (x) a list of each space for which the lease then in effect will expire during the forthcoming eighteen (18) month period, and a description of the proposed terms and conditions for leasing each such vacant space for the forthcoming Fiscal Year, including, without limitation, a calculation of net effective rent for each such vacant space, and projected costs of tenant improvements and tenant allowances for each such vacant space (collectively, the “Leasing Guidelines”"LEASING GUIDELINES"); (xi) a description of the terms and conditions proposed with respect to material contracts relating to the Company Property for the forthcoming Fiscal Year; (xii) a description of the minimum insurance coverage to be maintained with respect to the Company Property for the forthcoming Fiscal Year; and (xiii) and such other information as may be reasonably requested by the Board. With respect to Company Properties that are build-to-suit or other new development projects, the Annual Operating Budget shall also include the Investment Report for such Company Property, including all development budgets and construction schedules included therein, together with a narrative report describing the status of such project and any realized or projected variances from the development budget and construction schedule pertaining thereto together with the Officer's recommendations for mitigation of any negative variances. In addition, the Officers shall provide to the Board such other financial data and other information as may be reasonably requested by the Board. All Annual Operating Budgets and other reports prepared pursuant to this Section 6.8 6.9 shall be prepared in accordance with GAAP United States generally accepted accounting principles consistently applied ("GAAP") unless otherwise requested by the Board.

Annual Operating Budget. The Company shall prepare a budget for each Fiscal Year (each an “Annual Operating Budget”). An Annual Operating Budget for each Fiscal Year subsequent to 2005 shall be prepared by the Company’s Officers for submission to the Board not Not later than sixty (60) days prior after the acquisition of each Company Property with respect to the start balance of the Fiscal Year during which such Fiscal Year. Each Annual Operating Budget Company Property is acquired and thereafter by no later than June 1st of each year in which the Company continues to hold such Company Property, the Officers shall include submit to the Board, for the Board’s Approval, proposed budgets, operating plans and leasing plans (the “Annual Operating Budget”) for each Company Property and for the Company’s entire portfolio of PropertiesProperty, as well as a description of major business objectives and challenges (including, but not limited to, vacancy, lease rollover, relettingrelating, sale, refinance, lease option dates, major renovations, and major capital requirements) for each such Company Property and for the Company’s entire portfolio of Properties for the forthcoming Fiscal Year. The Annual Operating Budget also shall set forth the following on a monthly basis with annual totals, together with an explanation of all material assumptions made in determining the same: (i) a detailed estimate of the projected Gross Revenues for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected Gross Revenues from rent, escalations, and each other type of revenue expected to be received in such year; (ii) a detailed estimate of the projected operating expenses for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected operating expenses with respect to each type of expense expected to be incurred for such year; (iii) a detailed estimate showing projected debt service payments; (iv) a detailed estimate of the projected reimbursable expenses with respect to each type of expense expected to be incurred for such year; (v) a statement as to the projected balances of any reserves with respect to the Company Property as of the first day of the forthcoming year; (vi) a statement as to the projected additions to or disbursements from such reserves for the forthcoming Fiscal Year; (vii) an estimate of the projected cash flow available for distribution from such Company Property; (viii) a detailed description of the renovations or other capital improvements, if any, proposed to be undertaken with respect to the during the forthcoming Fiscal Year; (ix) an estimate of the total costs of the renovations or other capital improvements, if any, to be undertaken with respect to the Company Property during the forthcoming Fiscal Year; (x) a list of each space for which the lease then in effect will expire during the forthcoming eighteen (18) month period, and a description of the proposed terms and conditions for leasing each such vacant space for the forthcoming Fiscal Year, including, without limitation, a calculation of net effective rent for each such vacant space, and projected costs of tenant improvements and tenant allowances for each such vacant space (collectively, the “Leasing Guidelines”); (xi) a description of the terms and conditions proposed with respect to material contracts relating to the Company Property for the forthcoming Fiscal Year; (xii) a description of the minimum insurance coverage to be maintained with respect to the Company Property for the forthcoming Fiscal Year; and (xiii) and such other information as may be reasonably requested by the Board. With respect to Company Properties that are build-to-suit or other new development projects, the Annual Operating Budget shall also include the Investment Report for such Company Property, including all development budgets and construction schedules included therein, together with a narrative report describing the status of such project and any realized or projected variances from the development budget and construction schedule pertaining thereto together with the Officer’s recommendations for mitigation of any negative variances. In addition, the Officers shall provide to the Board such other financial data and other information as may be reasonably requested by the Board. All Annual Operating Budgets and other reports prepared pursuant to this Section 6.8 6.9 shall be prepared in accordance with GAAP United States generally accepted accounting principles consistently applied (“GAAP”) unless otherwise requested by the Board.

Annual Operating Budget. The Company shall prepare a budget for each Fiscal Year (each an “Annual Operating Budget”). An Annual Operating Budget for each Fiscal Year subsequent to 2005 shall be prepared by the Company’s Officers for submission to the Board not Not later than sixty (60) days prior after the acquisition of each Company Property with respect to the start balance of the Fiscal Year during which such Fiscal Year. Each Annual Operating Budget Company Property is acquired and thereafter by no later than June 1st of each year in which the Company continues to hold such Company Property, the Officers shall include submit to the Board, for the Board's Approval, proposed budgets, operating plans and leasing plans (the "ANNUAL OPERATING BUDGET") for each Company Property and for the Company’s entire portfolio of PropertiesProperty, as well as a description of major business objectives and challenges (including, but not limited to, vacancy, lease rollover, reletting, sale, refinance, lease option dates, major renovations, and major capital requirements) for each such Company Property and for the Company’s entire portfolio of Properties for the forthcoming Fiscal Year. The Annual Operating Budget also shall set forth the following on a monthly basis with annual totals, together with an explanation of all material assumptions made in determining the same: (i) a detailed estimate of the projected Gross Revenues for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected Gross Revenues from rent, escalations, and each other type of revenue expected to be received in such year; (ii) a detailed estimate of the projected operating expenses for the Company Property for the forthcoming Fiscal Year, which estimate shall set forth as separate line items the projected operating expenses with respect to each type of expense expected to be incurred for such year; (iii) a detailed estimate showing projected debt service payments; (iv) a detailed estimate of the projected reimbursable expenses with respect to each type of expense expected to be incurred for such year; (v) a statement as to the projected balances of any reserves with respect to the Company Property as of the first day of the forthcoming year; (vi) a statement as to the projected additions to or disbursements from such reserves for the forthcoming Fiscal Year; (vii) an estimate of the projected cash flow available for distribution Net Operating Cash Flow from such Company PropertyProperty for the forthcoming Fiscal Year; (viii) a detailed description of the renovations or other capital improvements, if any, proposed to be undertaken with respect to the during the forthcoming Fiscal Year; (ix) an estimate of the total costs of the renovations or other capital improvements, if any, to be undertaken with respect to the Company Property during the forthcoming Fiscal YearYear together with proposed sources of funding such costs, maximum financing rates (if the proposed source is borrowings) and timing for obtaining such funds and implementing the proposed renovations or capital improvements; (x) a list of each space for which the lease then in effect will expire during the forthcoming eighteen (18) month period, and a description of the proposed terms and conditions for leasing each such vacant space for the forthcoming Fiscal Year, including, without limitation, a calculation of net effective rent for each such vacant space, and projected costs of tenant improvements and tenant allowances for each such vacant space (collectively, the “Leasing Guidelines”"LEASING GUIDELINES"); (xi) a description of the terms and conditions proposed with respect to material contracts relating to the Company Property for the forthcoming Fiscal Year; (xii) a description of the minimum insurance coverage to be maintained with respect to the Company Property for the forthcoming Fiscal Year; and (xiii) and such other information as may be reasonably requested by the Board. With respect to Company Properties that are build-to-suit or other new development projects, the Annual Operating Budget shall also include the Investment Report for such Company Property, including all development budgets and construction schedules included therein, together with a narrative report describing the status of such project and any realized or projected variances from the development budget and construction schedule pertaining thereto together with the Officer's recommendations for mitigation of any negative variances. In addition, the Officers shall provide to the Board such other financial data and other information as may be reasonably requested by the Board. All Annual Operating Budgets and other reports prepared pursuant to this Section 6.8 6.9 shall be prepared in accordance with GAAP United States generally accepted accounting principles consistently applied ("GAAP") unless otherwise requested by the Board.