Common use of Approval of Annual Budget Clause in Contracts

Approval of Annual Budget. Lessor and Lessee shall endeavor in good faith to approve the Annual Budget within the time periods specified in the Management Agreement. Within the time periods specified in the Management Agreement, Lessor shall give Lessee written notice either (a) that Lessor approves the Annual Budget (which approval may not be unreasonably withheld, conditioned or delayed) or (b) indicating with reasonable specificity the respects in which Lessor objects to the Annual Budget. In the latter event, Lessor and Lessee shall act promptly, reasonably and in good faith to seek to resolve Lessor’s objections. In the event that Lessor and Lessee fail to reach agreement with respect to the Annual Budget within thirty (30) days after receipt of Lessor’s written notice, any contested matter within the Annual Budget then remaining shall be submitted to arbitration in accordance with the procedure therefor set forth in Article XXXIX of this Lease.

Approval of Annual Budget. Lessor and Lessee shall endeavor in good faith to approve the Annual Budget within the time periods specified in the Management Agreement. Within the time periods specified in the Management Agreement, Lessor shall give Lessee written notice either (a) that Lessor approves the Annual Budget (which approval may not be unreasonably withheld, conditioned or delayed) or (b) indicating with reasonable specificity the respects in which Lessor objects to the Annual Budget. In the latter event, Lessor and Lessee shall act promptly, reasonably and in good faith to seek to resolve Lessor’s 's objections. In the event that Lessor and Lessee fail to reach agreement with respect to the Annual Budget within thirty (30) days after receipt of Lessor’s 's written notice, any contested matter within the Annual Budget then remaining shall be submitted to arbitration in accordance with the procedure therefor set forth in Article XXXIX of this Lease.