Common use of Approval of Phase Budget Clause in Contracts

Approval of Phase Budget. Prior to the commencement of any ------------------------ construction hereunder, Builder shall submit to Owner, for Owner's review and reasonable approval, the proposed cost breakdown schedule for the development of the first "Phase" of Homes (as defined in Paragraph 8 hereof) and related improvements (the "Phase Budget" herein). Within Five (5) business days following receipt by Owner of the proposed Phase Budget, Owner shall notify Builder of Owner's approval or disapproval of the same, which approval Owner shall not unreasonably withhold. Failure of Owner to notify Builder in writing within five (5) business days of the disapproval of any item in the Phase Budget, the Phase Budget as submitted by Builder shall be deemed to be approved. If all or any portion of the proposed Phase Budget is disapproved, the parties shall meet as soon as reasonably practicable thereafter to endeavor in good faith to reach agreement on the Phase Budget. Builder shall not make any commitment or contract which is materially (more than 10%) more in cost for a line item than as set forth for said line item in the Phase Budget as it may be amended from time to time without the prior written consent of Owner which consent Owner shall not unreasonably withhold. Builder shall submit to Owner a new Phase Budget for each Phase of the Project which new Phase Budget shall be reviewed and reasonably approved by Owner and followed by Builder as provided herein.

Approval of Phase Budget. Prior to the commencement of any ------------------------ ------------------------- construction hereunder, Builder shall submit to Owner, for Owner's review and reasonable approval, the proposed cost breakdown schedule for the development of the first "Phase" of Homes (as defined in Paragraph 8 hereof) and related improvements (the "Phase Budget" herein). Within Five (5) business days following receipt by Owner of the proposed Phase Budget, Owner shall notify Builder of Owner's approval or disapproval of the same, which approval Owner shall not unreasonably withhold. Failure of Owner to timely notify Builder in writing within five (5) business days of the disapproval of any item in the Phase BudgetBudge, the Phase Budget as submitted by Builder shall be deemed to be approved. If all or any portion of the proposed Phase Budget is disapproved, the parties shall meet as soon as reasonably practicable thereafter to endeavor in good faith to reach agreement on the Phase Budget. Builder shall not make any commitment or contract which is materially (more than 10%) more in cost for a line item than as set forth for said line item in the Phase Budget as it may be amended from time to time without the prior written consent of Owner which consent Owner shall not unreasonably withhold. Builder shall submit to Owner a new Phase Budget for each Phase of the Project which new Phase Budget shall be reviewed and reasonably approved by Owner and followed by Builder as provided herein.

Approval of Phase Budget. Prior to the commencement of any ------------------------ construction hereunder, Builder shall submit to Owner, for Owner's review and reasonable approval, the proposed cost breakdown schedule for the development of the first "Phase" of Homes (as defined in Paragraph 8 hereof) and related improvements (the "Phase Budget" herein). Within Five (5) business days following receipt by Owner of the proposed Phase Budget, Owner shall notify Builder of Owner's approval or disapproval of the same, which approval Owner shall not unreasonably withhold. Failure of Owner to timely notify Builder in writing within five (5) business days of the disapproval of any item in the Phase Budget, the Phase Budget as submitted by Builder shall be deemed to be approved. If all or any portion of the proposed Phase Budget is disapproved, the parties shall meet as soon as reasonably practicable thereafter to endeavor in good faith to reach agreement on the Phase Budget. Builder shall not make any commitment or contract which is materially (more than 10%) more in cost for a line item than as set forth for said line item in the Phase Budget as it may be amended from time to time without the prior written consent of Owner which consent Owner shall not unreasonably withhold. Builder shall submit to Owner a new Phase Budget for each Phase of the Project which new Phase Budget shall be reviewed and reasonably approved by Owner and followed by Builder as provided herein.