Common use of Approval of Proposed Annual Plan Clause in Contracts

Approval of Proposed Annual Plan. Within in thirty (30) days of Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty (20) days of its receipt of Owner's written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings in Los Angeles, California.

Approval of Proposed Annual Plan. Within in thirty (30) days of Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty (20) days of its receipt of Owner's written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings in Los AngelesPasadena, California.

Approval of Proposed Annual Plan. Within in thirty (30) days of Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty (20) days of its receipt of Owner's written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings in Los AngelesGlendale, California.

Approval of Proposed Annual Plan. Within in thirty (30) days of Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty (20) days of its receipt of Owner's written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings in Los AngelesDallas, CaliforniaTexas.

Approval of Proposed Annual Plan. Within in thirty (30) days of Owner's ’s receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty (20) days of its receipt of Owner's ’s written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's ’s written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "“Annual Plan" ” for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings in Los Angeles, California.

Approval of Proposed Annual Plan. Within in thirty fifteen (3015) days of Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty ten (2010) days of its receipt of Owner's written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings in Los Angeles, California.

Approval of Proposed Annual Plan. Within in thirty (30) days of Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty (20) days of its receipt of Owner's written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings parking garages in Los Angeles, California.

Approval of Proposed Annual Plan. Within in thirty (30) days of Owner's receipt of the Proposed Annual Plan, Owner shall deliver to Manager in writing its approval or disapproval of all matters contained in the Proposed Annual Plan for the succeeding year. Any disapproval by Owner of a Proposed Annual Plan shall include a reasonably detailed explanation of the reasons for such disapproval. If Owner disapproves of any Proposed Annual Plan, Manager shall submit to Owner a revised annual plan within twenty (20) days of its receipt of Owner's written disapproval. Manager shall make a good faith effort to have such revised annual plan satisfy each of the objections set forth in Owner's written disapproval. Upon written approval of a proposed or revised annual plan by Owner, such plan shall thereafter be the "Annual Plan" for the succeeding year for the purposes of this Agreement; provided, however, that if Owner and Manager cannot agree upon an Annual Plan or certain aspects thereof prior to January 1 of the succeeding year, the Annual Plan from the prior year shall govern to the extent of such disputed items (with appropriate adjustments based on increases or decreases in the yearly Consumer Price Index as published each January by the U.S. Department of Labor, Bureau of Labor Statistics and the actual amount of expenses not within the control of Owner or Manager such as real property taxes and personal property taxes). The parties acknowledge and agree that each Annual Plan shall provide sufficient funds for Manager to operate the Project in a manner consistent with that for the operation of similar first-class office buildings in Los AngelesSanta Monica, California.