Common use of Approved Budget Clause in Contracts

Approved Budget. The term “Approved Budget” shall mean a budget or cost itemization submitted by Borrower and approved by Lender specifying the cost by item of (a) all labor, materials, and services necessary for the construction of the Improvements in accordance with the Plans, the Permanent Loan Commitment and all Governmental Requirements, and (b) all other expenses anticipated by Borrower incident to the Loan, the construction of the Improvements and the Property, including if applicable, the cost for the acquisition of the Property.

Approved Budget. The term “Approved Budget” shall mean a budget or cost itemization submitted prepared by Borrower and approved by Lender specifying specifying, for each Unit, the cost by item of (a) all labor, materials, and services necessary for the construction of the Improvements in accordance with the Plans, the Permanent Loan Commitment Plans and all Governmental Requirements, and (b) all other expenses anticipated by Borrower incident to the Loan, the construction of the Improvements and the Propertyincluding, including if applicable, the cost for the acquisition amount of the PropertyLot Draw.

Approved Budget. The term “Approved Budget” shall mean a that construction budget or cost itemization submitted by Borrower and approved by Lender attached hereto as EXHIBIT A specifying the cost by item of (a) all labor, materials, and services necessary for the construction of the New Improvements in accordance with the Plans, the Permanent Loan Commitment Plans and all Governmental Requirements, and (b) all other expenses anticipated by Borrower incident to the Loan, the Property, and the construction of the Improvements and the Property, including if applicable, the cost for the acquisition of the PropertyNew Improvements.

Approved Budget. The term “"Approved Budget” " shall mean a budget or cost itemization submitted prepared by Borrower and approved by Lender and the Inspecting Architects/Engineers, specifying the cost by item of (a) all labor, materials, and services necessary for the construction of the Improvements in accordance with the Plans, the Permanent Loan Commitment Plans and all Governmental Requirements, and (b) all other expenses anticipated by Borrower incident to the Loan, the Property, and the construction of the Improvements Improvements. The Approved Budget is attached hereto as EXHIBIT B and the Property, including if applicable, the cost for the acquisition of the Propertyincorporated herein by reference.