Approved Budgets. Subject only to any approved revision at any time, each approved operating, marketing and capital expenditure budget shall continue in effect, and Asset Manager shall not incur or pay any expense except in conformity with the applicable Approved Budget unless reasonably required for an emergency upon notice to Owner or otherwise approved by Owner in writing. Proposed operating, marketing and capital expenditure budgets shall be submitted to Owner for review and approval in accord with the following schedule, which may be revised by Owner from time to time (and once approved, shall be an “Approved Budget”) and the Marketing Plan (hereinafter defined) and Operating Plan (hereinafter defined): (i) marketing and capital expenditure budgets including leasing assumptions shall be submitted on or before September 11 of each year, (ii) the proposed operating budget shall be submitted on or before October 6 of each year, (iii) revised operating, marketing and capital expenditure budgets including leasing assumptions incorporating comments from Owner shall be submitted on or before October 27 of each year, and (iv) final operating, marketing and capital expenditure budgets including leasing assumptions shall be submitted on or before December 15 of each year. Asset Manager shall schedule and meet with Owner from time to time to review, revise and finalize the foregoing items. Each budget shall be prepared on a cash basis. For the fiscal year in which this Agreement commences and until the budgets referred to above have been approved as aforesaid, (i) there shall be no operating, marketing or capital expenditure budget and (ii) Asset Manager shall not pay or permit any Property Manager (hereinafter defined) to pay any expense in excess of $1,500 (and $25,000 in the aggregate) without obtaining consent therefor; provided, however, that Owner hereby consents to Asset Manager paying amounts for proper charges for Property utilities, employee compensation and benefits (as permitted hereunder), recurring service contracts for the Property in place as of the date hereof, debt service, ground rent, insurance and real estate taxes (“Necessary Expenditures”). On or before January 31 of each year which commences after the Effective Date, Asset Manager shall prepare and submit to Owner for review and approval ten year projections for the ensuing ten fiscal years. Asset Manager shall meet with Owner and its designee(s) from time to time to review, revise and finalize the ten-yea...
Approved Budgets. The final approved Budget for the applicable Project itemizing the Hard Costs and Soft Costs, including direct and indirect costs, certified to be correct to the best knowledge and belief of Borrower for each type of Improvement to be constructed as part of the Project. Said Budget shall be subject to formal review and approval by Lender at Lender’s sole discretion, and if Lender reasonably determines that the Loan funds allocated for Hard Costs are inadequate to pay for all Hard Costs, then Lender may require Borrower to deposit cash into an account pledged as additional collateral for the Loan the amount of the shortfall. In no event shall the costs of the Project as set forth in any A&D Budget or any Home Construction Budget violate the applicable Maximum Allowed Advance(s).
Approved Budgets. The proposed annual budget, or any modification thereof, shall be deemed approved by Owner, if Owner does not deliver Owner’s written objections and requests for modifications to Manager on or before the date which is thirty (30) days after Owner’s receipt thereof. Once so approved, the proposed annual budget shall be the approved “Annual Budget” for purposes of this Agreement.
Approved Budgets. The final, approved Budgets for the Project itemizing the Hard Costs and Soft Costs for the respective A&D Improvements and Home Improvements, including direct and indirect costs, certified to be correct to the best knowledge and belief of Borrower for each type of Improvement to be constructed as part of the Project. Said Budgets shall be subject to formal review and approval by Lender at Lender’s sole discretion, and if Lender determines that the Loan funds allocated for Hard Costs are inadequate to pay for all Hard Costs, then Lender may require Borrower to deposit cash into an account pledged as additional collateral for the Loan the amount of the shortfall. In no event shall the costs of the Project to be funded from proceeds of the Loan, as set forth in any A&D Budget or any Home Construction Budget, violate the applicable Maximum Allowed Advance(s).
Approved Budgets. (a) By not later than August 31, 2013, and thereafter at least 120 days prior to the beginning of each fiscal year of Owner (which ends on December 31st of each year) (“Fiscal Year”), Manager shall prepare and submit to Owner for approval the following:
Approved Budgets. 2 1.08. Bankruptcy.................................................... 2 1.09. Basic Management Fee.......................................... 3 1.10. Call Notice................................................... 3 1.11.
Approved Budgets. Every year, on or prior to May 1st, MANAGER shall prepare and submit to OWNER, in the form required by OWNER, an operating budget ("Operating Budget") and a capital budget ("Capital Budget" and together with the Operating Budget, collectively referred to herein as the "Budgets") for the promotion, operation, repair and maintenance of the Properties for the forthcoming fiscal year beginning July 1. For the first year of this Agreement, OWNER shall prepare and submit to OWNER Budgets for fiscal year ending June 30, 2014, on or before October 15, 2013. MANAGER agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the Budgets, either in total or in any one line item within the chart of accounts. All expenses shall be charged to the proper line item contained within the chart of accounts and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. MANAGER shall secure OWNER's prior written approval for any expenditure, except for utilities charges, that will result in an excess of five percent (5%) or more in any one line item within the chart of accounts of the Operating Budget; however, if said expenditure is cumulatively less than One Thousand Dollars ($1,000.00), no approval is necessary. During each calendar year, MANAGER agrees to promptly inform OWNER in writing of any capital expenditure or increase in costs and expenses in excess of the amount budgeted for such items, and of decreases in revenue that were not foreseen during the budget preparation period and thus were not reflected in the Budgets, and shall upon request of OWNER submit to OWNER for approval a revised Operating Budget or Capital Budget, as the case may be, based upon said unforeseen costs and expenses.
Approved Budgets. Agent shall prepare and submit to Owner a proposed operating budget for the promotion, operation, leasing, repair, maintenance, and preservation and improvement of the Premises for each forthcoming calendar year. The operating budget shall include schedules for capital improvements for such year. The proposed budget for the remainder of the current calendar year shall be delivered to Owner no later than sixty (60) days after the execution of this Agreement. The proposed budget for each subsequent calendar year shall be delivered to Owner no later than sixty (60) days before the end of each prior calendar year. Owner shall approve or provide comments to any such proposed budget within thirty (30) days following receipt of the proposed budget. Agent shall address any such Owner comments in good faith until such time as the Owner and Agent have agreed to a final form of operating budget (any such approved budget, the “Annual Operating Budget”). If for any reason the Owner and Agent are unable to agree on an Annual Operating Budget prior to the commencement of the year for which the budget applies, the Agent shall continue to manage the Premises based on the prior year’s Annual Operating Budget, subject to actual increases for real estate taxes, utilities, payroll and insurance. Agent agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of leasing, maintaining and operating the Premises will conform to the Annual Operating Budget as approved by the Owner. MDA City Apartments (Recap) 21 Agent agrees to secure Owner’s prior approval on all expenditures that exceed the Owner approved Annual Operating Budget by $5,000 per expense item or $10,000 cumulative.
Approved Budgets. (a) The Construction Budget attached to this Agreement shall be the Approved Budget for the Project for the period ending on the Completion Date unless amended pursuant to Section 7.1(10)(b).
(b) Prior to Completion the Borrower shall have the right from time to time to propose to adopt an amended Construction Budget. After Completion the Borrower shall have the right from time to time to propose an amended Operating Budget for the remainder of the then current Fiscal Year. The Borrower shall furnish to the Administrative Agent (with a copy to the Independent Engineer) and each Lender a copy of the proposed amended Construction Budget or Operating Budget, as the case may be, at least ten (10) Business Days before the proposed date of its adoption, together with a certificate of an Authorized Officer of the Borrower describing the changes to the then current budget and the reasons therefor. No such proposed amended Construction Budget or Operating Budget shall be adopted unless it is approved by the Administrative Agent and Majority Lenders in their sole discretion.
(c) The Construction Budget (prior to Completion) or Operating Budget (after Completion) as then most recently approved by the Administrative Agent and Majority Lenders is referred to herein as the "Approved Budget."
Approved Budgets. The annual budget for the Company for calendar year 2010 is set forth on Schedule C hereto. The Managing Member shall prepare a commercially reasonable annual operating budget for the Company for each of calendars years 2011, 2012 and 2013 prior to the commencement of each such calendar year. In its sole and absolute discretion, the Managing Member shall have the right to make any one or more modifications to any annual budget referenced in this Section 9.6 at any time and from time to time. Each annual budget referenced in this Section 9.6, as may be modified pursuant to the provisions of this Section 9.6, shall be referred to as an “Approved Budget.”