Approved Operating Budget. The Approved Operating Budget shall constitute an authorization for Manager to establish rental rates and implement marketing strategies in accordance therewith. Manager shall supervise the preparation of all advertising layouts, brochures, and campaigns. Advertising and promotional materials shall be prepared in accordance with the Approved Operating Budget and full compliance with federal, state, and municipal fair housing laws, and Manager shall not use Owner’s name (or any Affiliate of Owner) without Owner’s express written approval.
Approved Operating Budget. (a) Each Borrower shall prepare and submit (or shall cause to be prepared and submitted) to Agent by November 30th of each year occurring during the Term, an operating expense budget for Operating Expenses for such Borrower for the succeeding calendar year. Such operating expense budget shall show, on a month by month basis, in reasonable detail, each line item of such Borrower’s anticipated Operating Revenues and Operating Expenses (on an accrual basis), including amounts required to establish, maintain and/or increase any monthly payments required hereunder (and once such operating expense budget has been submitted to Agent, it shall constitute an Approved Operating Budget for such Borrower). Until such time that any operating expense budget has been submitted for any Borrower, the Approved Operating Budget for such Borrower for the immediately preceding calendar year shall apply for all purposes hereunder (with such adjustments as reasonably determined by Agent (including increases for any nondiscretionary expenses)).
(b) The Approved Operating Budget for each Borrower for calendar year 2014 are attached as Schedule 5.32(b) hereto.
(c) Upon the occurrence of a DSCR Cash Management Period, the Approved Operating Budget then in effect, and, during the continuance of any DSCR Cash Management Period, each subsequent operating expense budget submitted to Agent pursuant to Section 5.32(a) above, shall be subject to approval by Agent, in its sole discretion, which approval shall not be unreasonably withheld or delayed and during the continuance of the DSCR Cash Management Period, it shall constitute the Approved Operating Budget for such Borrower.
Approved Operating Budget. The Approved Operating Budget shall constitute an authorization for Manager to expend the amounts approved from the Operating Account; however, no single expenditure made for these purposes shall exceed the approved budget by more than five percent (5%) by line item, or $5,000.00 in the aggregate, without Owner’s written authorization. Manager shall exercise its best reasonable efforts to ensure that the actual costs of maintaining and operating the Property shall not exceed the Approved Operating Budget, and significant year-to-date budget variances will be explained to Owner each month. In cases of emergency, Manager may make expenditures for repairs which exceed the aforementioned spending limit without prior approval, if it is necessary, in the reasonable judgement of Manager, to prevent imminent damage to property or injury to persons. Manager will promptly notify Owner of any such emergency expenditures but no later than three (3) days following such emergency repair, describing the cause of such emergency, the repairs undertaken in connection with such emergency, and the cost of such emergency repairs.
Approved Operating Budget. Within ten (10) days of receiving the proposed Operating Budget, Licensee and any secured lender to Licensee shall approve the Operating Budget, which approval shall not be unreasonably withheld, conditioned or delayed, or, after consultation with and agreement from Management Firm, approve the Operating Budget with changes (either being the approved Operating Budget). Notwithstanding the foregoing, if for any reason the Parties do not approve an Operating Budget before the first day of the Fiscal Year, the Parties shall use the approved Operating Budget for the previous Fiscal Year until a new Operating Budget is approved. The approved Operating Budget shall constitute authorization for Management Firm to incur obligations and make expenditures to operate and manage the Enterprise pursuant to such Operating Budget.
Approved Operating Budget. Prior to Closing and not later than thirty (30) days prior to the commencement of each calendar year during the term of the Loan, Borrower shall deliver to Lender a copy of the proposed annual operating budget for the Property for the subsequent year, which proposed budget shall be approved by Lender in its reasonable discretion (the “Approved Operating Budget”). In the event that the approval of Lender is not obtained on a timely basis, the then current Approved Operating Budget previously approved by Lender shall remain in effect; provided that such Approved Operating Budget shall be adjusted to reflect actual increases in real estate taxes, insurance premiums and utilities expenses.
Approved Operating Budget. Any required Proposed Operating Budget shall be reviewed by the Owner and revised with the Operator as needed prior to the Commencement Date thereof and annually prior to January 1st of each year during the term of the Agreement. Upon approval by the Owner, each Proposed Operating Budget shall become the “Approved Operating Budget” for the Facility.
Approved Operating Budget. Borrower shall submit to Lender for Lender's written approval a proposed annual budget for the operation of the Mortgaged Property not later than sixty (60) days prior to Completion (for the remainder of the calendar year in which Completion occurs) and thereafter no later than sixty (60) days prior to the commencement of each calendar year, in form satisfactory to Lender, setting forth in reasonable detail Borrower’s budgeted monthly operating income and monthly operating capital and other expenses for the Mortgaged Property. Each proposed annual budget shall contain, among other things, limitations on management fees, third party service fees, and other expenses as the Borrower may reasonably propose. Lender shall have the right to approve such proposed annual budget which approval may be granted or withheld in Lender's sole discretion, and in the event that Lender objects to the proposed annual budget submitted by Borrower, Lender shall advise Borrower of such objections and Borrower shall within ten (10) days after receipt of notice of any such objections revise such proposed annual budget and resubmit the same to Lender. The foregoing process shall be repeated as often as necessary until such time as a proposed annual budget has been fully approved by Lender, at which time such proposed annual budget shall be deemed to be the "Approved Operating Budget". If, at any time, Borrower fails to provide a proposed annual budget or Borrower and Lender do not reach agreement on an Approved Operating Budget, Lender shall be entitled to designate a budget to serve as the Approved Operating Budget until such time as agreement can be reached.
Approved Operating Budget. The "Approved Operating Budget" shall be the Annual Operating Budget approved pursuant to Section 7.01.
Approved Operating Budget. The term “
Approved Operating Budget. See Section 2.3.2.
