Common use of Budget Line Items Clause in Contracts

Budget Line Items. The Budget shall include as line items (“Line Items”) the cost of all labor, services, materials, equipment, fixtures and furnishings needed for the completion of Construction of the Project, and all other costs, fees, and expenses relating in any way whatsoever to the Construction or the furnishing, fixturing, equipping, use, occupancy, maintenance or operation of the Project prior to the Completion Date, including the cost of architect fees, engineering fees, attorneys’ fees, leasing commissions, advertising and promotion expenses, interest, real estate taxes, survey costs, title insurance premiums, premiums on other insurance policies required to be furnished by the Borrower hereunder for the Project prior to the Completion Date, any other unpaid Loan expenses and fees referred to and described in this Agreement, and procurement of all Governmental Approvals and any Licenses and Permits necessary to make the Project ready for use and occupancy, and all other sums due in connection with Construction and operation of the Project, the Loans and this Agreement prior to the Completion Date. The Borrower agrees that all Loan proceeds disbursed by the Lender shall be used only for the Line Items for which such proceeds were disbursed. The Lender shall not be obligated to disburse any amount for any category of costs set forth as a Line Item which is greater than the amount set forth for such category in the applicable Line Item, except for disbursement of Contingency that is not subject to the approval of the Lender as set forth in Section 4.6. In the event that there is an excess of any Line Item over the actual costs incurred in connection with the work associated with such Line Item, as determined by the Lender after consultation with the Borrower and the Construction Consultant after such work has been completed and all such costs have been paid in full, such excess may be reallocated to another Line Item at the Borrower’s request; provided, however, that no such allocation shall be made to development fees, overhead or similar costs of any Loan Party and in no event shall such allocation be applied to costs payable to any Loan Party or any of Affiliate of a Loan Party. The Borrower agrees that the Lender may, at any time after the occurrence of a Default and for so long as a Default continues, without prior written notice to the Borrower, disburse the Line Items for the purposes for which they had been set aside, or for any other Project related purposes as the Lender may determine, either by payment of such items or by reimbursement to the Borrower for payments actually made by the Borrower for such items.

Budget Line Items. The Budget shall include includes as line items (collectively, “Budget Line Items”) the cost of all labor, services, materials, equipment, fixtures and furnishings needed for the completion of all Construction of the ProjectWork, and all other costs, fees, fees and expenses relating in any way whatsoever to the Construction or Work and the furnishing, fixturing, equipping, use, occupancy, maintenance or operation of the Project prior to the Completion Date, including the cost of architect fees, engineering fees, attorneys’ fees, leasing commissions, advertising and promotion expenses, interest, real estate taxes, survey costs, title insurance premiums, premiums on other insurance policies required to be furnished by the Borrower hereunder for the Project prior to the Completion Date, any other unpaid Loan expenses and fees referred to and described in this Agreement, and procurement of all Governmental Approvals and any Licenses and Permits necessary to make the Project ready for use and occupancy, and all other sums due in connection with Construction and operation of the Project, the Loans and this Agreement prior to the Completion Date. The Borrower agrees that all Loan proceeds disbursed by the Lender Loans shall be used only for the Budget Line Items for which such proceeds were disbursedLoans are made (as re-allocated from time to time in accordance with the terms of this Agreement). Borrower agrees that the Administrative Agent may, at any time and from time to time without prior written notice to Borrower, authorize the disbursement of the Budget Line Items for the purposes for which they have been set aside, or for any other purposes related to the Construction Work or otherwise provided for in the Budget as the Administrative Agent may determine, either by payment of such items or by reimbursement to Borrower for payments actually made by Borrower for such items. The Lender Administrative Agent shall not be obligated to disburse authorize the disbursement of any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item, except for disbursement of Contingency that is not subject . Subject to the approval Administrative Agent’s prior consent, which shall not be unreasonably withheld, conditioned or delayed, Borrower may apply savings from one Budget Line Item to cost overruns in another Budget Line Item or to the Contingency Fund, or to any other unbudgeted Project Cost provided (a) there are no Events of Defaults existing, (b) all costs to be paid out of the Lender as set forth in Section 4.6. In the event that there is an excess of any Budget Line Item over from which funds are being re-allocated have been paid or sufficient sums remain in said line item to pay such costs when the same become due, (c) said savings are actual costs incurred in connection with savings and are documented to the work associated with such Line Item, as determined by satisfaction of the Lender after consultation with the Borrower Administrative Agent and the Construction Consultant after in their reasonable discretion, (d) such work has been completed reallocation will not violate the provisions of the Lien Law or affect the priority of the Mortgage on the Project and all such costs have been paid in full(e) the Administrative Agent, such excess may be reallocated to another Line Item at the Borrower’s request; providedsole cost and expense, however, that no such allocation shall be made obtains CLTA Endorsement No. 101.11 or equivalent to development fees, overhead or similar costs the Title Policy insuring against any loss by reason of the establishment of priority over the lien of the Mortgage of any Loan Party and in no event shall statutory lien for services, labor or materials arising out of any work of improvement under construction or completed on or prior to the date of such allocation be applied to costs payable to any Loan Party or any of Affiliate of a Loan Party. The Borrower agrees that the Lender mayendorsement , at any time after the occurrence of a Default and for so long as a Default continues, without prior written notice to result of the Borrower, disburse the Line Items for the purposes for which they had been set aside, or for any other Project related purposes as the Lender may determine, either by payment reallocation of such items or by reimbursement to the Borrower for payments actually made by the Borrower for such itemsBudget Line Item.

Budget Line Items. The Budget shall include as line items (“"Budget Line Items”") the cost of all labor, services, materials, equipment, fixtures and furnishings needed for the completion of Construction of the ProjectConstruction, and shall include all other costs, fees, and expenses relating in any way whatsoever to the Construction or the furnishing, fixturing, equipping, use, occupancy, maintenance or operation occupancy of the Project prior to the Completion DateProject, including the cost of architect fees, engineering fees, attorneys’ ' fees, leasing commissions, advertising and promotion expenses, interest, real estate taxes, survey costs, title insurance premiums, premiums on other insurance policies required to be furnished by the Borrower hereunder for the Project prior to the Completion DateProject, any other unpaid Loan expenses and fees referred to and described in Article 4 of this Agreement, and procurement of all Governmental Approvals approvals, licenses and any Licenses and Permits permits necessary to make the Project ready for use and occupancy, and all other sums due in connection with Construction construction and operation of the Project, the Loans Loan, and this Agreement prior to and the Completion Dateother Loan Documents. The Borrower agrees that all proceeds of the Loan proceeds disbursed by the Lender shall be used only for the Budget Line Items for which such proceeds were disbursed. The Lender Lenders shall not be obligated to disburse any amount for any category of costs set forth as a Budget Line Item unless such costs are Finalized or which is greater than the amount set forth for such category in the applicable Budget Line Item, except for disbursement of Contingency that is not subject to reallocations as provided herein. The Administrative Agent, or the Required Lenders as applicable, reserves the right to add or delete categories to or from the Budget and increase or decrease the amount set forth in any particular Budget Line Item (other than the interest reserve Budget Line Item which shall not be reallocated without the approval of all of the Lender as set forth Lenders), but agrees to be reasonable in Section 4.6making any such changes and to do so only after reasonable consultation with the Borrower. In the event that If there is an excess of any Budget Line Item over the actual costs incurred in connection with the work associated with such Budget Line Item, as determined by the Lender after consultation with the Borrower Administrative Agent and the Construction Consultant Lenders' Inspecting Architect after such work has been completed and completed, all such costs have been paid in fullfull and all mechanics liens have been released or otherwise discharged to the satisfaction of the Administrative Agent, then Administrative Agent may consent to such excess may be being reallocated to another Budget Line Item at the Borrower’s 's request; provided, however, that no such allocation shall be made to development fees, overhead or similar costs of any Loan Party and in no event shall such allocation be applied to costs payable to any Loan Party or any of Affiliate of a Loan Party. The Borrower agrees that the Lender Lenders may, at any time after the occurrence of a an Event of Default and for so long as a such Event of Default continues, without subject to prior written notice to the Borrower, disburse the Budget Line Items for the purposes for which they had been set aside, or for any other Project Project-related purposes as the Lender Administrative Agent may determine, either by payment of such items or by reimbursement to the Borrower for payments actually made by the Borrower for such items.