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Common use of Budget Line Items Clause in Contracts

Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by Administrative Agent in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, leasing commissions, tenant improvements and tenant allowances, operating deficits, real estate taxes, and all other sums due in connection with Construction and operation of the Subject Property, the Loan, and this Agreement. Borrower agrees that all Loan proceeds shall be used only for the Budget Line Items for which such proceeds were disbursed. Without limiting Borrower’s rights under Section 8.3 below, Borrower shall have the right to reallocate cost savings effected by final change order or other appropriate final documentation to other Budget Line Items subject to Administrative Agent’s prior written consent not to be unreasonably withheld. Lenders shall not be obligated to disburse 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. Borrower shall pay as they become due all amounts set forth in the Budget with respect to costs to be paid for by Borrower.

Appears in 2 contracts

Samples: Secured Acquisition and Construction Loan Agreement (BioMed Realty Trust Inc), Secured Acquisition and Construction Loan Agreement (BioMed Realty Trust Inc)

Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by Administrative Agent the Capital Provider in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion Completion of Constructionthe construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction construction of the New Energy Improvements, leasing commissions, tenant improvements and tenant allowances, operating deficits, real estate taxes, and all other sums due in connection with Construction construction and operation of the Subject Property, Project through the Loan, and this AgreementOutside Completion Date. Borrower The Property Owner agrees that all the CoPACE Loan proceeds disbursed by the Capital Provider shall be used only for the Budget Line Items for which such proceeds were disbursed. Without limiting Borrower’s rights under Section 8.3 below, Borrower The Property Owner shall have the right to request that the Property Owner have the right to reallocate demonstrable cost savings effected affected by final change order a Change Order or other appropriate final documentation documentation, upon one hundred percent (100%) completion of all work related to a specific line item to other Budget Line Items deemed by the Property Owner to be insufficient, provided, however, that any such reallocation shall be subject to Administrative Agentthe Capital Provider’s prior written consent, which consent shall not to be unreasonably withhelddenied so long as the same has been reviewed and approved by the Capital Provider’s Construction Consultant. Lenders The Capital Provider shall not be obligated to disburse 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. Borrower [The Property Owner shall pay (as they the same shall become due due) all amounts set forth in the Budget with respect to costs identified to be paid for directly by Borrowerthe Property Owner from the Property Owner’s required equity contribution.]

Appears in 1 contract

Samples: Construction Funding and Disbursement Agreement

Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by Administrative Agent Lender in its reasonable discretion, the cost of all labor, materials, equipment, equipment and fixtures and furnishings needed for the completion of Constructionthe Construction of the Improvements, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, leasing commissions, tenant improvements and tenant allowances, operating deficits, real estate taxes, and all other sums due in connection with Construction and operation of the Subject PropertyImprovements and the ownership of the Land, the Loan, and this Agreement. Borrower agrees that all Loan proceeds disbursed by Lender shall be used only for the Budget Line Items for which such proceeds were disbursed. Without limiting Borrower’s rights under Subject to the provisions of Section 8.3 below11.1(b) hereof, Borrower shall have the right to reallocate cost savings effected by final change order Change Order or other appropriate final documentation to other Budget Line Items subject to Administrative AgentLender’s prior written consent not to be unreasonably withheld, conditioned or delayed. Lenders Lender shall not be obligated to disburse 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. Borrower shall pay as they become due all amounts set forth in the Budget with respect to costs to be paid for by Borrower.

Appears in 1 contract

Samples: Development Loan Agreement (Wellsford Real Properties Inc)