Common use of Budget Overruns; Program Changes Clause in Contracts

Budget Overruns; Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget for the Property. If the Operator exceeds an adopted Budget by more than 10%, then the excess over 110%, unless directly caused by an emergency or unexpected expenditure made pursuant to subsection 9.7 or unless otherwise authorized by the Management Committee, shall be for the sole account of the Operator and such excess shall not be included in the calculations of the Participating Interests for the Property. Budget overruns of 110% or less shall be borne by the Participants in proportion to their respective Participating Interests as of the time the overrun occurs.

Budget Overruns; Program Changes. The Operator shall immediately notify the Management Committee of any material departure from an adopted Program and Budget for the PropertyBudget. If the Operator exceeds an adopted Budget by more than ten percent (10%), then the excess over 110ten percent (10%, unless directly caused by an emergency or unexpected expenditure made pursuant to subsection 9.7 or unless otherwise authorized by the Management Committee, ) shall be for the sole account of the Operator and such excess shall not be included in the calculations of the Participating Interests for Interests, unless such excess is directly caused by an emergency or unexpected expenditure or is authorized by the Propertyparticipants. Budget overruns of 110% ten percent (10%) or less shall be borne by the Participants participants in proportion to their respective Participating Interests as of the time the overrun occurs.