Common use of Budgeting and Bookkeeping Clause in Contracts

Budgeting and Bookkeeping. (a) Prepare and, as appropriate, periodically revise financial projections for the Total Project Budget, as that term is defined in the JV’s Operating Budget (the “Total Project Budget”), subject to the prior written approval of Owner. (b) Prepare the Total Project Budget for Project with monthly breakdowns, and revise periodically such budget, subject to Owner’s prior written approval. (c) Submit monthly financial statements and activities reports, including, but not limited to, income statements, balance sheets, general ledger, and development activity and narrative budget variance explanations in accordance with the JV’s Operating Agreement. (d) Financial statements will be presented monthly, quarterly and annually presenting all assets and liabilities and receipts and expenses for the Project in accordance with the JV’s Operating Agreement. (e) Developer will prepare financial statements and related schedules in accordance with Owner's specifications. Developer and Owner acknowledge that the parameters of such specifications may not be in accordance with generally accepted accounting principles ("GAAP"). (f) Manage, balance and monitor any bank accounts for the Project; provided, however, that Developer shall have no right or authority to write or sign checks. Developer shall also submit to Owner, on a timely basis, for Owner’s review and written approval, accounts payable as when due of or related to costs as contemplated on the development budget or under any Contract Documents. (g) Prepare draw requests in accordance with the requirements of Owner and provide the requests to Owner for written approval. These draw requests will be accompanied with a copy of the invoice for which payment is sought by drawing on the loan. Developer shall provide Owner with copies of all loan related and draw related information, including but not limited to monthly copies of the construction draws, construction draw top sheets with budget-versus-actual information, plus physical access to the Property and all documentation in connection therewith. (h) Prepare any and all such reports and accounting information as reasonably requested by Owner’s, Owner’s construction lender and BR Bexxx Xixx, and make all records and information regarding the Work and/or the Project available for their inspection upon reasonable advance notice.

Budgeting and Bookkeeping. (a) Prepare and, as appropriate, periodically revise financial projections for the Total Project Budget, as that term is defined in the JV’s 's Operating Budget (the “Total Project Budget”), subject to the prior written approval of Owner. (b) Prepare the Total Project Budget for Project with monthly breakdowns, and revise periodically such budget, subject to Owner’s 's prior written approval. (c) Submit monthly financial statements and activities reports, including, but not limited to, income statements, balance sheets, general ledger, and development activity and narrative budget variance explanations in accordance with the JV’s 's Operating Agreement. (d) Financial statements will be presented monthly, quarterly and annually presenting all assets and liabilities and receipts and expenses for the Project in accordance with the JV’s Operating Agreement. (e) Developer will prepare financial statements and related schedules in accordance with Owner's specifications. Developer and Owner acknowledge that the parameters of such specifications may not be in accordance with generally accepted accounting principles ("“GAAP"”). (f) Manage, balance and monitor any bank accounts for the Project; provided, however, that Developer shall have no right or authority to write or sign checks. Developer shall also submit to Owner, on a timely basis, for Owner’s 's review and written approval, accounts payable as when due of or related to costs as contemplated on the development budget or under any Contract Documents. (g) Prepare draw requests in accordance with the requirements of Owner and provide the requests to Owner for written approval. These draw requests will be accompanied with a copy of the invoice for which payment is sought by drawing on the loan. Developer shall provide Owner with copies of all loan related and draw related information, including but not limited to monthly copies of the construction draws, construction draw top sheets with budget-versus-actual information, plus physical access to the Property and all documentation in connection therewith. (h) Prepare any and all such reports and accounting information as reasonably requested by Owner’s's, Owner’s 's construction lender and BR Bexxx XixxBxxxx Hxxx, and make all records and information regarding the Work and/or the Project available for their inspection upon reasonable advance notice.

Budgeting and Bookkeeping. (a) Prepare and, as appropriate, periodically revise financial projections for the Total Project Budget, as that term is defined in the JV’s 's Operating Budget (the “Total Project Budget”), subject to the prior written approval of Owner. (b) Prepare the Total Project Budget for Project with monthly breakdowns, and revise periodically such budget, subject to Owner’s 's prior written approval. (c) Submit monthly financial statements and activities reports, including, but not limited to, income statements, balance sheets, general ledger, and development activity and narrative budget variance explanations in accordance with the JV’s 's Operating Agreement. (d) Financial statements will be presented monthly, quarterly and annually presenting all assets and liabilities and receipts and expenses for the Project in accordance with the JV’s Operating Agreement. (e) Developer will prepare financial statements and related schedules in accordance with Owner's specifications. Developer and Owner acknowledge that the parameters of such specifications may not be in accordance with generally accepted accounting principles ("“GAAP"”). (f) Manage, balance and monitor any bank accounts for the Project; provided, however, that Developer shall have no right or authority to write or sign checks. Developer shall also submit to Owner, on a timely basis, for Owner’s 's review and written approval, accounts payable as when due of or related to costs as contemplated on the development budget or under any Contract Documents. (g) Prepare draw requests in accordance with the requirements of Owner and provide the requests to Owner for written approval. These draw requests will be accompanied with a copy of the invoice for which payment is sought by drawing on the loan. Developer shall provide Owner with copies of all loan related and draw related information, including but not limited to monthly copies of the construction draws, construction draw top sheets with budget-versus-actual information, plus physical access to the Property and all documentation in connection therewith. (h) Prepare any and all such reports and accounting information as reasonably requested by Owner’s's, Owner’s 's construction lender and BR Bexxx XixxXxxxx Xxxx, and make all records and information regarding the Work and/or the Project available for their inspection upon reasonable advance notice.

Budgeting and Bookkeeping. (a) Prepare and, as appropriate, periodically revise financial projections for the Total Project Budget, as that term is defined in the JV’s Operating Budget (the “Total Project Budget”), subject to the prior written approval of Owner. (b) Prepare the Total Project Budget for Project with monthly breakdowns, and revise periodically such budget, subject to Owner’s prior written approval. (c) Submit monthly financial statements and activities reports, including, but not limited to, income statements, balance sheets, general ledger, and development activity and narrative budget variance explanations in accordance with the JV’s Operating Agreement. (d) Financial statements will be presented monthly, quarterly and annually presenting all assets and liabilities and receipts and expenses for the Project in accordance with the JV’s Operating Agreement. (e) Developer will prepare financial statements and related schedules in accordance with Owner's specifications. Developer and Owner acknowledge that the parameters of such specifications may not be in accordance with generally accepted accounting principles ("GAAP"). (f) Manage, balance and monitor any bank accounts for the Project; provided, however, that Developer shall have no right or authority to write or sign checks. Developer shall also submit to Owner, on a timely basis, for Owner’s review and written approval, accounts payable as when due of or related to costs as contemplated on the development budget or under any Contract Documents. (g) Prepare draw requests in accordance with the requirements of Owner and provide the requests to Owner for written approval. These draw requests will be accompanied with a copy of the invoice for which payment is sought by drawing on the loan. Developer shall provide Owner with copies of all loan related and draw related information, including but not limited to monthly copies of the construction draws, construction draw top sheets with budget-versus-actual information, plus physical access to the Property and all documentation in connection therewith. (h) Prepare any and all such reports and accounting information as reasonably requested by Owner’s, Owner’s construction lender and BR Bexxx XixxBxxxx Hxxx, and make all records and information regarding the Work and/or the Project available for their inspection upon reasonable advance notice.