Common use of Budgets and Leasing Plans Clause in Contracts

Budgets and Leasing Plans. No later than ninety (90) days before each calendar year end, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submission. The Annual Business Plan shall be in the form approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner disapproves any such Annual Business Plan, Manager shall submit a revised Annual Business Plan, as applicable, within twenty (20) days of receipt of the notice of disapproval, and Owner shall have twenty (20) days to provide notice to Manager if it disapproves of any such revised Annual Business Plan. In the event that an operating budget has not been approved prior to each December 31, the operating budget for the prior twelve month period shall govern to the extent of any unapproved items. In the event a capital budget has not been approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties (other than in the event of an emergency) without the prior written consent of Owner. Manager shall use reasonable diligence and employ commercially reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget or capital budget.

Budgets and Leasing Plans. No Not later than ninety (90) days before August 15 of each calendar year endyear, Owner shall prepare and submit to Manager a leasing plan for each Property. Utilizing (among other things) the leasing plan provided by Owner, not later than October 15 of each calendar year, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submissionsubmission (each, an “Annual Budget”). The In connection with any acquisition of a Property by Owner, Manager shall prepare an Annual Business Plan Budget for the remainder of the calendar year. Each Annual Budget shall be in the form of the budget and plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan Budget incorporating such any changes as shall be necessary to reflect cost over-runs and the like during such that period. If Owner does not disapprove any proposed Annual Budget within 60 days after receipt thereof by Owner, the Annual Budget shall be deemed approved. If Owner shall disapprove any proposed Annual Budget, it shall so notify Manager within said 60-day period and explain the reasons therefor. If Owner disapproves of any such proposed Annual Business PlanBudget, Manager shall submit a revised Annual Business PlanBudget, as applicable, within twenty (20) 10 days of receipt of the notice of disapproval, and Owner shall have twenty (20) 10 days to provide notice to Manager if it disapproves of any such the revised Annual Business PlanBudget. In If a proposed Annual Budget is not approved by December 31 of any calendar year, Manager shall operate the event that an operating budget has not been approved prior applicable Property pursuant to each December 31, the operating budget proposed Annual Budget for the prior twelve month period shall govern following calendar year with respect to the extent of any unapproved items. In the event a capital budget has not been those portions approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties (other than and in the event of an emergency) without accordance with the prior written consent year’s Annual Budget with respect to those portions not approved by Owner (with the exception of Owner. Manager (i) non-recurring expenditures and capital expenditures which shall use reasonable diligence be deemed removed from the prior year’s Annual Budget and employ commercially reasonable efforts to ensure that the (ii) actual costs of maintaining and operating the Properties increases for real estate taxes, which shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged deemed added to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget or capital budgetprior year’s Annual Budget).

Budgets and Leasing Plans. No Not later than ninety (90) days before November 15 of each calendar year endyear, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submissionsubmission (each, an “Annual Budget”). The In connection with any acquisition of a Property by Owner, Manager shall prepare an Annual Business Plan Budget for the remainder of the calendar year. Each Annual Budget shall incorporate financial models and analysis prepared by Manager with respect to that Property. Each Annual Budget shall be in the form of the budget and plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan Budget incorporating such any changes as shall be necessary to reflect cost over-runs and the like during such that period. If Owner does not disapprove any proposed Annual Budget within 30 days after receipt thereof by Owner, the Annual Budget shall be deemed approved. If Owner shall disapprove any proposed Annual Budget, it shall so notify Manager within said 30-day period and explain the reasons therefor. If Owner disapproves of any such proposed Annual Business PlanBudget, Manager shall submit a revised Annual Business PlanBudget, as applicable, within twenty (20) 10 days of receipt of the notice of disapproval, and Owner shall have twenty (20) 10 days to provide notice to Manager if it disapproves of any such the revised Annual Business PlanBudget. In If a proposed Annual Budget is not approved by December 31 of any calendar year, Manager shall operate the event that an operating budget has not been approved prior applicable Property pursuant to each December 31, the operating budget proposed Annual Budget for the prior twelve month period shall govern following calendar year with respect to the extent of any unapproved items. In the event a capital budget has not been those portions approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties (other than and in the event of an emergency) without accordance with the prior written consent year’s Annual Budget with respect to those portions not approved by Owner (with the exception of Owner. Manager (i) non-recurring expenditures and capital expenditures which shall use reasonable diligence be deemed removed from the prior year’s Annual Budget and employ commercially reasonable efforts to ensure that the (ii) actual costs of maintaining and operating the Properties increases for real estate taxes, which shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged deemed added to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget or capital budgetprior year’s Annual Budget).

Budgets and Leasing Plans. No Not later than ninety (90) days before November 15 of each calendar year endyear, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submissionsubmission (each, an “Annual Budget”). The In connection with any acquisition of a Property by Owner, Manager shall prepare an Annual Business Plan Budget for the remainder of the calendar year. Each Annual Budget shall incorporate financial models and analysis prepared by Manager with respect to that property. Each Annual Budget shall be in the form of the budget and plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan Budget incorporating such any changes as shall be necessary to reflect cost over-runs and the like during such that period. If Owner does not disapprove any proposed Annual Budget within 30 days after receipt thereof by Owner, the Annual Budget shall be deemed approved. If Owner shall disapprove any proposed Annual Budget, it shall so notify Manager within said 30-day period and explain the reasons therefor. If Owner disapproves of any such proposed Annual Business PlanBudget, Manager shall submit a revised Annual Business PlanBudget, as applicable, within twenty (20) 10 days of receipt of the notice of disapproval, and Owner shall have twenty (20) 10 days to provide notice to Manager if it disapproves of any such the revised Annual Business PlanBudget. In If a proposed Annual Budget is not approved by December 31 of any calendar year, Manager shall operate the event that an operating budget has not been approved prior applicable Property pursuant to each December 31, the operating budget proposed Annual Budget for the prior twelve month period shall govern following calendar year with respect to the extent of any unapproved items. In the event a capital budget has not been those portions approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties (other than and in the event of an emergency) without accordance with the prior written consent year’s Annual Budget with respect to those portions not approved by Owner (with the exception of Owner. Manager (i) non-recurring expenditures and capital expenditures which shall use reasonable diligence be deemed removed from the prior year’s Annual Budget, and employ commercially reasonable efforts to ensure that the (ii) actual costs of maintaining and operating the Properties increases for real estate taxes, which shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged deemed added to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget or capital budgetprior year’s Annual Budget).

Budgets and Leasing Plans. No Not later than ninety (90) days before November 15 of each calendar year endyear, Manager shall prepare and submit to Owner for its approval an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submissionsubmission (each, an “Annual Budget”). The In connection with any acquisition of a Property by Owner, Manager shall prepare an Annual Business Plan Budget for the remainder of the calendar year. Each Annual Budget shall incorporate financial models and analysis prepared by Manager with respect to that property. Each Annual Budget shall be in the form of the budget and plan approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan Budget incorporating such any changes as shall be necessary to reflect cost over-runs and the like during such that period. If Owner does not disapprove any proposed Annual Budget within 30 days after receipt thereof by Owner, the Annual Budget shall be deemed approved. If Owner shall disapprove any proposed Annual Budget, it shall so notify Manager within said 30-day period and explain the reasons therefor. If Owner disapproves of any such proposed Annual Business PlanBudget, Manager shall submit a revised Annual Business PlanBudget, as applicable, within twenty (20) 10 days of receipt of the notice of disapproval, and Owner shall have twenty (20) 10 days to provide notice to Manager if it disapproves of any such the revised Annual Business PlanBudget. In If a proposed Annual Budget is not approved by December 31 of any calendar year, Manager shall operate the event that an operating budget has not been approved prior applicable Property pursuant to each December 31, the operating budget proposed Annual Budget for the prior twelve month period shall govern following calendar year with respect to the extent of any unapproved items. In the event a capital budget has not been those portions approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties (other than and in the event of an emergency) without accordance with the prior written consent year’s Annual Budget with respect to those portions not approved by Owner (with the exception of Owner. Manager (i) non-recurring expenditures and capital expenditures which shall use reasonable diligence be deemed removed from the prior year’s Annual Budget and employ commercially reasonable efforts to ensure that the (ii) actual costs of maintaining and operating the Properties increases for real estate taxes, which shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged deemed added to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget or capital budgetprior year’s Annual Budget).

Budgets and Leasing Plans. No later than ninety (90) days before each calendar year end, Manager shall prepare prepare, or cause to be prepared (in which case the Manager shall review and submit to Owner for its approval approval) an operating budget, capital budget and a marketing and leasing plan (collectively, the “Annual Business Plan”) on each Property for the calendar year immediately following such submission. The Annual Business Plan shall be in the form approved by Owner prior to the date thereof. As often as reasonably necessary during the period covered by any such budget, Manager may submit to Owner for its approval an updated Annual Business Plan incorporating such changes as shall be necessary to reflect cost over-runs and the like during such period. If Owner disapproves any such Annual Business Plan, Manager shall submit a revised Annual Business Plan, as applicable, within twenty (20) days of receipt of the notice of disapproval, and Owner shall have twenty (20) days to provide notice to Manager if it disapproves of any such revised Annual Business Plan. In the event that an operating budget has not been approved prior to each December 31, the operating budget for the prior twelve month period shall govern to the extent of any unapproved items. In the event a capital budget has not been approved by Owner prior to each December 31, Manager shall not make any capital or extraordinary expenditures for the Properties (other than in the event of an emergency) without the prior written consent of Owner. Manager shall use reasonable diligence and employ commercially reasonable efforts to ensure that the actual costs of maintaining and operating the Properties shall not exceed the budgeted amount in total or in any one accounting category. All expenses must be charged to the proper account on either the operating budget or capital budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager agrees to use commercially reasonable efforts to inform Owner, promptly after they become known to Manager, or any material increases in costs and expenses that were not foreseen during the budget preparation period, and were, therefore, not reflected in the operating budget or capital budget.