Budgets and Operating Plan. 5.1 Property Manager shall prepare and submit to Company a capital and operating budget on a monthly, generally accepted accounting principles in the United States (“GAAP”) basis for the management, operation and maintenance of the Property for each calendar year (each, a “Budget”). The Budget for the initial calendar year shall be prepared by Property Manager and submitted to Company within thirty days of the date of this Agreement and such initial Budget shall be reasonably acceptable to Lender as hereinafter defined. On or prior to December 15th of the calendar year prior to all subsequent Budget years, or as soon as possible thereafter, Property Manager shall deliver to Company for approval a proposed Budget for the following calendar year. Company shall have fifteen (15) days after receipt of the same to approve or disapprove the proposed Budget (the “Budget Review Period”), and shall notify Property Manager of its approval or disapproval of the proposed Budget within the Budget Review Period. Any notice of disapproval shall set forth the grounds for such disapproval with specificity such that Property Manager may endeavor to address those grounds in a revised, proposed Budget to be thereafter submitted to Company. If Company fails to notify Property Manager of its disapproval of the Budget within the Budget Review Period, Company shall be deemed to have approved of the Budget. In the event a portion of any proposed Budget is disapproved, Property Manager may proceed under the proposed Budget for items that are not so disapproved and may take any actions permitted hereunder with respect to such items. In the event that any disapproved Budget items are operational expenditures, as opposed to capital expenditures, Property Manager shall be entitled to operate the Property using the prior year’s Budget for such items plus 5% until approval is obtained. Property Manager shall provide Company with such information regarding the Budget as may be, from time to time, reasonably requested by the Company. Property Manager shall charge all expenses to the proper account as specified in the approved Budget, provided that Property Manager may reallocate savings from one line item to other line items.
Budgets and Operating Plan as soon as available and in any event at least 30 days before the beginning of each fiscal year of the Company, a business plan and monthly operating budgets for the forthcoming fiscal year;
Budgets and Operating Plan. The Managing Member shall prepare, or cause to be prepared, at the expense of the Company and for the approval of the Members, a preliminary estimated Budget for the period through December 31, 2012 and an Operating Plan for the Company (the “Initial Budget and Operating Plan”). The Managing Member shall revise and update, or cause to be revised and updated, at the expense of the Company and for the approval of the Members, the Initial Budget and Operating Plan from time to time which will set forth all anticipated income, operating expenses, and capital expenditures of the Company, together with an exit valuation/strategy and projected quarterly/annual capital contributions and capital returns, and, in any event, shall be consistent with any preliminary figures previously provided to the Managing Member. Thereafter, the Managing Member shall prepare, or cause to be prepared, at the expense of the Company and for the approval of the Members, the Budget and Operating Plan annually at least sixty (60) calendar days prior to the end of each fiscal year with respect to the following fiscal year, together with five (5) year forward projections. In formulating the comprehensive Budget and Operating Plan, to the extent reasonably feasible at the time of preparation thereof, the Managing Member will develop, or cause to be developed, at the expense of the Company, proposed strategies regarding (i) plans for leasing, financing, sale and rehabilitation of any real property and proposed reductions to Expenses and other Company costs and expenses and increases in revenues, (ii) preparation and release of all promotional and advertising relating to, and a marketing plan for, the Company Property or concerning the Company, (iii) terms for any proposed sale or disposition of any Company Property, or acquisition of additional Company Property, and (iv) selection of legal counsel, accountants, appraisers and other consultants for the Company to efficiently implement the Budget and Operating Plan. The Managing Member shall make recommendations, or cause recommendations to be made, at the expense of the Company, to the extent it deems appropriate regarding the amendment, modification, alteration, change, cancellation, or prepayment of any indebtedness evidenced by any mortgage loan presently or hereafter affecting any Company Property, and procurement of title insurance and other insurance for the Company, or decrease or vary the insurance carried by or on behalf of the Comp...
Budgets and Operating Plan as soon as available and in any event at least 30 days before the beginning of each fiscal year of the Company, a strategic plan and monthly and quarterly operating budgets for the forthcoming fiscal year, and as soon as available and in any event within 30 days after the end of each calendar month, monthly comparisons against the business plan and monthly operating budgets (including a summary of proposed research and development activities, and the status and proposed activities for any joint venture or other licensing arrangements with any third party).
Budgets and Operating Plan. 2.5.1 The Property Manager shall prepare and submit to the Tenants in Common an initial capital and operating budget ("Budget") on a monthly accrual basis for the promotion, operation, leasing, repair, maintenance and improvement of the Project for the current calendar year. The Budget for the initial calendar year is attached hereto as Exhibit "C" and is hereby approved by each Tenant in Common. The Property Manager shall deliver each subsequent Budget for each subsequent calendar year on or about December 15th of the calendar year before the budget year, or as soon as possible thereafter. The Budget shall be approved by the Tenants in Common as set forth in Section 1.2.2. Each Tenant in Common shall be deemed to have approved the Budget unless the Tenant in Common provides a written notice indicating the specific objection to the specific Budget item within 15 days from receipt of the Budget as determined pursuant to Section 12. The Tenants in Common agree to use their best efforts to respond to any request to approve the Budget. In the event that the Tenants in Common do not approve of the Budget, the Tenants in Common shall negotiate in good faith with the Property Manager and the other Tenants in Common to obtain an acceptable Budget. The Property Manager may proceed under the terms of the proposed Budget for items that are not objected to and may take any action with respect to items not approved for Emergency Expenditures (as defined in Section 2.5.2). In the event that the items that are objected to are operational expenditures, as opposed to capital expenditures, the Property Manager shall be entitled to operate the Project using the prior year's budget until the approval is obtained. The Property Manager shall provide the Tenants in Common with such information regarding the Budget as may be, from time to time, reasonably requested by the Tenants in Common. The Property Manager may at any time submit a revised Budget to the Tenants in Common for their approval pursuant to Section 1.2.2.
Budgets and Operating Plan. 2.5.1 The Property Manager shall prepare and submit to the Tenants in Common annually an annual capital and operating budget ("Budget") for the promotion, operation, leasing, repair, maintenance and improvement for such calendar year. The Budget for the initial calendar year (2005) is attached hereto as Exhibit "B" and is hereby approved by each Tenant in Common. The Property Manager shall deliver each subsequent Budget for each subsequent calendar year prior to December 15th of the calendar year before the budget year, or as soon as possible thereafter. The Tenants in Common shall approve or disapprove of the Budget as set forth in Section 2.3 of the Tenants in Common Agreement and the Property Manager agrees to comply with the terms and conditions of Section 2.3
Budgets and Operating Plan. The Property Manager has prepared and submitted to the Tenants in Common herewith an initial capital and operating budget (“Budget”) on a monthly cash basis for the promotion, operation, leasing (including leasing parameters for the Property), repair, maintenance and improvement of the Property for the current calendar year. By the execution of this Agreement, the Tenants in Common are deemed to have accepted the initial Budget. The Property Manager shall deliver to the Tenants in Common for approval by a majority thereof each subsequent Budget for each subsequent calendar year on or about December 15th of the calendar year before the budget year. The Property Manager shall provide the Tenants in Common with such information regarding the Budget as may be, from time to time, reasonably requested by the Tenants in Common. The Property Manager may at any time submit to the Tenants in Common for approval by a majority thereof a revised Budget. The Property Manager shall charge all expenses to the proper account as specified in the Budget, provided that the Property Manager may reallocate savings from one line item to other line items. The Property Manager shall submit by December 15 of each year to the Tenants in Common for approval by a majority of the Tenants in Common an operating plan for the general operation of the Property for the subsequent year, including a proposed list of improvements to the Property, general insurance plan, marketing plan and plan for the general operation and maintenance of the Property (the “Operating Plan”). The Property Manager may submit a revised Operating Plan to the Tenants in Common for approval by a majority thereof at any time.
Budgets and Operating Plan. 2.5.1 The Property Manager shall prepare and submit to the Tenants in Common annually, for their approval, a capital and operating budget (“Budget”) containing financial projections, estimations and goals for the promotion, operation, leasing, repair, maintenance and improvement of the Project for each calendar year. The approval or consent of the Tenants in Common holding more than fifty (50%) of the undivided interests in the Project shall be required for the approval of the Budget. The Budget for the initial calendar year will be prepared and submitted by the Property Manager to the Tenants in Common for approval within ninety (90) days of the Effective Date and upon approval will be attached hereto as Exhibit “C” and incorporated herein by this reference. During the ninety (90) day window of preparing the new Budget, the Property Manager will manage the Project according to the previously approved Budget. Any expenditures that would result in a negative cash-flow deviation from the Budget exceeding ten percent (10%), and which would be greater $5,000.00, shall first require the approval of the Tenants in Common.
Budgets and Operating Plan. (a) Property Manager shall prepare and submit to Company, upon written request, an initial capital and operating budget (“Budget”) for the promotion, operation, leasing (including leasing parameters for the Property), repair, maintenance and improvement of the Property for the first full calendar year of ownership on or before November 30th of the calendar year in which the Property was acquired. The Budget shall be on a monthly, generally accepted accounting principles in the United States (“GAAP”), basis. Property Manager shall also deliver a Budget for each subsequent calendar year on or about November 30th of the calendar year before the budget year. The Budget shall be approved by Company. Company shall be deemed to have approved the Budget unless the Company provides written notice to Property Manager indicating specific objection to certain Budget items within fifteen (15) days from receipt of the Budget. In the event Company disagrees with any item in the Budget, the Property Manager may proceed under the terms of the previous year’s Budget and may take any action with respect to items not approved for Emergency Expenditures (as defined in Section 2.5.2) until such time as the new Budget is approved. Property Manager shall provide Company with such information regarding the Budget as may be, from time to time, reasonably requested by Company. Property Manager may at any time submit a revised Budget to Company.
Budgets and Operating Plan. 2.5.1 Property Manager has prepared and submitted to the Tenants in Common herewith an initial capital and operating budget ("Budget") for the promotion, operation, leasing (including leasing parameters for the Property), repair, maintenance and improvement of the Property for the current calendar year. The Budget is and shall be presented on a monthly, cash basis. Property Manager shall deliver to the Tenants in Common for approval by a majority thereof each subsequent Budget for each subsequent calendar year on or about December 15th of the calendar year before the budget year. Each Tenant in Common shall be deemed to have approved the Budget and the leasing parameters contained therein unless a majority of the Tenants in Common provides written notice to Property Manager and the other Tenants in Common indicating specific objection to certain Budget items within thirty (30) days from receipt of the Budget. In the event a majority of the Tenants in Common do not approve the Budget, the disputing Tenants in Common shall negotiate in good faith with Property Manager and the other Tenants in Common for fifteen (15) days to resolve the issue. If the parties are unable to reach an agreement on any issue other than leasing matters, the issue shall be resolved by binding arbitration as set forth in Section 2.5.4 with (a) each of the disputing Tenant(s) in Common paying his pro rata share of fifty percent (50%) of the cost of arbitration, and (b) all the other Tenants in Common paying his pro rata share of fifty percent (50%) of the costs of the arbitration. Property Manager shall provide the Tenants in Common with such information regarding the Budget as may be, from time to time, reasonably requested by the Tenants in Common. Property Manager may at any time submit a revised Budget to the Tenants in Common.
