Budgets/Schedules. Review and update periodically (at least quarterly), and at the request of Owner, the Project Budget and the Project Schedule (provided, however, that Development Manager may not change the Project Budget or the Project Schedule without the approval of Owner) for each Wholly-Owned Project. In the event that Owner does not approve such updates, Owner shall give Development Manager written comments detailing the reasons for Owner’s disapproval, and Development Manager shall have the same revised to Owner’s satisfaction. In the event that Development Manager determines that development and construction of any Wholly-Owned Project is not in accordance with its Project Budget or Project Schedule, Development Manager shall promptly investigate the causes for the departure from such Project Budget or Project Schedule, deliver to Owner recommendations as to how to most efficiently and economically come into compliance with such Project Budget and Project Schedule or in the alternative, provide recommendations for changing the Project Budget and changing the Project Schedule, and implement Owner’s decisions with respect thereto. Development Manager is authorized to make an expenditure payable to a third party exceeding the amount specified for such expenditure in any Project Budget but only if (a) Development Manager, in its reasonable judgment, deems there to be an emergency requiring such expenditure to effectuate immediate action necessary for the protection of such Wholly-Owned Project, property or persons; or (b) such expenditure would not violate any Requirements and would not (i) cause the line item in such Project Budget to which such expenditure relates to exceed the budgeted amount of such line item in such original Project Budget (taking into account the amounts expended to date and reasonably anticipated expenses in connection with such line item) by more than the greater of 10% or $100,000 of such line-item, or (ii) cause the aggregate amount of the expenses within such Project Budget to exceed the entire amount of budgeted expenses in the then current Project Budget (taking into account the amounts expended to date and reasonably anticipated expenses and actual and reasonably anticipated cost savings). Development Manager is authorized to use the contingency amount in each Project Budget in its reasonable discretion, provided that such contingency expense shall not cause the line item in such Project Budget to which such expenditure relates to exceed ...
Budgets/Schedules. Review and, if requested by Owner, use Commercially Reasonable Efforts to cause to be updated periodically (at least quarterly) the Project Budget and the Project Schedule for the Venture Project.
