Capital Improvement Budget Sample Clauses
The Capital Improvement Budget clause outlines the process and requirements for planning, approving, and funding significant upgrades or additions to a property or facility. Typically, this clause specifies how capital expenditures are proposed, reviewed, and authorized, often involving annual budgeting cycles and input from relevant stakeholders. Its core practical function is to ensure that major investments in property improvements are systematically managed and financially accounted for, thereby preventing unexpected costs and ensuring transparency in long-term asset planning.
Capital Improvement Budget. (a) Manager shall prepare a budget (“Capital Improvement Budget”) of the expenditures necessary for replacement of FF&E and building repairs of the nature contemplated by Section 8.1 during the ensuing Fiscal Year and shall provide such Capital Improvement Budget to Lessee and Landlord for approval at the same time Manager submits the Annual Operating Budget. The Capital Improvement Budget shall not be deemed accepted by Lessee and Landlord in the absence of their respective express written approval. Not later than thirty (30) days after receipt by Lessee and Landlord of a proposed Capital Improvement Budget (or such longer period as Lessee and Landlord may reasonably request on Notice to the Manager), Lessee and/or Landlord may deliver a Notice (a “CIB Objection Notice”) to the Manager stating that Lessee and/or Landlord objects to any information contained in or omitted from such proposed Capital Improvement Budget and setting forth the nature of such objections with reasonable specificity. Failure of Lessee and/or Landlord to deliver a CIB Objection Notice shall be deemed rejection of the Manager’s proposed Capital Improvement Budget in its entirety. Upon receipt of any CIB Objection Notice, the Manager shall, after consultation with Lessee and Landlord, modify the proposed Capital Improvement Budget, taking into account Lessee’s and/or Landlord’s objections, and shall resubmit the same to Lessee and Landlord for Lessee’s approval within fifteen (15) days thereafter, and Lessee and/or Landlord may deliver further CIB Objection Notices (if any) within fifteen (15) days thereafter (in which event, the re-submission and review process described above in this sentence shall continue until the proposed Capital Improvement Budget in question is accepted and consented to by Lessee and Landlord). Notwithstanding anything to the contrary set forth herein, Lessee and Landlord shall have the right at any time subsequent to the acceptance and consent with respect to any Capital Improvement Budget, on Notice to the Manager, to revise, with the reasonable approval of Manager, such Capital Improvement Budget or to request that the Manager prepare for Lessee’s and/or Landlord’s approval a revised Capital Improvement Budget, taking into account such circumstances as Lessee and Landlord deem appropriate; provided, however, that the revision of a Capital Improvement Budget shall not be deemed a revocation of the Manager’s authority with respect to such actions as the Mana...
Capital Improvement Budget. No later than the June 30 preceding each Fiscal Year commencing June 30, 2012, the Owner shall deliver to the City and the County the capital improvement budget for the next Fiscal Year.
Capital Improvement Budget. BSMA shall annually prepare a Capital Improvements Budget for approval by the Board of Directors of the BSMA and a copy shall be provided to CITY for review only. BSMA shall submit the proposed Capital Improvements Budget to CITY not less than seventy‐five (75) days prior to the beginning of the fiscal year of CITY. CITY’s review shall not constitute approval or rejection of the proposed Capital Improvement Budget. The Capital Improvement Budget shall include all capital improvements to be undertaken in the upcoming fiscal year in accordance with the approved Capital Improvement Plan.
Capital Improvement Budget. Operator shall, from time to time, make recommendations for such capital improvements to the Project as may improve the operating efficiency thereof and shall, if requested by Owner, assist Owner in preparing a budget for any such capital improvements Owner may elect to implement.