CONTRACTUAL AUTHORITY. Manager is authorized to make, enter into and perform in the name of, for the account of, on behalf of and at the expense of Owner any contracts and agreements deemed necessary in Manager’s commercially reasonable judgment in order to carry out the terms and conditions of this Agreement; provided, however, that no contract or agreement with a term in excess of one (1) year (unless expressly terminable on thirty (30) days notice), if not included in the Yearly Budget, may be entered into without Owner’s prior written approval, which approval shall not be unreasonably withheld or delayed. The foregoing dollar amounts are based upon the purchasing power of money at the Effective Date and shall be periodically adjusted by Manager with reference to the then current Consumer Price Index to retain the same purchasing power.
Appears in 6 contracts
Samples: Management Agreement (Capital Lodging), Management Agreement (Capital Lodging), Management Agreement (Capital Lodging)
