Common use of Development Plan and Budget Clause in Contracts

Development Plan and Budget. Tenant shall prepare the initial Development Plan and Budget in connection with the Development (as may be modified from time to time hereunder, the “Development Plan and Budget”). Tenant will consult with Landlord in connection with the preparation of the initial Development Plan and Budget. Following Landlord’s approval of the initial Development Plan and Budget, Landlord and Tenant shall attach the same as Exhibit C to this Agreement. During the Term of this Agreement, Tenant shall use commercially reasonable efforts to comply with the terms and conditions of the Development Plan and Budget. Notwithstanding the foregoing, Tenant may exceed the line item amount allocated to any such expenditure as set forth in the Development Plan and Budget, without the approval by Landlord, provided the following conditions are satisfied: (a) such expenditure does not exceed the applicable line item (determined on an aggregate basis), by more than One Hundred Thousand Dollars ($100,000.00), or thirty percent (30%), whichever is less; (b) Tenant has recognized cost savings in other categories of the Development Plan and Budget of equal or greater amounts thereby resulting in no net overall increase in the Development Plan and Budget; and (c) any such expenditure or cost savings does not result in a material modification of the conceptual plan for the Improvements as set forth in the Development Plan and Budget.

Development Plan and Budget. As soon as practicable following the date of this Agreement, Tenant shall prepare the initial Development Plan and Budget in connection with the Development (if, and as, approved by Landlord, and as may be modified from time to time hereunder, the “Development Plan and Budget”). Tenant will consult with Landlord in connection with the preparation of the initial Development Plan and Budget. Following Landlord’s approval of the initial Development Plan and Budget, Landlord and Tenant shall attach the same as Exhibit C to this Agreement. During the Term of this Agreement, Tenant shall use commercially reasonable efforts to comply with the terms and conditions of the Development Plan and Budget. Notwithstanding the foregoing, Tenant may exceed the line item amount allocated to any such expenditure as set forth in the Development Plan and Budget, without the approval by Landlord, provided the following conditions are satisfied: (a) such expenditure does not exceed the applicable line item (determined on an aggregate basis), by more than One Hundred Thousand Dollars ($100,000.00), or thirty percent (30%), whichever is less; (b) Tenant has recognized cost savings in other categories of the Development Plan and Budget of equal or greater amounts thereby resulting in no net overall increase in the Development Plan and Budget; and (c) any such expenditure or cost savings does not result in a material modification of the conceptual plan for the Improvements as set forth in the Development Plan and Budget.