Common use of Implementation of Development Budget Clause in Contracts

Implementation of Development Budget. Developer is hereby authorized and directed to implement the Development Work in compliance with this Agreement. Developer may, subject to the terms of this Agreement, make any expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. Subject to Section 4.4, Developer also may make any expenditures and incur any obligations in excess of amounts provided for in the Development Budget to the extent Developer considers such expenditure necessary for completion of the Development Work. Developer shall use commercially reasonable efforts to ensure that the actual costs incurred for each Budget Category as set forth in the Development Budget shall not exceed such category in the Development Budget, as it may be revised from time to time as provided in Section 4.2 or as otherwise changed by agreement of Owner and Developer. Developer shall advise Owner in Monthly Reports if it appears that the total costs in any Budget Category specified in the Development Budget is reasonably expected to exceed the amount budgeted therefor. All expenses shall be charged to the proper Budget Category in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a Budget Category without Owner’s prior written approval.

Implementation of Development Budget. Developer is hereby authorized and directed to implement the Development Work in compliance with the Development Budget and as otherwise provided in this Agreement. Developer may, subject to the terms of this Agreement, make any expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. Subject to Section 4.4, Developer also may make any expenditures and incur any obligations in excess of amounts provided for in the Development Budget to the extent Developer considers such expenditure necessary for completion of the Development Work. Developer shall use prudence and diligence and shall employ its commercially reasonable efforts to ensure that the actual costs incurred for each Budget Category as set forth in the Development Budget shall not exceed such category in the Development Budget, as it may be revised from time to time as provided in Section 4.2 or as otherwise changed by agreement of Owner and Developer. Developer shall advise Owner in Monthly Reports if it appears that the total costs in any Budget Category specified in the Development Budget is reasonably expected to exceed the amount budgeted therefor. All expenses shall be charged to the proper Budget Category in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a Budget Category without Owner’s prior written approval. The Developer shall be permitted to make any reallocations among line items and/or to apply savings and contingency amounts under the Development Budget without Owner’s prior approval to the extent TriBridge Co-Invest 29, LLC has such rights in the LLC Agreement. Developer shall secure Owner’s prior written approval before incurring and paying any cost which exceeds the budgeted amount therefor in the Development Budget.

Implementation of Development Budget. Developer is hereby authorized and directed to implement the Development Work in compliance with the Development Budget and as otherwise provided in this Agreement. Developer may, subject to the terms of this Agreement, make any expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. Subject to Section 4.4, Developer also may make any expenditures and incur any obligations in excess of amounts provided for in the Development Budget to the extent Developer considers such expenditure necessary for completion of the Development Work. Developer shall use prudence and diligence and shall employ its commercially reasonable efforts to ensure that the actual costs incurred for each Budget Category as set forth in the Development Budget shall not exceed such category in the Development Budget, as it may be revised from time to time as provided in Section 4.2 or as otherwise changed by agreement of Owner and Developer. Developer shall advise Owner in Monthly Reports if it appears that the total costs in any Budget Category specified in the Development Budget is reasonably expected to exceed the amount budgeted therefor. All expenses shall be charged to the proper Budget Category in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a Budget Category without Owner’s prior written approval. The Developer shall be permitted to make any reallocations among line items and/or to apply savings and contingency amounts under the Development Budget without Owner’s prior approval to the extent CB Developer, LLC has such rights in the LLC Agreement. Developer shall secure Owner’s prior written approval before incurring and paying any cost which exceeds the budgeted amount therefor in the Development Budget.

Implementation of Development Budget. Developer is hereby authorized and directed to implement the Development Work in compliance with the Development Budget and as otherwise provided in this Agreement. Developer may, subject to the terms of this Agreement, make any expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. Subject to Section 4.4, Developer also may make any expenditures and incur any obligations in excess of amounts provided for in the Development Budget to the extent Developer considers such expenditure necessary for completion of the Development Work. Developer shall use prudence and diligence and shall employ its commercially reasonable efforts to ensure that the actual costs incurred for each Budget Category as set forth in the Development Budget shall not exceed such category in the Development Budget, as it may be revised from time to time as provided in Section 4.2 or as otherwise changed by agreement of Owner and Developer. Developer shall advise Owner in Monthly Reports if it appears that the total costs in any Budget Category specified in the Development Budget is reasonably expected to exceed the amount budgeted therefor. All expenses shall be charged to the proper Budget Category in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a Budget Category without Owner’s 's prior written approval. The Developer shall be permitted to make any reallocations among line items and/or to apply savings and contingency amounts under the Development Budget without Owner's prior approval to the extent CDP UCF Developer, LLC has such rights in the LLC Agreement. Developer shall secure Owner's prior written approval before incurring and paying any cost which exceeds the budgeted amount therefor in the Development Budget.

Implementation of Development Budget. Developer is hereby authorized and directed to implement the Development Work in compliance with Budget for Project pursuant to this Agreement. Developer may, subject to the terms of this Agreement, make any expenditures expenditure and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. Subject to Section 4.4, Developer also may make any expenditures and incur any obligations in excess of amounts provided for in the Development Budget to the extent Developer considers such expenditure necessary for completion of the Development Work. Developer shall use commercially prudence and diligence and shall employ reasonable efforts to ensure that the actual costs incurred for each Budget Category as set forth in the Development Budget shall not exceed the amount budgeted for such category in the Development Budget, as it may be revised from time to time as provided in Section 4.2 or as otherwise changed by agreement of Owner and Developer. Developer shall advise Owner in Monthly Reports promptly if it appears that the total costs in any Budget Category specified in the Development Budget is reasonably expected to will exceed the amount budgeted therefor. All expenses shall be charged to the proper Budget Category in the Development BudgetBudget and, and except for the application of amounts in the “contingency” category as provided herein, no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a Budget Category without Owner’s prior written approval. In completing Project, Developer shall not spend contingency dollars in the Development Budget without Owner’s prior approval, except in connection with change orders approved by Developer in accordance with Section 3.4(c) of this Agreement, nor reallocate budget savings in any one category of the Development Budget to another category.