Improvements Budget Clause Samples
The Improvements Budget clause defines the financial limits and procedures for funding upgrades or enhancements to a property or project. It typically specifies the maximum amount that can be spent, outlines the approval process for expenditures, and may detail what types of improvements are covered under the budget. This clause ensures that both parties have a clear understanding of the scope and cost of improvements, helping to prevent disputes over spending and maintain control over project finances.
Improvements Budget. The Members have established a budget, a copy of which is attached as Exhibit E (the "Improvements Budget") reflecting the costs (both "hard" and "soft," but exclusive of ▇▇▇▇▇ Costs and BDC Costs) anticipated to be required from and after the date hereof to develop and construct all the Site Plan Improvements and to fund the initial Operating Reserve, but excluding costs associated with the construction of the Master Plan Improvements. In refining such anticipated costs, the LLC shall consult with (and if feasible procure bids or quotations from) unaffiliated architects, engineers and contractors to confirm the level of quality contemplated in the Site Plan and the anticipated costs thereof. The Improvements Budget includes a contingency for unanticipated conditions and/or inflationary increases. The initial amount established for the Improvements Budget may be adjusted upward or downward by a written agreement confirming such adjustment. Notwithstanding the foregoing, if the LLC requires additional funds to complete construction of and open the Site Plan Improvements, the Members must increase the Improvements Budget to reflect the amounts so needed, provided such obligatory increase shall in no event be more than fifteen (15%) percent of the initial amount of the Improvements Budget.
Improvements Budget. “Improvements Budget” means the budget the 113 Parties have established for the Cost of the Improvements and as further described under Section 114 3.2.2. 115
Improvements Budget. The Construction Agent shall have delivered ------------------- the preliminary Improvements Budget for the Improvements to be constructed on the Land which shall be in form and substance acceptable to the Lessor and the Administrative Agent. Prior to the Construction Agent commencing any Phase of Construction in which the preliminary Improvements Budget does not accurately reflect the anticipated costs associated with such Phase of Construction, the Construction Agent must obtain the Lessor's and Administrative Agent's prior approval to the changes needed to the preliminary Improvements Budget in order to accurately reflect the anticipated costs for such Phase of Construction. The Construction Agent shall demonstrate to the reasonable satisfaction of the Lessor and the Administrative Agent that such budget includes a line item for contingencies of not less than five percent (5%) of the Improvements Budget.