Common use of Limitation on Expenditures Clause in Contracts

Limitation on Expenditures. Except for expenditures made and obligations incurred in accordance with the Final Development Budget for the Project, or otherwise approved in writing in advance by Owner or expressly permitted under Section 1.5(e) of this Agreement, Developer shall not have the power or authority to make any expenditure or incur any expense or obligation on behalf of Owner in connection with the Project, except in the face of an emergency affecting the safety of persons or property in connection with the Project, and then only to the extent reasonably necessary during the period of such emergency.

Limitation on Expenditures. Except for expenditures made and obligations incurred in accordance with the approved Final Development Budget for the Project, or otherwise approved in writing in advance by Owner or expressly permitted under Section 1.5(e) of this AgreementOwner, Developer shall not have the power or authority to make any expenditure or incur any expense or obligation on behalf of Owner in connection with development of the Project, except in the face of an emergency affecting the safety of persons or property in connection with the Project, and then only to the extent reasonably necessary during the period of such emergency. In the event of an emergency, Developer shall notify Owner as soon as practicable of the existence of such emergency, the action taken by and the expense or obligation incurred by Developer with respect thereto.