MANAGEMENT AND OPERATION OF THE PROJECT AND THE COMPANY Sample Clauses

MANAGEMENT AND OPERATION OF THE PROJECT AND THE COMPANY. III.1 Responsibilities and Duties of RRI under the Development Plan. RRI shall manage and supervise the construction and completion of the Project, as well as any renovation, improvement, alteration or reconstruction project carried on by the Company with respect to the Project. Such services shall include taking bids and negotiating contracts with contractors, reviewing the plans, specifications and working drawings and generally supervising, coordinating and managing the construction and completion of the Project. RRI shall carry out its duties in accordance with (i) the Development Plan, (ii) good real property development practices and (iii) in all material respects, all laws and in a diligent, good and workmanlike manner and shall use reasonable efforts to employ, engage and supervise qualified Persons to assist RRI in the construction and completion of the Project in accordance with the Development Plan. Without limiting the foregoing, RRI shall: (1) use all reasonable efforts to implement the Development Plan as the same may be amended or modified from time to time after review and approval by the Members using all reasonable efforts to ensure that the Development Plan calls for and the Land is developed and Fractional Ownership Intervals are marketed in compliance with all requirements of governmental authorities having jurisdiction of the Land; (2) prepare and present to the Members quarterly (or at more frequent intervals as a Member shall determine) any changes or amendments to the Development Plan recommended by a Member and implement any changes to the Development Plan as may be approved by the Members; (3) prepare reasonably detailed operating budgets for review and approval by the Members and, after approval thereof, implement the operating budgets; provided, however, in the event the Members fail to approve a proposed operating budget submitted by RRI, RRI shall be authorized to continue the payment of debt service on liabilities of the Company, payment of other contractual or legal obligations of the Company which have been duly authorized by the Members and maintenance of Company properties and assets under the previously approved operating budget until a new operating budget is approved by the Members. RRI may make a modification within the general parameter of categories within an operating budget, e.g., change one line item in a category to another line in the same category, provided such modification in no event exceeds ten percent (1...
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