Common use of Modifications to Project Budget Clause in Contracts

Modifications to Project Budget. It is expected that the Project Budget may be modified from time to time as Borrower, Owner or Lender determine that actual or anticipated Project Costs have changed. All references in this Agreement to the “Project Budget” shall mean the same as modified from time to time in compliance with this Section and Section 9.2. Borrower will inform Lender promptly after Borrower or Owner determines that any item of Project Costs will exceed the amount shown for such item on the Project Budget and propose for Lender’s prior written approval, a reallocation of any of the line items or contingency line items to cover any such shortfall. Except as expressly permitted in Section 9.2 below, all modifications of the Project Budget must be approved by Lender.

Modifications to Project Budget. It is expected that the Project Budget may be modified from time to time as Borrower, Owner Borrower or Lender determine that actual or anticipated Project Costs have changed. All references in this Agreement to the “Project Budget” shall mean the same as modified from time to time in compliance with this Section and Section 9.2. Borrower will inform Lender promptly after Borrower or Owner it determines that any item of Project Costs will exceed the amount shown for such item on the Project Budget and propose for Lender’s prior written approval, a reallocation of any of the line items or contingency line items to cover any such shortfall. Except as expressly permitted in Section 9.2 below, all modifications of the Project Budget must be approved by Lender.