Operating Budget and Annual Adjustment of Rental Rates Sample Clauses

Operating Budget and Annual Adjustment of Rental Rates. Contract Rent adjustments and corresponding increases in Housing Assistance Payments will be approved and allowed by the Secretary and the Authority under the terms and conditions set forth in the HAP Contract and the ACC. It is understood and agreed by the Mortgagor that this Regulatory Agreement constitutes an assurance by the Mortgagor that the Development will be operated and all expenses (including, specifically, Mortgage Loan and required deposits to Development reserves) will be paid by the Mortgagor without any increases in Contract Rents except as provided herein. The Authority may approve requests for rental increases submitted by the Mortgagor in accordance with HUD policies and regulations. No proposed schedule of rents or proposed operating budget will be effective for the next ensuing year unless first approved by an Authorized Officer of the Authority.
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Operating Budget and Annual Adjustment of Rental Rates. Not less than 60 days prior to the beginning of each fiscal year of the Mortgagor, the Mortgagor shall submit a proposed schedule of rental rates and a proposed operating budget for that next fiscal year to the Authority for its review and approval. All proposed and final schedules and budgets shall be in a format acceptable to the Authority. The proposed operating budget shall set forth the estimated income of the Development and a detailed estimate of expenses, which will include separate documentation of administration expenses, operating expenses, maintenance expenses, utilities, hazard insurance, taxes and assessments, First Mortgage Loan and TCAP Loan principal and interest and limited dividend payments. If the schedule of rental rates does not comply with applicable Authority limitations or TCAP Regulations and other TCAP requirements or the operating budget is not acceptable as proposed, the Mortgagor shall resubmit such revised schedules and budgets as may be required until approved in final form by the Authority's Director of Asset Management.
Sample 1Sample 2
Operating Budget and Annual Adjustment of Rental Rates. Not less than 60 days prior to the beginning of each fiscal year of the Mortgagor, the Mortgagor shall submit a proposed schedule of rental rates and a proposed operating budget for that next fiscal year to the Authority for its review and approval. All proposed and final schedules and budgets shall be in a format acceptable to the Authority. The proposed operating budget shall set forth the estimated income of the Development and a detailed estimate of expenses, which will include separate documentation of administration expenses, operating expenses, maintenance expenses, utilities, hazard insurance, taxes and assessments, Mortgage Loan principal and interest, limited dividend payments, and deposits to the Replacement Reserve Fund. If the schedule of rental rates does not comply with applicable program limitations or the operating budget is not acceptable as proposed, the Mortgagor shall resubmit such revised schedules and budgets as may be required until approved in final form by the Authority's Director of Asset Management.
Sample 1
Operating Budget and Annual Adjustment of Rental Rates. Not less than 60 days prior to the beginning of each fiscal year of the Mortgagor, the Mortgagor shall submit a proposed schedule of rental rates and a proposed operating budget for that next fiscal year to the Authority for its review and approval. The proposed operating budget shall set forth the estimated income of the Development and a detailed estimate of expenses, which will include separate documentation of administration expenses, operating expenses, maintenance expenses, utilities, hazard insurance, taxes and assessments, Mortgage Loan and, when applicable, TCAP Loan principal and interest, limited dividend payments, and deposits to the Replacement Reserve Fund. If the schedule of rental rates does not comply with applicable Authority limitations or TCAP Regulations and other TCAP requirements or the operating budget is not acceptable as proposed, the Mortgagor shall resubmit such revised schedules and budgets as may be required until approved in final form by the Authority's Director of Asset Management. Upon approval by the Authority, the proposed schedule of rents shall be effective the next ensuing fiscal year.
Sample 1
Operating Budget and Annual Adjustment of Rental Rates. Not less than 60 days prior to the beginning of each fiscal year of the Mortgagor, the Mortgagor shall submit a proposed schedule of rental rates and a proposed operating budget for that next fiscal year to the Authority for its review and approval. The proposed operating budget shall set forth the estimated income of the Development and a detailed estimate of expenses, which will include separate documentation of administration expenses, operating expenses, maintenance expenses, utilities, hazard insurance, taxes and assessments, Mortgage Loan limited dividend payments, and deposits to the Replacement Reserve Fund. If the schedule of rental rates does not comply with applicable program limitations or the operating budget is not acceptable as proposed, the Mortgagor shall resubmit such revised schedules and budgets as may be required until approved in final form by the Authority's Director of Asset Management. Upon approval by the Authority, the proposed schedule of rents shall be effective the next ensuing fiscal year.
Sample 1

Related to Operating Budget and Annual Adjustment of Rental Rates

  • Payment and Year-End Adjustment Amounts accrued pursuant to this Agreement shall be payable to the Adviser as of the last day of each month. If necessary, on or before the last day of the first month of each fiscal year, an adjustment payment shall be made by the appropriate party in order that the actual Fund Operating Expenses of a Fund for the prior fiscal year (including any reimbursement payments hereunder with respect to such fiscal year) do not exceed the Maximum Annual Operating Expense Limit.

  • Base Rent Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Annual Adjustments Base Rent shall be increased on each annual anniversary of the first day of the first full month during the Term of this Lease (each an “Adjustment Date”) by multiplying the Base Rent payable immediately before such Adjustment Date by the Rent Adjustment Percentage and adding the resulting amount to the Base Rent payable immediately before such Adjustment Date. Base Rent, as so adjusted, shall thereafter be due as provided herein. Base Rent adjustments for any fractional calendar month shall be prorated.

  • Base Rent Adjustment The Base Rent payable hereunder shall be adjusted upward from time to time in accordance with the following provisions: (a) Tenant shall pay to Landlord as an adjustment to Rent, an amount equal to the excess (the “Excess”) from time to time of total annual Operating Expenses per square foot of Rentable Area of the Premises, as Grossed-Up, over and above the Expense Stop. The Excess shall be obtained by multiplying (i) the difference between the annual Operating Expense per square foot of Rentable Area in the Premises and the Expense Stop, by (ii) the total Rentable Area of the Premises as set forth in Section 1.15. Such amount shall be paid in advance in monthly installments on the same dates as Base Rent is due and payable hereunder based on Landlord’s notice delivered to Tenant from time to time setting forth Landlord’s good faith estimate of the Operating Expenses for the current calendar year. Landlord shall have the right to adjust such amount no more than once a year to reflect any changes in Landlord’s estimate of Operating Expenses. (b) By April 1 of each calendar year during the Lease Term, or as soon thereafter as practicable, Landlord shall furnish to Tenant a statement (“Actual Statement”) of Landlord’s annual Operating Expenses, as Grossed-Up, for the previous calendar year. If for any calendar year the amounts collected from Tenant for the prior year, as a result of Landlord’s estimate of Operating Expenses, exceeds the amount of the Excess actually due during such prior year, then Landlord shall refund to Tenant any overpayment (or at Landlord’s option, apply such amount against Rent due or to become due hereunder). Likewise, Tenant shall pay to Landlord, on demand, any underpayment with respect to the prior year. (c) In the event of any good faith dispute as to the amount of the Excess as set forth in the statement of actual Operating Expenses, Tenant shall have the right, no more frequently than once per calendar year, after reasonable notice to Landlord and at reasonable times, to inspect and photocopy Landlord’s Operating Expenses records at Landlord’s offices. If, after such inspection and photocopy, Tenant continues, in good faith, to dispute the amount of the Excess as set forth in said statement, Tenant shall be entitled not later than one (1) year following Tenant’s receipt of an Actual Statement to retain a national, independent, certified public accountant who is not contracted on a contingency fee basis and is mutually acceptable to Landlord and Tenant to audit Landlord’s Operating Expenses records with respect to the calendar year covered by Actual Statement to determine the proper amount of the Excess. Landlord shall be entitled to review the results of such audit promptly after completion of same. If such audit proves that Landlord has overcharged Tenant, then within fifteen (15) days after the results of the audit are made available to Landlord, Landlord shall credit Tenant the amount of such overcharge toward the payments of Base Rent and Additional Rent next coming due under this Lease. If the results of such audit prove that Landlord has undercharged Tenant, then within fifteen (15) days after the results of the audit are made available to Tenant, Tenant shall pay to Landlord the amount of any such undercharge. Tenant agrees to pay the cost of such audit, provided that Landlord shall reimburse Tenant the amount of such cost if the results of such audit prove that Landlord’s determination of the Excess (as set forth in the Actual Statement) was in error by more than six percent (6%). If Tenant does not request an audit in accordance with the provisions of this Section 6(c) within one (1) year after Tenant’s receipt of an Actual Statement, such Actual Statement shall be conclusively binding upon Tenant. Landlord shall be required to maintain records of all Operating Expenses for three (3) years following the issuance of the Operating Expense statement for such Operating Expenses. The payment by Tenant of any amounts pursuant to this Article shall not preclude Tenant from questioning the correctness of any such statement.

  • Maximum Annual Operating Expense Limit The Maximum Annual Operating Expense Limit with respect to each Fund shall be the amount specified in Schedule A based on a percentage of the average daily net assets of each Fund.

  • Annual Adjustment At the end of each Fiscal Year and following receipt by Manager of the annual accounting referred to in Article 10, an adjustment will be made to such annual account, if necessary and if available, so that the appropriate amount shall have been deposited in the Reserve.

  • Base Year The period beginning on 1 April of one year and ending on 31 March of the following year.

  • Limit on Operating Expenses The Advisor hereby agrees to limit the Fund’s current Operating Expenses to an annual rate, expressed as a percentage of the Fund’s average daily net assets for the month, to the amounts listed in Appendix A (the “Annual Limit”). In the event that the current Operating Expenses of the Fund, as accrued each month, exceed its Annual Limit, the Advisor will pay to the Fund, on a monthly basis, the excess expense within the first ten days of the month following the month in which such Operating Expenses were incurred (each payment, a “Fund Reimbursement Payment”).

  • Variances From Operating Budget Furnish Agent, concurrently with the delivery of the financial statements referred to in Section 9.7 and each monthly report, a written report summarizing all material variances from budgets submitted by Borrowers pursuant to Section 9.12 and a discussion and analysis by management with respect to such variances.

  • Contract Term Adjustment “Contract Term Adjustment” means adjustment only as provided for in the three circumstances described in this Subsection. Under these circumstances, the contract term shall be adjusted in writing to include additional calendar days in one or more Normal Operating Seasons equal to the actual time lost, except as limited by paragraph (b) in this Subsection.

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