Common use of Operation Within Budget Clause in Contracts

Operation Within Budget. Manager shall use, manage and operate the Property strictly in accordance with the then-current Budget (subject to the Variance Threshold as provided herein), provided that, without Owner’s prior approval, Manager may incur expenses in excess of the Budget in the event of an emergency requiring immediate action to avoid imminent personal injury or imminent material property damage. If the proposed annual budget or a proposed revision to the current Budget is disapproved by Owner in whole or in part, or not approved prior to the commencement of the ensuing Fiscal Year, Manager shall continue to manage and operate the Property pursuant to the prior year’s Budget or the then current Budget in the case of a proposed revision pursuant to subsection 3.6(e) (except for non-recurring expenditures and Capital Expenditures which shall be deemed removed from such prior year’s Budget) until Manager and Owner can resolve their differences, provided, however, that Manager shall, unless otherwise directed by Owner, be authorized to pay, as an expense of the Property, all Non-Discretionary Items (as defined in Section 1 of this Agreement). Manager has the authority to expend funds as provided in Section 3.8 in accordance with the provisions of the current Budget, provided that Manager shall not be required to expend its own funds if there are insufficient funds available in the Concentration Account and the Controlled Disbursement Account to pay the Operating Expenses. Manager’s failure to operate, manage, maintain, repair or lease the Property in a first class manner and otherwise in accordance with the provisions of this Agreement shall be excused (and Manager shall not be in default of such duties or obligations) if Manager is prevented from or delayed in doing so due to Owner’s failure to approve the Budget and/or Owner’s failure to provide funds for expenditures in accordance with the approved Budget.

Operation Within Budget. Manager shall use, manage and operate the Property strictly in accordance with the then-then current Budget (subject to the Variance Threshold as provided herein)approved Budget, provided that, without Owner’s prior approval, Manager may (i) exceed any pre-approved category or line item of the approved Budget for a Fiscal Year by up to $10,000; (ii) incur expenses in excess of the approved Budget in the event of an emergency requiring immediate action to avoid imminent personal injury or imminent material property damage, provided that Manager notifies Owner as to such emergency, the actions taken to address it and the costs of such emergency promptly after the occurrence of the same; (iii) incur expenses to comply with Legal Requirements; and (iv) incur expenses necessary to satisfy Tenant’s right of quiet enjoyment pursuant to a Lease. If the proposed annual budget or a proposed revision to the current Budget is disapproved by Owner in whole or in part, or not approved prior to the commencement of the ensuing Fiscal Year, Manager shall continue to manage and operate the Property pursuant to the prior yearFiscal Year’s approved Budget or the then previously approved Budget for the current Budget in the case of a proposed revision pursuant to subsection 3.6(e) Fiscal Year (except for non-recurring expenditures and Capital Expenditures which shall be deemed removed from such prior year’s Budgetcapital expenditures) until Manager and Owner can resolve their differences, ; provided, however, that Manager shall, unless otherwise directed by Owner, shall be authorized to pay, as an expense of the Property, all Non-Discretionary Items (as defined in Section 1 third party costs outside the control of this Agreement)Manager, such as, without limitation, taxes and utilities. Manager has the authority to expend funds as provided in Section 3.8 2.8 in accordance with the provisions of the current Budgetapproved Budget and in accordance with the provisions of this Section 2.6(F), provided that Manager shall not be required in any event to expend its own funds if there are insufficient funds available in the Concentration Account and the Controlled Disbursement Account for Manager to pay the Operating Expensesperform its obligations hereunder. Manager’s failure to operate, manage, maintain, repair or lease manage the Property in a first class the manner and otherwise in accordance with the provisions of this Agreement required herein shall be excused (and Manager shall not be in default of such duties or obligations) if Manager is prevented from or delayed in doing so due to Owner’s failure or refusal to approve the a Budget and/or Owner’s failure or to provide make available funds sufficient for expenditures in accordance with the approved BudgetManager to perform its obligations hereunder.

Operation Within Budget. Manager shall use, manage and operate the Property strictly in accordance with the then-then current Budget (subject to the Variance Threshold as provided herein)approved Budget, provided that, without Owner’s prior approval, Manager may (i) exceed any category or line item of the approved Budget for a Fiscal Year by up $10,000; (ii) incur expenses in excess of the approved Budget in the event of an emergency requiring immediate action to avoid imminent personal injury or imminent material property damage, provided that Manager notifies Owner as to such emergency, the actions taken to address it and the costs of such emergency promptly after the occurrence of the same; (iii) incur legally mandated expenses; and (iv) incur expenses necessary to satisfy tenant’s right of quiet enjoyment pursuant to a Lease. If the proposed annual budget or a proposed revision to the current Budget is disapproved by Owner in whole or in part, or not approved prior to the commencement of the ensuing Fiscal Year, Manager shall continue to manage and operate the Property pursuant to the prior yearFiscal Year’s approved Budget or the then previously approved Budget for the current Budget in the case of a proposed revision pursuant to subsection 3.6(e) Fiscal Year (except for non-recurring expenditures and Capital Expenditures which shall be deemed removed from such prior year’s BudgetExpenses) until Manager and Owner can resolve their differences, ; provided, however, that Manager shall, unless otherwise directed by Owner, shall be authorized to pay, as an expense of the Property, all Non-Discretionary Items (as defined in Section 1 third party costs outside the control of this Agreement)Manager, such as, without limitation, taxes and utilities. Manager has the authority to expend funds as provided in Section 3.8 2.8 in accordance with the provisions of the current Budgetapproved Budget and in accordance with the provisions of this Section 2.6(F), provided that Manager shall not be required in any event to expend its own funds if there are insufficient funds available in the Concentration Account and the Controlled Disbursement Account for Manager to pay the Operating Expensesperform its obligations hereunder. Manager’s failure to operate, manage, maintain, repair or lease manage the Property in a first class the manner and otherwise in accordance with the provisions of this Agreement required herein shall be excused (and Manager shall not be in default of such duties or obligations) if Manager is prevented from or delayed in doing so due to Owner’s failure or refusal to approve the a Budget and/or Owner’s failure or to provide make available funds sufficient for expenditures in accordance with the approved BudgetManager to perform its obligations hereunder.

Operation Within Budget. Manager shall use, manage and operate the Property strictly in accordance with the then-then current Budget (subject to the Variance Threshold as provided herein)approved Budget, provided that, without Owner’s 's prior approval, Manager may (i) exceed any pre-approved category or line item of the approved Budget for a Fiscal Year by up to $10,000; (ii) incur expenses in excess of the approved Budget in the event of an emergency requiring immediate action to to" avoid imminent - Imminent personal injury or imminent material property damage, provided that Manager notifies Owner as to such emergency, the actions taken to address it and the costs of such emergency promptly after the occurrence of the same; (iii) incur expenses to comply with Legal Requirements; and (iv) incur expenses necessary to satisfy Tenant's right of quiet enjoyment pursuant to a Lease. If the proposed annual budget or a proposed revision to the current Budget is disapproved by Owner in whole or in part, or not approved prior to the commencement of the ensuing Property Management Agreement for Springhouse at Newport Apartments, Newport News, Virginia Fiscal Year, Manager shall continue to manage and operate the Property pursuant to the prior year’s Fiscal Year's approved Budget or the then previously approved Budget for the current Budget in the case of a proposed revision pursuant to subsection 3.6(e) Fiscal Year (except for non-recurring expenditures and Capital Expenditures which shall be deemed removed from such prior year’s Budgetcapital expenditures) until Manager and Owner can resolve their differences, ; provided, however, that Manager shall, unless otherwise directed by Owner, shall be authorized to pay, as an expense of the Property, all Non-Discretionary Items (as defined in Section 1 third party costs outside the control of this Agreement)Manager, such as, without limitation, taxes and utilities. Manager has the authority to expend funds as provided in Section 3.8 2.8 in accordance with the provisions of the current Budgetapproved Budget and in accordance with the provisions of this Section 2.6(F), provided that Manager shall not be required in any event to expend its own funds if there are insufficient funds available in the Concentration Account and the Controlled Disbursement Account for Manager to pay the Operating Expensesperform its obligations hereunder. Manager’s 's failure to operate, manage, maintain, repair or lease manage the Property in a first class the manner and otherwise in accordance with the provisions of this Agreement required herein shall be excused (and Manager shall not be in default of such duties or obligations) if Manager is prevented from or delayed in doing so due to Owner’s 's failure or refusal to approve the a Budget and/or Owner’s failure or to provide make available funds sufficient for expenditures in accordance with the approved BudgetManager to perform its obligations hereunder.