Payment of Budgeted Expenses. Property Manager shall have the right to pay all expenses according to the approved Budget, including the Management Fee. Notwithstanding any other provision in this Agreement, without the prior written consent of Owner, Property Manager shall not incur or permit to be incurred expenses under this Agreement (excluding only utility expenses, general real estate taxes, insurance premiums, financing costs and emergency expenses) that exceed 10% of the applicable line items in the Budget (e.g., cleaning expenses, HVAC expenses, maintenance expenses, etc.) but in no event that exceed $500.00. Property Manager shall promptly notify Owner whenever Property Manager determines that the Budget or any expense item in the Budget is insufficient to cover the expenses of operating the Property or the applicable expense item.
Payment of Budgeted Expenses. Property Manager shall have the right to pay all expenses according to the approved Budget, including the Management Fee. Notwithstanding any other provision in this Agreement, without the prior written consent of Owner, Property Manager shall not incur or permit to be incurred expenses under this Agreement (excluding only utility expenses, general real estate taxes, insurance premiums, financing costs and emergency expenses) that exceed 10% of the applicable line item in the Budget. Property Manager shall promptly notify Owner whenever Property Manager determines that the Budget or any line item in the Budget is insufficient to cover the expenses of operating the Project or the applicable expense category.
Payment of Budgeted Expenses. Manager shall have the right to pay all expenses according to the approved Operating Budget, including the Management Fee (hereinafter defined). Notwithstanding any other provision in this Agreement, without the prior consent of Owner or Construction Lender, Manager shall not incur or permit to be incurred expenses under this Agreement (excluding only utility expenses, general real estate taxes, insurance premiums, financing costs and emergency expenses) that exceed ten percent (10%) of the applicable line items in the Operating Budget (e.g., CAM, taxes, electricity and other operating expenses) except that Manager may increase any line item by allocating contingency amounts thereto or by allocating cost savings in one line item to another line item. Manager shall promptly notify Owner whenever Manager determines that the Operating Budget or any expense item in the Operating Budget is insufficient to cover the expenses of operating the Project or the applicable expense item.
Payment of Budgeted Expenses. Manager shall have the right to withdraw funds from the Operating Account in order to pay all Property expenses then due and in accordance with the Approved Budget. Manager shall also have the right to pay those Property expenses that vary from the Approved Budget without first obtaining Owner's consent, so long as such variances (the "PERMITTED VARIANCE RANGE") do not exceed, on an expense category subtotal line basis ten percent (10%) of the applicable subtotal line value in the Approved Budget, and all variances, whether permitted or approved do not in the aggregate exceed 10%. (By way of illustration, see Exhibit G. In Exhibit G. "Total HVAC" is an expense category subtotal, made up of lines 5220, 5270 and 5280). Excluded from the variance restrictions in the immediately preceding sentence are those variances (collectively, the "VARIANCE EXCLUSIONS") which are created because of the timing of their payment during the year, utility expenses, general real estate taxes, insurance premiums, financing costs and emergency expenses which Owner authorizes Manager to pay on a current basis.
