Common use of Payment of Budgeted Expenses Clause in Contracts

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 FeeFee (hereinafter defined). 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 items in the Budget (e.g., cleaning expenses, HVAC expenses, maintenance expenses, etc.) but in no event that exceed $500.005,000. 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.