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.
Appears in 4 contracts
Samples: Assignment of Management Agreement and Subordination of Management Fees, Property Management Agreement (Bluerock Residential Growth REIT, Inc.), Property Management Agreement (Bluerock Residential Growth REIT, Inc.)
