Preparation and Submission of Proposed Operating and Capital Budgets Sample Clauses

Preparation and Submission of Proposed Operating and Capital Budgets. Not later than sixty (60) days prior to the commencement of each fiscal year of the Company, commencing November 1, 1996, the Manager shall prepare or cause to be prepared and submit to the Members a proposed operating budget and a proposed capital improvement budget with respect to the Property for such fiscal year. The proposed operating budget shall set forth the projected income and receipts from the Property for such fiscal year and the operating expenses to be incurred during such year, such operating expenses to be set forth in reasonable detail with each category of expense listed on a separate line. The proposed capital improvement budget shall set forth in reasonable detail a description of all capital improvements, repairs, replacements and alterations (i.e., improvements, repairs, replacements or additions, the cost of which may not be deducted as an expense but must be capitalized and amortized over the life of such improvements, repairs, replacements or alterations, but not including therein any tenant improvement work) that the Manager proposes to make in and to the Property during such fiscal year and the estimated cost of each.
Sample 1
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Related to Preparation and Submission of Proposed Operating and Capital Budgets

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