Common use of Pro-Forma Financial Statement; Operating Budget Clause in Contracts

Pro-Forma Financial Statement; Operating Budget. Lender shall have received (i) the initial pro-forma financial statement and Operating Budget for the Mortgaged Property for the following twelve months (including on an annual and monthly basis a break-down of projected Gross Revenues, Property Expenses, Capital Improvement Costs, replacement reserve costs and average occupancy level (expressed as a percentage)) and (ii) a financial statement that forecasts projected revenues and operating expenses for not less than three years (including the assumptions used in such forecast).