Common use of Project Budget Overruns Clause in Contracts

Project Budget Overruns. Other than as specifically set forth herein, Landlord shall not be responsible for the cost of any Improvement Projects or Permitted Renovations contemplated or permitted hereby. Landlord shall have the right to review and approve a budget for any Improvement Projects or Permitted Renovations which Landlord agrees to fund. With respect to any Improvement Project or Permitted Renovation which Landlord agrees to fund, all such amounts shall be added to and become a part of the Adjusted Lease Basis, as more particularly described in Section 5.3 hereof. In the event Landlord agrees to fund any Improvement Project or Permitted Renovation, Landlord agrees that it will fund up to ten percent (10%) in excess of the original approved budget, but shall have no responsibility to fund any costs which, in the aggregate, exceed one hundred and ten percent (110%) of the approved budgeted amount for such Improvement Project or Permitted Renovation. To the extent that Tenant requests that Landlord fund and Landlord agrees to fund such amounts in excess of one hundred and ten percent (110%) of the approved budgeted amount for any Improvement Project or Permitted Renovation, one hundred fifty percent (150%) of such excess amounts funded by Landlord shall be added to and become a part of Adjusted Lease Basis. Notwithstanding the foregoing, even in the event Tenant does not request Landlord to fund such excess, Tenant shall remain obligated to diligently complete any such Improvement Project or Permitted Renovation in a timely and workmanlike manner, consistent with all Landlord approved plans and specifications and in conformance with all Applicable Laws. Tenant acknowledges that any expenditure in excess of one hundred and ten percent (110%) of the approved budgeted amount for such Improvement Project or Permitted Renovation, and any other expenditure for Improvement Projects or Permitted Renovations, may be subject to Landlord obtaining the approval of such expenditure by the board of directors of the Parent of Landlord.

Project Budget Overruns. Other than as specifically set forth herein, Landlord Lessor shall not be responsible for the cost of any Improvement Projects future Improvements, Capital Expenditures or Permitted Renovations renovations contemplated or permitted hereby. Landlord Lessor shall have the right to review and approve a an estimated budget for any Improvement Projects future Improvements, Capital Expenditures or Permitted Renovations renovations which Landlord Lessor agrees to fund. With respect to any future Improvement Project or Permitted Renovation renovation which Landlord Lessor agrees to fund, all such amounts shall be added to deemed Additional Lessor Expenditures and become a part increase the amount of the Adjusted Lease BasisAdditional Minimum Rent payable hereunder for subsequent Fiscal Years. Further, as more particularly described in Section 5.3 hereof. In the event Landlord agrees to fund any Improvement Project or Permitted Renovation, Landlord Lessor agrees that it will fund up to ten percent (10%) in excess of the original approved budget, but shall have no responsibility to fund any costs which, in the aggregate, exceed one hundred and ten percent (110%) of the approved budgeted amount for such future Improvement Project or Permitted Renovationrenovation. Lessor may withhold its approval of any other budget in its sole and absolute discretion. To the extent that Tenant requests that Landlord fund and Landlord Lessor agrees to fund such amounts in excess of one hundred and ten percent (110%) of the approved budgeted amount for any future Improvement Project or Permitted Renovationrenovation or such amounts in excess of one hundred percent (100%) of the approved budgeted amount for any Capital Expenditure project funded by the Capital Renewals Reserve, one hundred and fifty percent (150%) of such excess amounts funded by Landlord Lessor shall be added to and become a part increase the amount of Adjusted Lease BasisAdditional Minimum Rent payable hereunder for subsequent Fiscal Years. Notwithstanding the foregoing, even in the event Tenant does not request Landlord to fund such excess, Tenant shall remain obligated to diligently complete any such Improvement Project or Permitted Renovation in a timely and workmanlike manner, consistent with all Landlord approved plans and specifications and in conformance with all Applicable Laws. Tenant Lessee acknowledges that any expenditure in excess of one hundred and ten percent (110%) of the approved budgeted amount for such Improvement Project future Improvement, Capital Expenditure or Permitted Renovationrenovation, and any other expenditure for Improvement Projects future Improvements or Permitted Renovationsrenovations, may be subject to Landlord Lessor obtaining the approval of such expenditure by the board of directors of the Parent of LandlordLessor. Notwithstanding anything herein to the contrary, with respect to Capital Expenditures, this Section 7.3 shall not apply to the 2009 Capital Reserve Budget.

Project Budget Overruns. Other than as specifically set forth herein, Landlord shall not be responsible for the cost of any Improvement Projects or Permitted Renovations contemplated or permitted hereby. Landlord shall have the right to review and approve a budget for any Improvement Projects or Permitted Renovations which Landlord agrees to fund. With respect to any Improvement Project (other than the Initial Improvement Project) or Permitted Renovation which Landlord agrees to fund, all such amounts shall be added deemed and treated as Landlord’s Additional Investment and, accordingly, annual Minimum Rent for the applicable Lease Year shall be increased by an amount equal to and become a part of such amounts funded by Landlord multiplied by the Adjusted Lease Basis, as more particularly described in Section 5.3 hereofLandlord’s Additional Investment Rate. In the event Landlord agrees to fund any Improvement Project or Permitted Renovation, Landlord agrees that it will fund up to ten percent (10%) in excess of the original approved budgetbudget (as such original approved budget may have been adjusted pursuant to Landlord’s approval in its sole and absolute discretion), but shall have no responsibility to fund any costs which, in the aggregate, exceed one hundred and ten percent (110%) of the approved budgeted amount for such Improvement Project or Permitted Renovation. To the extent that Tenant requests that Landlord fund and Landlord agrees to fund such amounts in excess of one hundred and ten percent (110%) of the approved budgeted amount for any Improvement Project or Permitted Renovation, one hundred hundred- fifty percent (150%) of such excess amounts funded by Landlord shall be added deemed and treated as Landlord’s Additional Investment and, accordingly, annual Minimum Rent for the applicable Lease Year shall be increased by an amount equal to and become a part of Adjusted Lease Basis. Notwithstanding such excess amounts funded by Landlord multiplied by the foregoing, even in the event Tenant does not request Landlord to fund such excess, Tenant shall remain obligated to diligently complete any such Improvement Project or Permitted Renovation in a timely and workmanlike manner, consistent with all Landlord approved plans and specifications and in conformance with all Applicable LawsLandlord’s Additional Investment Rate. Tenant acknowledges that any expenditure in excess of one hundred and ten percent (110%) of the approved budgeted amount for such Improvement Project or Permitted Renovation, and any other expenditure for Improvement Projects or Permitted Renovations, may be subject to Landlord obtaining the approval of such expenditure by the board of directors of the Parent of Landlord.