Common use of Revision of Development Budget Clause in Contracts

Revision of Development Budget. If Developer at any time determines that the Development Budget for the Development Work is not compatible with the then-prevailing status of the Development Work and does not or is not reasonably expected to adequately provide for the completion of the Development Work under the remaining and unspent portion of the applicable categories of the Development Budget, Developer shall promptly prepare and submit to Owner and Development Consultant an appropriate revision of the Development Budget for Owner’s consideration. Any such revision shall require the prior written approval of Owner (not to be unreasonably withheld, conditioned or delayed) and consent of the Construction Lender as provided in the Construction Loan documents, and if Owner objects to any such revision or if any required authorization from the Construction Lender has not been obtained, then the Developer will not have the authority to incur any cost or expense reflected in the proposed revision.

Revision of Development Budget. If Developer at any time determines that the Development Budget for the Development Work is not compatible with the then-prevailing status of the Development Work and does not or is not reasonably expected to adequately provide for the completion of the Development Work under the remaining and unspent portion of the applicable categories of the Development Budget, Developer shall promptly prepare and submit to Owner and Development Consultant an appropriate revision of the Development Budget for Owner’s consideration. Any such revision shall require the prior written approval of Owner (not to be unreasonably withheld, conditioned or delayed) and consent of the Construction Lender construction lender as provided in the Construction Loan documents, and if Owner objects to any such revision or if any required authorization from the Construction Lender construction lender has not been obtained, then the Developer will not have the authority to incur any cost or expense reflected in the proposed revision.

Revision of Development Budget. If Developer at any time determines that the Development Budget for the Development Work is not compatible with the then-prevailing status of the Development Work and does not or is not reasonably expected to adequately provide for the completion of the Development Work under the remaining and unspent portion of the applicable categories of the Development Budget, Developer shall promptly prepare and submit to Owner and Development Consultant an appropriate revision of the Development Budget for Owner’s 's consideration. Any such revision shall require the prior written approval of Owner (not to be unreasonably withheld, conditioned or delayed) and consent of the Construction Lender construction lender as provided in the Construction Loan documents, and if Owner objects to any such revision or if any required authorization from the Construction Lender construction lender has not been obtained, then the Developer will not have the authority to incur any cost or expense reflected in the proposed revisionrev1s10n.