Common use of Revision of the Development Plan and Budget Clause in Contracts

Revision of the Development Plan and Budget. During the Term of this Agreement, Tenant or Landlord may determine that the Development Plan and Budget is no longer applicable because of changes in conditions, circumstances, planned operations, or otherwise. In such case, Tenant shall prepare and submit to the Landlord, for Landlord’s review and approval, a revised Development Plan and Budget (as modified hereunder, the “Revised Development Plan and Budget”) for the remainder of the Term of this Agreement, indicating in narrative form the reasons why the assumptions used as the basis of preparing the original Development Plan and Budget (or any Revised Development Plan and Budget currently in effect) are no longer valid. On or before the expiration of ten (10) calendar days after receipt of the proposed Revised Development Plan and Budget, Landlord shall deliver written notice to Tenant setting forth Landlord’s approval or disapproval of all or any portion of the same. In the event Tenant does not receive a written notice of approval or disapproval from Landlord within such ten (10) calendar day period, then the proposed Revised Development Plan and Budget shall be deemed approved by Landlord. Notwithstanding the foregoing, until such time as the Revised Development Plan and Budget has been approved (or deemed approved) by the Landlord in accordance with the terms and conditions of this Section 5.2, the Tenant shall perform its duties in accordance with the Development Plan and Budget (or any Revised Development Plan and Budget, as the case may be), currently then in effect. Following the approval (or deemed approval) by the Landlord of the Revised Development Plan and Budget (if required hereunder), with respect to the period of time in question, all references in this Agreement to the Development Plan and Budget shall mean the Revised Development Plan and Budget.

Revision of the Development Plan and Budget. During the Term of this Agreement, Tenant or Landlord may determine that the Development Plan and Budget is no longer applicable because of changes in conditions, circumstances, planned operations, or otherwise. In such case, Tenant shall prepare and submit to the Landlord, for Landlord’s review and approval, a revised Development Plan and Budget (if, and as, approved by Landlord as modified hereunderrequired above, the “Revised Development Plan and Budget”) for the remainder of the Term of this Agreement, indicating in narrative form the reasons why the assumptions used as the basis of preparing the original Development Plan and Budget (or any Revised Development Plan and Budget currently in effect) are no longer valid. On or before the expiration of ten (10) calendar days after receipt of the proposed Revised Development Plan and Budget, Landlord shall deliver written notice to Tenant setting forth Landlord’s approval or disapproval of all or any portion of the same. In the event Tenant does not receive a written notice of approval or disapproval from Landlord within such ten (10) calendar day period, then the proposed Revised Development Plan and Budget shall be deemed approved by Landlord. Notwithstanding the foregoing, until such time as the Revised Development Plan and Budget has been approved (or deemed approved) by the Landlord in accordance with the terms and conditions of this Section 5.2, the Tenant shall perform its duties in accordance with the Development Plan and Budget (or any Revised Development Plan and Budget, as the case may be), currently then in effect. Following the approval (or deemed approval) by the Landlord of the Revised Development Plan and Budget (if required hereunder), with respect to the period of time in question, all references in this Agreement to the Development Plan and Budget shall mean the Revised Development Plan and Budget.