Common use of Revision to annual management budget Clause in Contracts

Revision to annual management budget. (a) Without prejudice to anything herein contained, in the event of the Manager finding at any time that the annual management budget is insufficient to cover all expenditure or in the event of a deficiency occurring or seeming to the Manager likely to occur or if there shall be any change in circumstances which in the opinion of the Manager (whose decision shall be binding and conclusive save for manifest error) require any revision to the annual management budget, the Manager may at any time during the financial year subject to Clause 5.5(b) below, prepare a revised annual management budget and once completed shall have the same reviewed by the Owners’ Committee (only if and when it has been formed) and the provisions of Clauses 5.1 to 5.4 shall apply mutatis mutandis to the revised annual management budget as to the annual management budget. A revised annual management budget may be further revised as often as may be necessary in the manner as aforesaid. The surplus (if any) shall be applied towards the Management Expenses of the Land and the Building.

Revision to annual management budget. (a) Without prejudice to anything herein contained, in the event of the Manager finding at any time that the annual management budget is insufficient to cover all expenditure or in the event of a deficiency occurring or seeming to the Manager likely to occur or if there shall be any change in circumstances which in the opinion of the Manager (whose decision shall be binding and conclusive save for manifest error) require any revision to the annual management budget, the Manager may at any time during the financial year subject to Clause 5.5(b) belowyear, prepare a revised annual management budget and once completed shall have the same reviewed by the Owners’ ' Committee (only if and when it has been formed) and the provisions of Clauses 5.1 to 5.4 shall apply mutatis mutandis to the revised annual management budget as to the annual management budget. A revised annual management budget may be further revised as often as may be necessary in the manner as aforesaid. The surplus (if any) shall be applied towards the Management Expenses of the Land and the BuildingDevelopment.

Revision to annual management budget. (a) Without prejudice to anything herein contained, in the event of the Manager finding at any time that the annual management budget is insufficient to cover all expenditure or in the event of a deficiency occurring or seeming to the Manager likely to occur or if there shall be any change in circumstances which in the opinion of the Manager (whose decision shall be binding and conclusive save for manifest error) require any revision to the annual management budget, the Manager may at any time during the financial year subject to Clause 5.5(bsub-clause (b) below, prepare a revised annual management budget and once completed shall have the same reviewed by the Owners’ Committee (only if and when it has been formed) and the provisions of Clauses 5.1 to 5.4 5.5 hereof shall apply mutatis mutandis to the revised annual management budget as to the annual management budget. A revised annual management budget may be further revised as often as may be necessary in the manner as aforesaid. The surplus (if any) shall be applied towards the Management Expenses of the Land and the BuildingDevelopment.

Revision to annual management budget. (a) Without prejudice to anything herein contained, in the event of the Manager finding at any time that the annual management budget is insufficient to cover all expenditure or in the event of a deficiency occurring or seeming to the Manager likely to occur or if there shall be any change in circumstances which in the opinion of the Manager (whose decision shall be binding and conclusive save for manifest error) require any revision to the annual management budget, the Manager may at any time during the financial year subject to Clause 5.5(b) below, prepare a revised annual management budget and once completed shall have the same reviewed by the Owners’ ' Committee (only if and when it has been formed) and the provisions of Clauses 5.1 to 5.4 shall apply mutatis mutandis to the revised annual management budget as to the annual management budget. A revised annual management budget may be further revised as often as may be necessary in the manner as aforesaid. The surplus (if any) shall be applied towards the Management Expenses of the Land and the Building.