Common use of THE PROPERTY MANAGER AGREES Clause in Contracts

THE PROPERTY MANAGER AGREES. 2.1 To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section 3 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. 2.2 To render monthly reports for the Premises to Owner, to the attention of the individual and address as directed by Owner from time to time, and to remit to Owner the excess of Gross Income (as defined in Section 3.3 hereof) over expenses paid pursuant to Section 3.4 hereof (“Net Proceeds”) for each month on or before the 15th day of the following month. The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section 3.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 To prepare annualized budgets for operation of the Premises and submit them to Owner for approval. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ ], [ ] 20[ ] and ending on December 31, 20[ ]. Notwithstanding the period covered by the first annualized budget, all subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

THE PROPERTY MANAGER AGREES. 2.1 3.1 To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section 3 4 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. 2.2 3.2 To render monthly prepare those reports for regarding the Premises to Owneridentified on Exhibit B, which reports shall be made accessible to the attention of the individual and address as directed by Owner from time to timethrough a shared software system, and to remit to Owner Owner, upon Owner’s request, the excess of Gross Income (as defined in Section 3.3 hereofhereafter defined) over expenses paid pursuant to Section 3.4 hereof (“Net Proceeds”) for each month on or before the 15th day of the following month). The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section 3.4 4.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 3.3 To prepare annualized budgets for operation of the Premises and submit them to Owner for approvalPremises. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ ]January 1, [ ] 20[ ] 2012 and ending on December 31, 20[ ]2012. Notwithstanding the period covered by the first annualized budget, all All subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted prepared by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement. Subject to the terms of this Agreement, Property Manager covenants and agrees to comply with and implement, as applicable, any direction or strategic plan approved by the Company’s Board of Directors.

THE PROPERTY MANAGER AGREES. 2.1 To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section 3 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. 2.2 To render monthly prepare reports for regarding the Premises to OwnerPremises, including without limitation the Property Manager’s commercial income report, a commercial budget variance report and such other monthly, quarterly and annual reports as are customary in commercial property relationships, which reports shall be made accessible to the attention of the individual and address as directed by Owner from time to timethrough a shared software system, and to remit to Owner Owner, upon Owner’s request, the excess of Gross Income (as defined in Section 3.3 hereof) over expenses paid pursuant to Section 3.4 hereof (“Net Proceeds”) for each month on or before the 15th day of the following month). The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section 3.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 2.3 To prepare annualized budgets for operation of the Premises and submit them to Owner for approvalPremises. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first annualized budget, all subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted prepared by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

THE PROPERTY MANAGER AGREES. 2.1 To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section SECTION 3 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s 's standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. 2.2 To render monthly reports for the Premises to Owner, to the attention of the individual and address as directed by Owner from time to time, and to remit to Owner the excess of Gross Income (as defined in Section SECTION 3.3 hereof) over expenses paid pursuant to Section SECTION 3.4 hereof (“"Net Proceeds”") for each month on or before the 15th day of the following month. The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section SECTION 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s 's commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section SECTION 3.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 To prepare annualized budgets for operation of the Premises and submit them to Owner for approval. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first annualized budget, all subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s 's approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

THE PROPERTY MANAGER AGREES. 2.1 To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section 3 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the A-1 specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. 2.2 To render monthly reports for the Premises to Owner, to the attention of the individual and address as directed by Owner from time to time, and to remit to Owner the excess of Gross Income (as defined in Section 3.3 hereof) over expenses paid pursuant to Section 3.4 hereof (“Net Proceeds”) for each month on or before the 15th day of the following month. The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section 3.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 To prepare annualized budgets for operation of the Premises and submit them to Owner for approval. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first annualized budget, all subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

THE PROPERTY MANAGER AGREES. 2.1 To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section 3 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. 2.2 To render monthly reports for the Premises to Owner, to the attention of the individual and address as directed by Owner from time to time, and to remit to Owner the excess of Gross Income (as defined in Section 3.3 hereof) over expenses paid pursuant to Section 3.4 hereof (“Net Proceeds”) for each month on or before the 15th day of the following month. The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section 3.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 To prepare annualized budgets for operation of the Premises and submit them to Owner for approval. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ ______________ ], [ __ ] 20[ __ ] and ending on December 31, 20[ __ ]. Notwithstanding the period covered by the first annualized budget, all subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

THE PROPERTY MANAGER AGREES. 2.1 To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section 3 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. 2.2 To render monthly reports for the Premises to Owner, to the attention of the individual and address as directed by Owner from time to time, and to remit to Owner the excess of Gross Income (as defined in Section 3.3 hereof) over expenses paid pursuant to Section 3.4 hereof (“Net Proceeds”) for each month on or before the 15th day of the following month. The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section 3.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 To prepare annualized budgets for operation of the Premises and submit them to Owner for approval. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first annualized budget, all subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.

THE PROPERTY MANAGER AGREES. 2.1 (a) To accept the management of the Premises, to the extent, for the period, and upon the terms herein provided and agrees to furnish the services of its organization in connection with renting, leasing, operating and managing the Premises, and, without limiting the generality of the foregoing, the Property Manager agrees to be responsible for those specific duties and functions set forth in Section 3 hereof. The Property Manager shall be entitled at all times to manage the Premises in accordance with the Property Manager’s standard operating policies and procedures, except to the extent that any specific provisions contained herein are to the contrary, in which case the Property Manager shall manage the Premises consistent with the A-1 specific provisions of the Agreement. The Property Manager agrees to use its best efforts to maintain the highest occupancy at the highest rents for each space comprising the Premises. (b) In performing its obligations under this Agreement, the Property Manager shall comply with the provisions of any federal, state or local law prohibiting discrimination in housing on the basis of race, color, creed, handicap or national origin, including Title VI of the Civil Rights Act of 1964 (Public Law 88-352, 78 Stat. 241), all requirements imposed by, or pursuant to, the Regulations of the Secretary (24 CFR, Subtitle A, Part I) issued pursuant to Title VI, regulations issued pursuant to Executive Order 1063 and Title VIII of the Civil Rights Act. The Property Manager shall not discriminate against any tenant or applicant for tenancy at the Premises on the basis of race, creed, color, religion, sex, martial status, sexual orientation, or national origin. 2.2 To render monthly reports for the Premises to Owner, to the attention of the individual and address as directed by Owner from time to time, and to remit to Owner the excess of Gross Income (as defined in Section 3.3 hereof) over expenses paid pursuant to Section 3.4 hereof (“Net Proceeds”) for each month on or before the 15th day of the following month. The Property Manager will remit the Net Proceeds to Owner at the address as stated in Section 6.1 hereof. The reports to be submitted shall consist of the Property Manager’s commercial income report and commercial budget variance report, and such other monthly, quarterly and annual reports as are customary in commercial property management relationships and as reasonably requested by Owner in writing from time to time. 2.4 In the event that expenses paid pursuant to Section 3.4 hereof shall be in excess of Gross Income for any monthly period, to notify Owner of same and Owner agrees to pay the excess amount immediately upon request from the Property Manager, but nothing herein contained shall obligate the Property Manager to advance its own funds on behalf of Owner. All advances by the Property Manager on behalf of Owner shall be paid to the Property Manager by Owner within ten (10) days after request. 2.5 To prepare annualized budgets for operation of the Premises and submit them to Owner for approval. Annualized budgets shall be for planning and informational purposes only, and the Property Manager shall have no liability to Owner for any failure to meet any budget. However, the Property Manager will use its best efforts to operate the Premises pursuant to the annualized budget. The parties acknowledge that the first annualized budget has been prepared and approved for the year commencing [ [__________], [ [__] 20[ [__] and ending on December 31, 20[ [__]. Notwithstanding the period covered by the first annualized budget, all subsequent annualized budgets shall cover the period from January 1st of each year through December 31st of the same year. The proposed annualized budget for each calendar year shall be submitted by the Property Manager to Owner by December 1st of the year preceding the year for which it applies, and Owner shall notify the Property Manager within fifteen (15) days as to whether Owner has or has not approved the proposed annualized budget. If Owner does not approve the proposed annualized budget, Owner shall notify the Property Manager and the Property Manager shall make the necessary amendments to the annualized budget. During the time the Property Manager is preparing these amendments, the Property Manager will continue to operate the Premises according to the last approved annualized budget. Owner’s approval of the annualized budget shall constitute approval for the Property Manager to expend sums for all A-2 budgeted expenditures, without the necessity to obtain additional approval of Owner under any other expenditure limitations as set forth elsewhere in this Agreement.