Common use of Xxxxxxxx Plan Clause in Contracts

Xxxxxxxx Plan. (a) Annually, Manager shall prepare and submit to the Members a projected operating budget and capital budget (herein collectively referred to as a “Proposed Budget”) and proposed Business Plan for the operation of the Project for each calendar year. The Members will consider such Proposed Budget and proposed Business Plan and consult with Manager to agree on an Approved operating budget and an approved capital budget (such Proposed Budget, when Approved by all Members, being collectively referred to as an “Approved Budget”) and Approved Business Plan. The Members have previously agreed upon an Approved Budget for the remainder of 2021. Manager shall prepare and submit to the Members the Proposed Budget for 2022 and each Fiscal Year thereafter no later than forty-five (45) days prior to the commencement of each such year. Each Proposed Budget shall set forth for the applicable year all anticipated income, operating expenses, capital, tenant improvements and other costs and expenses of the Company, all of which will be based on the Business Plan. Manager shall furnish to the Members such reasonable financial information relating to the Project and the Company as is requested by the Members and is available to Manager. Unless and until an Approved Budget is so Approved for a year, Manager shall operate the Company in accordance with the Approved Budget for the prior year, provided that Manager may, nevertheless, pay Non-Discretionary Expenses and Emergency Expenditures as actually incurred by the Company. (b) The Company shall not incur any expenses except those which are (i) in accordance with the applicable Approved Budget, (ii) Emergency Expenditures, (iii) Permitted Deviations, or (iv) which are Non-Discretionary Expenses to the extent in excess of the amount provided therefor in the applicable Approved Budget or otherwise Approved or expressly permitted hereunder.

Xxxxxxxx Plan. (a) Annually, Manager shall prepare and submit to the Members a projected operating budget and capital budget (herein collectively referred to as a “Proposed Budget”) and proposed Business Plan for the operation of the Project Property for each calendar year. The Members will consider such Proposed Budget and proposed Business Plan and consult with Manager to agree on an Approved approved operating budget and an approved capital budget (such Proposed Budget, when Approved approved by all Members, being collectively referred to as an “Approved Budget”) and Approved Business Plan. The Members have previously agreed upon an Approved Budget for the remainder of 2021. Manager shall prepare and submit to the Members the Proposed Budget for 2022 and each Fiscal Year thereafter no later than forty-five (45) days prior to the commencement of each such year. Each Proposed Budget shall set forth for the applicable year all anticipated income, operating expenses, capital, tenant improvements and other costs and expenses of the Company, all of which will be based on the Business Plan. Manager shall furnish to the Members such reasonable financial information relating to the Project Property and the Company as is requested by the Members and is available to Manager. Unless and until an Approved Budget is so Approved approved for a year, Manager shall operate the Company in 112776\000006\4832-7583-6415v3 accordance with the Approved Budget for the prior year, provided that Manager may, nevertheless, pay Non-Discretionary Expenses and Emergency Expenditures as actually incurred by the Company. (b) The Company shall not incur any expenses except those which are (i) in accordance with the applicable Approved Budget, (ii) Emergency Expenditures, (iii) Permitted Deviations, or (iv) which are Non-Discretionary Expenses to the extent in excess of the amount provided therefor in the applicable Approved Budget or otherwise Approved approved or expressly permitted hereunder.

Xxxxxxxx Plan. (a) Annually, the Manager shall prepare and submit to the Members a projected operating budget and capital budget (herein collectively referred to as a “Proposed Budget”) and proposed Business Plan for the operation of the Project Property for each calendar year. The Members will consider such Proposed Budget and proposed Business Plan and consult with the Manager to agree on an Approved approved operating budget and an approved capital budget (such Proposed Budget, when Approved approved by all Members, being collectively referred to as an “Approved Budget”) and Approved Business Plan. The Members have previously agreed upon an Approved Budget for the remainder of 2021. Manager shall prepare and submit to the Members the Proposed Budget for 2022 and each Fiscal Year thereafter no later than forty-five (45) days prior to the commencement of each such year. Each Proposed Budget shall set forth for the applicable year all anticipated income, operating expenses, capital, tenant improvements and other costs and expenses of the Company, all of which will be based 112776\000004\4811-8359-3203v4 Doc ID: c91f21627f893d8e0c88f012967bb67addc1b065 on the Business Plan. The Manager shall furnish to the Members such reasonable financial information relating to the Project Property and the Company as is requested by the Members and is available to the Manager. Unless and until an Approved Budget is so Approved approved for a year, Manager shall operate the Company in accordance with the Approved Budget for the prior year, provided that Manager may, nevertheless, pay Non-Discretionary Expenses and Emergency Expenditures as actually incurred by the Company. (b) The Company shall not incur any expenses except those which are (i) in accordance with the applicable Approved Budget, (ii) Emergency Expenditures, (iii) Permitted Deviations, or (iv) which are Non-Discretionary Expenses to the extent in excess of the amount provided therefor in the applicable Approved Budget or otherwise Approved approved or expressly permitted hereunder.