Approved Development Budget definition
Examples of Approved Development Budget in a sentence
If the proposed updated Approved Development Budget and Financing Plan are not approved by NPS, then NPS must notify Developer in writing of the reasons for disapproval.
Only upon NPS' approval in writing of an Approved Development Budget will this condition precedent be deemed met.
NPS' approval of changes to the Approved Development Budget following satisfaction of the conditions precedent set forth in Section 2.2(f) above may be given only if each of the proposed changes is reasonable and necessary for the construction of the Initial or applicable phase of the Phased Improvements and is an appropriate Development Cost.
Developer must thereafter submit to NPS a revised proposed updated Approved Development Budget and a revised proposed updated Financing Plan within fifteen (15) days of the notification of disapproval.
Developer must submit (A) a proposed updated Financing Plan to NPS to (1) reflect any such changes in the Approved Development Budget, and (2) include firm commitments for any financing formerly committed through preliminary commitments in accordance with the requirements set forth in Section 2.2(f)(i)(E) above; and (B) all applicable loan documents.