Leasing Budget definition
Examples of Leasing Budget in a sentence
Amend, modify or otherwise change the Capital Budget or Leasing Budget, except in accordance with the procedures set forth in Section 5.1(aa).
The Capital Budget and the Leasing Budget are, in the absence of unusual or extraordinary conditions, adequate for the Renovation and the lease-up of the Mortgaged Property.
Lender’s approval of any modifications to the Leasing Budget will be based upon the TI Costs required under new Leases approved by Lender in accordance with Section 5.1(s), and the leasing commissions incurred in connection with such new Leases.
The provisions as per Section 5.1(aa) of this Agreement will govern for proposed amendments to the Leasing Budget and Capital Budget, respectively.
Borrower has no knowledge of any circumstances existing or likely to occur that might result in a material change in the Capital Budget or the Leasing Budget.
Neither the Capital Budget, the Leasing Budget nor the Construction Documents shall have been amended or modified without the prior written consent of Lender.
Notwithstanding the foregoing, Lender acknowledges that, as of the Closing Date, the Leasing Budget and Capital Budget are preliminary estimates made by Borrower and Borrower’s consultants.
In the event Borrower desires to amend, modify or otherwise change the Capital Budget or Leasing Budget, a request for approval of any change shall be submitted to the Lender as part of a certified revised Capital Budget or Leasing Budget signed by Borrower and the Guarantor, and, where applicable, the Architects, General Contractors and any sureties.
Lender shall have received the Capital Budget and the Leasing Budget which shall have been approved by Junior Mezzanine Lender.
Except for line item reallocations permitted under Section 5.1(aa), no portion of the Capital Budget and the Leasing Budget (other than the “contingency” line item) may be used for payment of any cost overruns.