Property Budget definition

Property Budget. See Section 4.3.
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Property Budget means a schedule setting forth the proposed use or intended allocation of the Construction Funds with respect to the Required Work on the Property.
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Property Budget means, for any period and Property, the budget for expenditures by the Venture (including expenditures by the respective Subsidiary) approved by the Venturers for such period and Property. "Consolidated Property Budget" means, for any period, the budget for expenditures by the Venture (including expenditures by all Subsidiaries) for all Properties approved by the Venturers for such period. The Developer and the Investor hereby approve as the initial Property Budgets for the Initial Properties the budgets attached hereto as Schedule 4.3A for the period from the commencement of the Venture until the end of the calendar year in which the Venture is formed. With respect to any Property under construction, during the development and construction of such Property, in lieu of a Property Budget there shall be a Construction Budget prepared by the Administrative Agent and Approved by the Venturers in form and substance. At least sixty (60) days prior to the completion of construction of any such Property, the Administrative Agent shall prepare and submit for approval by the Venturers an initial Property Budget. Upon the approval of a budget by the Venturers, such budget shall become the "Property Budget" for the period for which it is approved. If the Venturers do not approve a proposed budget submitted by the Administrative Agent, the Property Budget, if any, for the prior period with respect to good faith operating expense items (but not capital expenditures including, without limitation, tenant improvements) shall be deemed to continue in effect for the current period. The Administrative Agent shall submit to the Venturers in conjunction with each provision of the Property Budget such information regarding proposed capital expenditures to be incurred by the Venture as either Venturer may reasonably request, including plans and specifications, proposed construction schedule, proposed disbursement arrangements and description of arrangements for administration of work to be performed.
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Examples of Property Budget in a sentence

  • The foregoing provisions of this Section 7.07(b) shall be repeated until the Members have approved each Operating Property Budget that the Venture or any of its Subsidiaries has the right to approve.

  • The foregoing provisions of this Section 7.07(a) shall be repeated until the Members have approved each Non-Operating Property Budget that the Venture or any of its Subsidiaries has the right to approve.

  • Broker agrees to secure the prior approval of Owner before approving any expenses estimated to be in excess of the amount set in paragraph A.4 above or Approved in Property Budget.

  • To the extent of the Venture’s authority, the Members shall have the right to approve each Operating Property Budget as a Major Decision by the date that is three (3) Business Days prior to the date that approval of such Operating Property Budget is required under the management agreement or the loan agreement for such Operating Property, as applicable, and a Member’s failure to approve any Operating Property Budget by such date shall be deemed approval of such Operating Property Budget by such Member.

  • If the Managing Member objects to any aspect of any Operating Property Budget, then the Administrative Member, within ten (10) days after its receipt of such objection, shall (A) cause revisions to such Operating Property Budget to be made to address and incorporate the Managing Member’s objections and (B) re-submit the same to the Managing Member.

  • If the Managing Member objects to any aspect of any Non-Operating Property Budget, then the Administrative Member, within ten (10) days after its receipt of such objection, shall use commercially reasonable effort to (A) cause revisions to such Non-Operating Property Budget to be made to address and incorporate the Managing Member’s objections and (B) re-submit the same to the Managing Member.

  • All compensation and related benefits owed to on-site employees, to the extent included in the Approved Property Budget or Operating Budget for the prior year, whichever is then in effect, shall be reimbursed to Manager by Owner.

  • Manager makes no guaranty, warranty or representation whatsoever in connection with the accuracy of any Property Budget or the other contents of the Annual Business Plan, and Owner acknowledges that they are intended as good faith estimates only.

  • The Manager shall not take any action as to which the Investor has a right of approval without first obtaining such approval and shall not take any action which is inconsistent with or not contemplated by the Business Plan or the Property Budget except as otherwise provided in this Agreement.

  • If the Investor does not approve a proposed budget submitted by the Manager, the Property Budget, if any, for the prior period with respect to operating expense items (but not capital expenditures) shall be deemed to continue in effect for the current period with line items for non discretionary or negotiable expenses such as real estate taxes and utilities modified to reflect actual amounts for the period in question.


More Definitions of Property Budget

Property Budget means, with respect to each Individual Property, a schedule prepared by and submitted by the applicable Individual Borrower and delivered to Lender setting forth the proposed use or intended allocation of the Initial Advance or Subsequent Advance, as the case may be, towards the Purchase Price, including Closing Costs, applicable to such Individual Property, any reserves required hereunder and any other cost or expense incurred in connection with the Properties, which shall be reasonably acceptable to Lender.
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Property Budget means, for any period, the individual and consolidated budgets for expenditures by the Venture and each Subsidiary approved by the Investor for such period. Upon the approval of a budget by the Investor, such budget shall become the "Property Budget" for the period for which it is approved. If the Investor does not approve a proposed budget submitted by the Manager, the Property Budget, if any, for the prior period with respect to operating expense items (but not capital expenditures) shall be deemed to continue in effect for the current period with line items for non discretionary or negotiable expenses such as real estate taxes and utilities modified to reflect actual amounts for the period in question. The Manager shall submit to the Investor in conjunction with each provision of the Property Budget such information regarding proposed capital expenditures as the Investor may reasonably request, including plans and specifications, proposed construction schedule, proposed disbursement arrangements, multi-year capital plans, if appropriate, and description of arrangements for administration of work to be performed.
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Property Budget means, with respect to each Property, the annual operating budget for such Property (as approved pursuant to Section 4.4), which shall include, but not be limited to, an annual operating budget, annual capital expenditures (to the extent applicable), annual leasing guidelines (to the extent applicable), Reserves and the amount of capital, if any, to be called by the Company during a Fiscal Year pursuant to such operating budget. For clarity, each Property Budget shall contain direct property level costs and expenses with respect to the applicable Property for the applicable Fiscal Year and shall not in any event include any overhead or other similar costs or expenses of the Administrator or the Property Manager.
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Property Budget shall have the meaning set forth in SECTION 2.8(b). 5
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Related to Property Budget

  • Operating Budget has the meaning given in Section 3.11(a).

  • CapEx Budget means the annual budget covering the planned Capital Expenditures for the period covered by such budget. The CapEx Budget shall not include Discretionary Capital Expenditures.

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each and clearly allocate requested grant funding and match contributions to each.

  • Project area budget means a multiyear projection of annual or cumulative

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.