Common use of Approved Budgets Clause in Contracts

Approved Budgets. Agent shall prepare and submit to Owner a proposed operating budget for the promotion, operation, leasing, repair, maintenance, and preservation and improvement of the Premises for each forthcoming calendar year. The operating budget shall include schedules for capital improvements for such year. The proposed budget for the remainder of the current calendar year shall be delivered to Owner no later than sixty (60) days after the execution of this Agreement. The proposed budget for each subsequent calendar year shall be delivered to Owner no later than sixty (60) days before the end of each prior calendar year. Owner shall approve or provide comments to any such proposed budget within thirty (30) days following receipt of the proposed budget. Agent shall address any such Owner comments in good faith until such time as the Owner and Agent have agreed to a final form of operating budget (any such approved budget, the “Annual Operating Budget”). If for any reason the Owner and Agent are unable to agree on an Annual Operating Budget prior to the commencement of the year for which the budget applies, the Agent shall continue to manage the Premises based on the prior year’s Annual Operating Budget, subject to actual increases for real estate taxes, utilities, payroll and insurance. Agent agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of leasing, maintaining and operating the Premises will conform to the Annual Operating Budget as approved by the Owner. MDA City Apartments (Recap) 21 Agent agrees to secure Owner’s prior approval on all expenditures that exceed the Owner approved Annual Operating Budget by $5,000 per expense item or $10,000 cumulative.

Approved Budgets. Agent shall prepare and submit to Owner a proposed operating budget for the promotion, operation, leasing, repair, maintenance, and preservation and improvement of the Premises for each forthcoming calendar year. The operating budget shall include schedules for capital improvements for such year. The proposed budget for the remainder of the current calendar year shall be delivered to Owner no later than sixty (60) days after the execution of this Agreement. The proposed budget for each subsequent calendar year shall be delivered to Owner no later than sixty (60) days before the end of each prior calendar year. Owner shall approve or provide comments to any such proposed budget within thirty (30) days following receipt of the proposed budget. Agent shall address any such Owner comments in good faith until such time as the Owner and Agent have agreed to a final form of operating budget (any such approved budget, the “Annual Operating Budget”). If for any reason the Owner and Agent are unable to agree on an Annual Operating Budget prior to the commencement of the year for which the budget applies, the Agent shall continue to manage the Premises based on the prior year’s Annual Operating Budget, subject to actual increases for real estate taxes, utilities, payroll and insurance. Agent agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of leasing, maintaining and operating the Premises will conform to the Annual Operating Budget as approved by the Owner. MDA City Apartments (Recap) 21 Agent agrees to secure Owner’s prior approval on all expenditures that exceed the Owner approved Annual Operating Budget by $5,000 per expense item or $10,000 cumulative.