Budget Line Items. The Budget shall include as line items (“Line Items”) the cost of all labor, services, materials, equipment, fixtures and furnishings needed for the completion of Construction of the Project, and all other costs, fees, and expenses relating in any way whatsoever to the Construction or the furnishing, fixturing, equipping, use, occupancy, maintenance or operation of the Project prior to the Completion Date, including the cost of architect fees, engineering fees, attorneys’ fees, leasing commissions, advertising and promotion expenses, interest, real estate taxes, survey costs, title insurance premiums, premiums on other insurance policies required to be furnished by the Borrower hereunder for the Project prior to the Completion Date, any other unpaid Loan expenses and fees referred to and described in this Agreement, and procurement of all Governmental Approvals and any Licenses and Permits necessary to make the Project ready for use and occupancy, and all other sums due in connection with Construction and operation of the Project, the Loans and this Agreement prior to the Completion Date. The Borrower agrees that all Loan proceeds disbursed by the Lender shall be used only for the Line Items for which such proceeds were disbursed. The Lender shall not be obligated to disburse any amount for any category of costs set forth as a Line Item which is greater than the amount set forth for such category in the applicable Line Item, except for disbursement of Contingency that is not subject to the approval of the Lender as set forth in Section 4.6. In the event that there is an excess of any Line Item over the actual costs incurred in connection with the work associated with such Line Item, as determined by the Lender after consultation with the Borrower and the Construction Consultant after such work has been completed and all such costs have been paid in full, such excess may be reallocated to another Line Item at the Borrower’s request; provided, however, that no such allocation shall be made to development fees, overhead or similar costs of any Loan Party and in no event shall such allocation be applied to costs payable to any Loan Party or any of Affiliate of a Loan Party. The Borrower agrees that the Lender may, at any time after the occurrence of a Default and for so long as a Default continues, without prior written notice to the Borrower, disburse the Line Items for the purposes for which they had been set aside, or for any other Project related purposes ...
Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by Administrative Agent in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, leasing commissions, tenant improvements and tenant allowances, operating deficits, real estate taxes, and all other sums due in connection with Construction and operation of the Subject Property, the Loan, and this Agreement. Borrower agrees that all Loan proceeds shall be used only for the Budget Line Items for which such proceeds were disbursed. Without limiting Borrower’s rights under Section 8.3 below, Borrower shall have the right to reallocate cost savings effected by final change order or other appropriate final documentation to other Budget Line Items subject to Administrative Agent’s prior written consent not to be unreasonably withheld. Lenders shall not be obligated to disburse any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item. Borrower shall pay as they become due all amounts set forth in the Budget with respect to costs to be paid for by Borrower.
Budget Line Items. The Budget shall include as line items ("Budget Line Items"), to the extent ----------------- determined to be applicable by Lender in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of the Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, leasing commissions, operating deficits, real estate taxes, and all other sums due in connection with Construction and operation of the Project, the Loan, and this Agreement. Borrower agrees that all Loan proceeds disbursed by Lender shall be used only for the Budget Line Items for which such proceeds were disbursed. Lender shall not be obligated to disburse any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item. Borrower shall pay as they become due all amounts set forth in the Budget with respect to costs to be paid for by Borrower.
Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by Administrative Agent in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, leasing commissions, tenant improvements and tenant allowances, operating deficits, real estate taxes, the acquisition of the Phase II Retail Unit and all other sums due in connection with Construction and operation of the Project, the Loan, and this Agreement. Borrower agrees that all Loan proceeds shall be used only for the Budget Line Items for which such proceeds were disbursed. Without limiting Borrower’s rights under Section 8.3 below, Borrower shall have the right to reallocate cost savings effected by final change order or other appropriate final documentation to other Budget Line Items subject to Administrative Agent’s prior written consent not to be unreasonably withheld. Lenders shall not be obligated to disburse any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item. Borrower shall pay as they become due all amounts set forth in the Budget with respect to costs to be paid for by Borrower.
Budget Line Items. (a) The Construction Budget shall include as line items (“Budget Line Items”) all Hard Costs and Soft Costs. All Loan proceeds disbursed by Lender shall be used only for the Budget Line Items for which such proceeds were disbursed.
Budget Line Items. The Budget includes as line items (collectively, “Budget Line Items”) the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of all Construction Work, and all other costs, fees and expenses relating in any way whatsoever to the Construction Work and the operation of the Project. Borrower agrees that all Loans shall be used only for the Budget Line Items for which such Loans are made (as re-allocated from time to time in accordance with the terms of this Agreement). Borrower agrees that, while an Event of Default exists, Administrative Agent may, at any time and from time to time without prior written notice to Lead Borrower or Borrower, authorize the disbursement of the Budget Line Items for the purposes for which they have been set aside, or for any other purposes related to the Construction Work or otherwise provided for in the Budget as Administrative Agent may determine, either by payment of such items or by reimbursement to Borrower for payments actually made by Borrower for such items. Administrative Agent shall not be obligated to authorize the disbursement of any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item; provided, however, that subject to Administrative Agent’s prior reasonable consent, Borrower may apply savings from one Budget Line Item to cost overruns in another Budget Line Item or to the Contingency Fund, or to any other unbudgeted Project Cost provided (a) there are no Potential Defaults or Events of Defaults existing, (b) all costs to be paid out of the Budget Line Item from which funds are being re-allocated have been paid or sufficient sums remain in said line item to pay such costs when the same become due, (c) said savings are actual savings and are documented or otherwise established to the satisfaction of Administrative Agent and the Construction Consultant in their reasonable discretion, (d) such reallocation will not violate the provisions of the Lien Law or affect the priority of the Mortgages on the Project and (e) Administrative Agent, at Borrower’s sole cost and expense, obtains endorsements to the Title Policies insuring against “any statutory lien for services, labor or materials furnished or contracted for prior to the date hereof i.e., the date of such endorsement (or any statutory lien for services, labor or materials furnished after the date hereof, the priority of ...
Budget Line Items. (a) The Budget shall include as line items ("Budget Line Items"), to the extent determined to be applicable by Lender in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of the Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, marketing and sales costs, commissions, operating deficits, real estate taxes, and all other sums due in connection with Construction and operation of the Project, the Loan, and this Agreement. Each line item in the trade breakdown of the General Contract as provided to and approved by Lender prior to the Closing shall be considered a separate Budget Line Item for all purposes of this Agreement whether or not separately shown as Budget Line Items on the Budget attached hereto. Borrower agrees that all Loan proceeds disbursed by Lender shall be used only for the Budget Line Items for which such proceeds were disbursed, except as reallocated in accordance with this Agreement or otherwise permitted by Lender in its reasonable discretion. The Budget shall not contain any line items payable to Borrower, either Guarantor or any Affiliate of either Borrower or either Guarantor and Borrower and each Guarantor shall not pay or cause to be paid any Loan proceeds to any Affiliate of either, except for the Permitted Affiliate Expenses. The Budget shall include as Budget Line Items, outside of Owner's Contingency, (i) all fees and sums payable to Hotel Operator or its Affiliates pursuant to the Hotel Documents, including without limitation, (a) the marketing assistance fee of $1,250 per Residential Unit payable in twenty-four (24) equal monthly installments commencing upon the effective date of the Condominium Marketing License Agreement, (b) pre-opening services budget of $2,536,085, (c) pre-opening information technology budget of $1,261,604 (which shall be included within the TV Lease and Technology Line Item), (d) pre-opening inventories budget of $3,276,000, (e) FF&E of $15,000 per Hotel key, (f) technical services fees of $513,000, consisting of $1,250 per Hotel key, plus $1,000 per Residential Unit, and (g) reimbursable expenses under the Technical Services Agreement up to $5,000 per Hotel key and initial working capital budget of $1500 per Hotel key, but excluding the Condominium Licensing Fee of 4.5% of gross sales revenue per Residential Unit, which shall be payable to Hotel Operator from s...
Budget Line Items. (a) The Budget shall include as line items (“Budget Line Items”) the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of the Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, marketing and sales costs, commissions, operating deficits, real estate taxes, and all other sums due in connection with Construction and operation of the Project, the Loan, and this Agreement. The Budget shall not contain any line items payable to Borrower, Guarantor or any Affiliate of either Borrower or Guarantor and Borrower and Guarantor shall not pay or cause to be paid any Loan proceeds to any Affiliate of either, except for the Permitted Affiliate Expenses.
Budget Line Items. The Budget includes as line items (collectively, “Budget Line Items”) the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of all Construction Work, and all other costs, fees and expenses relating in any way whatsoever to the Construction Work and the operation of the Project. Borrower agrees that all Loans shall be used only for the Budget Line Items for which such Loans are made (as re-allocated from time to time in accordance with the terms of this Agreement). Lender shall not be obligated to authorize the disbursement of any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item. Subject to Lender’s prior reasonable consent, Borrower may apply savings from one Budget Line Item to cost overruns in another Budget Line Item or to the Contingency Fund, or to any other unbudgeted Project Cost provided (a) there are no Events of Defaults existing, (b) all costs to be paid out of the Budget Line Item from which funds are being re-allocated have been paid or sufficient sums remain in said line item to pay such costs when the same become due, (c) said savings are actual savings and are documented to the reasonable satisfaction of Lender and the Construction Consultant in their reasonable discretion, and (d) such reallocation will not violate the provisions of the Lien Law or affect the priority of the Mortgages on the Project.
Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by the Capital Provider in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the Completion of the construction, and all other costs, fees and expenses relating in any way whatsoever to the construction of the New Energy Improvements, real estate taxes, and all other sums due in connection with construction and operation of the Project through the Outside Completion Date. The Property Owner agrees that all the CoPACE Loan proceeds disbursed by the Capital Provider shall be used only for the Budget Line Items for which such proceeds were disbursed. The Property Owner shall have the right to request that the Property Owner have the right to reallocate demonstrable cost savings affected by a Change Order or other appropriate final documentation, upon one hundred percent (100%) completion of all work related to a specific line item to other Budget Line Items deemed by the Property Owner to be insufficient, provided, however, that any such reallocation shall be subject to the Capital Provider’s prior written consent, which consent shall not be unreasonably denied so long as the same has been reviewed and approved by the Capital Provider’s Construction Consultant. The Capital Provider shall not be obligated to disburse any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item. [The Property Owner shall pay (as the same shall become due) all amounts set forth in the Budget with respect to costs identified to be paid for directly by the Property Owner from the Property Owner’s required equity contribution.]
