Common use of Implementation of Approved Resort Operating Plan Clause in Contracts

Implementation of Approved Resort Operating Plan. Manager may, after notice to and approval from Owner, revise the Resort Operating Plan from time to time, as necessary, to reflect any unpredicted significant changes, variables or events or to include significant, additional, unanticipated items of expense. Further, after notice to Owner, Manager may reallocate part or all of the amount budgeted with respect to any line item to another line item and may make such other modifications to the Resort Operating Plan as Manager deems necessary, provided that the total amount budgeted for any department in the Resort Operating Plan may not be adjusted by more than 5% without approval from Owner. Manager shall provide Owner with a revised Resort Operating Plan on (i) a monthly basis during the first twelve (12) months of the Term, and (ii) a quarterly basis thereafter. Owner acknowledges that the Resort Operating Plan is intended only to be a reasonable estimate of the Resort’s revenues and expenses for the ensuing Fiscal Year. Manager shall not be deemed to have made any guarantee or covenant concerning projected results contained in the Resort Operating Plan; provided, however, Manager shall use commercially reasonable efforts to operate the Resort in accordance with the Approved Resort Operating Plan and shall obtain Owner’s prior approval for any expenditures in excess (on an annual basis) of the Approved Resort Operating Plan.