Implementation of Development Budget Sample Clauses
The 'Implementation of Development Budget' clause defines how the financial resources allocated for a project's development phase are to be managed and utilized. It typically outlines the procedures for preparing, approving, and modifying the development budget, as well as specifying the responsibilities of each party in tracking and reporting expenditures. This clause ensures that all parties have a clear understanding of how development funds are to be spent and monitored, thereby promoting transparency and accountability in the project's financial management.
Implementation of Development Budget. Developer is hereby authorized and directed to implement the Development Work in compliance with this Agreement. Developer may, subject to the terms of this Agreement, make any expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. Subject to Section 4.4, Developer also may make any expenditures and incur any obligations in excess of amounts provided for in the Development Budget to the extent Developer considers such expenditure necessary for completion of the Development Work. Developer shall use commercially reasonable efforts to ensure that the actual costs incurred for each Budget Category as set forth in the Development Budget shall not exceed such category in the Development Budget, as it may be revised from time to time as provided in Section 4.2 or as otherwise changed by agreement of Owner and Developer. Developer shall advise Owner in Monthly Reports if it appears that the total costs in any Budget Category specified in the Development Budget is reasonably expected to exceed the amount budgeted therefor. All expenses shall be charged to the proper Budget Category in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a Budget Category without Owner’s prior written approval.
Implementation of Development Budget. The Owner hereby approves the ------------------------------------ Development Budget and the Manager is hereby authorized and directed to implement the Development Budget pursuant to this Agreement. The Manager may, without the need for any further approval whatsoever by the Owner, make any expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. The Manager shall use prudence and diligence and shall employ its best efforts to ensure that the actual costs incurred for each category or line item of expense as set forth in the Development Budget shall not exceed such category or line item in the Development Budget. The Manager shall advise the Owner promptly if it appears that costs in any category or line item specified in the Development Budget will exceed the amount budgeted therefor. All expenses shall be charged to the proper category or line item in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a category or line item without the Owner's prior written approval. The Manager shall secure the Owner's prior written approval before incurring and paying any cost which will result in aggregate expenditures under any one category or line item in the Development Budget exceeding the amount budgeted therefor.
Implementation of Development Budget. Seller is hereby authorized ------------------------------------ and directed to implement the Development Budget pursuant to this Agreement. Seller may, without the need for any further approval whatsoever by Purchaser, (i) allocate contingency amounts set forth in the Development Budget to other categories or line items of expense set forth in the Development Budget, (ii) make reallocations of amounts for any line items of expense in the Development Budget relating to the "shell and core" of the Improvements to other line items of expense relating to the "shell and core" of the Improvements, provided that such reallocation is prudent and shall not result in a diminution in the value or quality of the Improvements, (iii) make reallocations of amounts for any line items of expense in the Development Budget relating to Tenant Improvements, provided that any consent required of the Tenant for the change, addition or deletion causing such reallocation has been obtained in writing, (iv) approve and effectuate change orders in the Construction Agreements, provided that (A) no single change order with respect to the "shell and core" of the Improvements shall increase the Project Costs by more than Five Thousand Dollars ($5,000.00), (B) the change orders with respect to the "shell and core" of the Improvements not expressly approved by Purchaser in writing shall not increase the Project Costs by more than Twenty Thousand Dollars ($20,000.00) in the aggregate, (C) the change orders relating to the "shell and core" of the Improvements shall not result in a diminution in the value or quality of the Improvements, and (D) the change orders relating to the Tenant Improvements shall not result in a diminution in the value or quality of the Tenant Improvements unless Tenant's consent to such change orders has been obtained in writing. Seller shall have the right to sign for an on behalf of Purchaser any change orders which Seller is entitled to approve and effectuate under clause (iv) above if Seller determines in its reasonable discretion that a delay which would be caused by submitting such change order to Purchaser for signature by Purchaser would adversely affect the schedule or cost of the Project. Seller shall give Purchaser prompt written notice of any reallocations of line items of expense as set forth in the Development Budget effectuated by Seller without Purchaser's approval as provided above and of any change orders entered into, approved and effectuated by S...
Implementation of Development Budget. 19 5.2 Revision of Development Budget....................................................... 20 5.3 Emergencies.......................................................................... 20 5.4
Implementation of Development Budget. The Owner hereby approves the ------------------------------------ Development Budget and the Developer is hereby authorized and directed to implement the Development Budget pursuant to this Agreement. The Developer may, without the need for any further approval whatsoever by the Owner, make any expenditures and incur any obligations provided for in the Development Budget, as it may be revised from time to time as provided herein. The Developer shall use prudence and diligence and shall employ commercially reasonable efforts to ensure that the actual costs incurred for each category or line item of expense as set forth in the Development Budget shall not exceed such category or line item in the Development Budget. The Developer shall advise the Owner promptly if it appears that costs in any category or line item specified in the Development Budget will exceed the amount budgeted therefor. All expenses shall be charged to the proper category or line item in the Development Budget, and no expenses may be classified or reclassified for the purpose of avoiding an excess in the budgeted amount of a category or line item without the Owner's prior written approval; provided, however, Developer may make an allocation of up to 33 1/3% of the "Landlord Contingency" line item in the Development Budget to other categories or line items (other than payments to Developer) without Owner's prior written approval. Except for the allocation of up to 33 1/3% of the "Landlord Contingency" line item in the Development Budget to other categories or line items as provided in the preceding sentence, the Developer shall secure the Owner's prior written approval before incurring and paying any cost which will result in aggregate expenditures under any one category or line item in the Development Budget exceeding the amount budgeted therefor.