Limitations on Expenditures. Manager will not incur any costs other than those estimated in any approved budget or approved pro forma statements or as otherwise specified in a Property Amendment except for: (1) costs incurred in emergency situations in which action is immediately necessary for the preservation or safety of a Property, or for the safety of occupant or other person (or to avoid the suspension of any necessary service of the Property); (2) expenditures for real estate taxes and assessments that exceed the amount budgeted but only to the extent that such additional amounts are the result of a tax rate increase, property value reassessment or other assessment that occurs after the preparation of the budget; (3) maintenance and repair costs that are individually under $10,000 so long as such costs in the aggregate do not exceed the amount budgeted for such items by more than 5%; and (4) maintenance supplies calling for an aggregate purchase price of less than $5,000, unless a different amount is specified in a Property Amendment.
Appears in 4 contracts
Sources: Master Property Management, Leasing and Construction Management Agreement (Wells Real Estate Investment Trust Ii Inc), Master Property Management, Leasing and Construction Management Agreement (Wells Real Estate Investment Trust Ii Inc), Master Property Management, Leasing and Construction Management Agreement (Wells Real Estate Investment Trust Inc)
Limitations on Expenditures. Manager will not incur any costs other than those estimated in any approved budget or approved pro forma statements or as otherwise specified in a Property Amendment except for:
(1) costs incurred in emergency situations in which action is immediately necessary for the preservation or safety of a Property, or for the safety of occupant or other person (or to avoid the suspension of any necessary service of the Property);
(2) expenditures for real estate taxes and assessments that exceed the amount budgeted but only to the extent that such additional amounts are the result of a tax rate increase, property Property value reassessment or other assessment that occurs after the preparation of the budget;
(3) maintenance and repair costs that are individually under $10,000 so long as such costs in the aggregate do not exceed the amount budgeted for such items by more than 5%; and
(4) maintenance supplies calling for an aggregate purchase price of less than $5,000, unless a different amount is specified in a Property Amendment.
Appears in 3 contracts
Sources: Master Property Management, Leasing and Construction Management Agreement (Gc Net Lease Reit, Inc.), Master Property Management, Leasing and Construction Management Agreement (Gc Net Lease Reit, Inc.), Master Property Management, Leasing and Construction Management Agreement (Gc Net Lease Reit, Inc.)
Limitations on Expenditures. Manager will not incur any costs other than those estimated in any approved budget or approved pro forma statements or as otherwise specified in a Property Amendment except for:
(1) costs incurred in emergency situations in which action is immediately necessary for the preservation or safety of a Property, or for the safety of occupant or other person (or to avoid the suspension of any necessary service of the Property);
(2) expenditures for real estate taxes and assessments that exceed the amount budgeted but only to the extent that such additional amounts are the result of a tax rate increase, property or supplemental tax bills, if applicable, Property value reassessment or other assessment that occurs after the preparation of the budget;
(3) maintenance and repair costs that are individually under $10,000 so long as such costs in the aggregate do not exceed the amount budgeted for such items by more than 5%; and
(4) maintenance supplies calling for an aggregate purchase price of less than $5,000, unless a different amount is specified in a Property Amendment.
Appears in 2 contracts
Sources: Master Property Management, Leasing and Construction Management Agreement (Griffin Capital Essential Asset REIT, Inc.), Master Property Management, Leasing and Construction Management Agreement (Griffin Capital Essential Asset REIT II, Inc.)
Limitations on Expenditures. Manager will not incur any costs other than those estimated in any approved budget or approved pro forma statements or as otherwise specified in a Property Amendment except for:
(1) costs incurred in emergency situations in which action is immediately necessary for the preservation or safety of a Property, or for the safety of occupant or other person (or to avoid the suspension of any necessary service of the Property);
(2) expenditures for real estate taxes and assessments that exceed the amount budgeted but only to the extent that such additional amounts are the result of a tax rate increase, property value reassessment or other assessment that occurs after the preparation of the budget;
(3) maintenance and repair costs that are individually under $10,000 (unless a different amount is specified in a Property Amendment) so long as such costs in the aggregate do not exceed the amount budgeted for such items by more than 5%; and
(4) maintenance supplies calling for an aggregate purchase price of less than $5,000, unless a different amount is specified in a Property Amendment.
Appears in 1 contract