Common use of Operating Budgets Clause in Contracts

Operating Budgets. The Partnership shall operate under annual Operating Budgets which shall be prepared in accordance with the Management Agreement. After an annual Operating Budget has been approved, the General Partner shall implement it on behalf of the Partnership and may cause the Partnership to incur the expenditures and obligations therein provided. The General Partner shall submit (or request the manager of the Property to submit) to the Limited Partners any proposed Operating Budget for each calendar year by November 15 of the preceding calendar year. Provided that each of the Limited Partners receives the proposed Operating Budget for each calendar year by November 15 of the preceding calendar year, together with all supporting information necessary for the Limited Partners to review the Operating Budget, each Limited Partner will approve, reject, or provide changes to the Operating Budget by December 15 of the year in which the proposed Operating Budget was submitted to the Limited Partners. If an Operating Budget for any calendar year has not been approved by a Majority in Interest by January 1 of that year, the Partnership shall continue to operate under the Operating Budget for the previous year with such adjustments as may be necessary to reflect deletion of non-recurring expense items set forth on the previous Operating Budget and increased insurance costs, taxes, utility costs, and debt service payments.

Operating Budgets. The Partnership shall operate under annual Operating Budgets which shall be prepared in accordance with by the Management AgreementGeneral Partner, subject to Approval by Partnership Vote. After an annual Operating Budget has been approvedthe subject of Approval by Partnership Vote, the General Partner shall implement it on behalf of the Partnership and may cause the Partnership to incur the expenditures and obligations therein provided. The General Partner shall submit (or request the manager of the Property to submit) to the Class A Limited Partners any proposed Operating Budget for each calendar year by November 15 of the preceding calendar year. Provided that each of the Class A Limited Partners receives the proposed Operating Budget for each calendar year by November 15 of the preceding calendar year, together with all supporting information necessary for the Class A Limited Partners to review the Operating Budget, each Class A Limited Partner will approve, reject, or provide changes to the Operating Budget by December 15 of the year in which the proposed Operating Budget was submitted to the Class A Limited Partners. If an Operating Budget for any calendar year has not been approved the subject of Approval by a Majority in Interest Partnership Vote by January 1 of that year, the Partnership shall continue to operate under the Operating Budget for the previous year with such adjustments as may be necessary to reflect deletion of non-recurring expense items set forth on the previous Operating Budget and increased insurance costs, taxes, utility costs, and debt service payments.

Operating Budgets. The Partnership shall operate under annual Operating Budgets which shall be prepared in accordance with the Property Management AgreementSubcontract; provided, that if the Property Management Subcontract is not in effect then the Operating Budgets shall be prepared by the General Partner and subject to Approval by Partnership Vote. After an annual Operating Budget has been approved, the General Partner shall implement it on behalf of the Partnership (including in accordance with the Property Management Subcontract) and may cause the Partnership to incur the expenditures and obligations therein provided. The General Partner shall submit (or request the manager of the Property to submit) to the Limited Partners any proposed Operating Budget for each calendar year by November 15 of the preceding calendar year. Provided that each of the Limited Partners receives the proposed Operating Budget for each calendar year by November 15 of the preceding calendar year, together with all supporting information necessary for the Limited Partners to review the Operating Budget, each Limited Partner will approve, reject, or provide changes to the Operating Budget by December 15 of the year in which the proposed Operating Budget was submitted to the Limited Partners. If an Operating Budget for any calendar year has not been approved by a Majority in Interest by January 1 of that year, the Partnership shall continue to operate under the Operating Budget for the previous year with such adjustments as may be necessary to reflect deletion of non-recurring expense items set forth on the previous Operating Budget and increased insurance costs, taxes, utility costs, and debt service payments.