Common use of Owner Approval Clause in Contracts

Owner Approval. Owner shall, within thirty (30) days after receipt of a proposed Budget and Business Plan (including the Preliminary Budget and the Preliminary Plan), approve or disapprove such Budget and Business Plan in its sole discretion. As used herein, the terms "Business Plan" and "Budget" shall refer to the currently approved Budget and Business Plan approved by Owner as amended and/or modified from time to time. Owner shall provide Manager written notice of its approval or disapproval; provided, that in the event Owner fails to do so, the Budget or Business Plan, as the case may be, from the previous year shall control until a new budget or business plan is approved. Within fifteen (15) days after Owner submits any objection to the proposed budget or business plan, Manager will submit a revised budget or business plan to Owner, as the case may be. If Owner does not approve such revised budget or business plan within fifteen (15) days of its submission to Owner, the budget or business plan as the case may be, from the previous year shall control until a new budget or business plan is approved.