Common use of Revision of Development Budget Clause in Contracts

Revision of Development Budget. If the Manager at any time ------------------------------ determines that the Development Budget is not compatible with the then- prevailing status of the Project and does not adequately provide for the completion of the Project, the Manager shall promptly prepare and submit to the Owner an appropriate revision of the Development Budget. Any such revision shall require the approval of the Owner; provided, however, that any such revision shall be considered approved on the fourteenth (14th) day following its delivery to the Owner, unless the Owner shall, within such fourteen (14) day period, notify the Manager in writing of its disapproval of the proposed revision and specify in such notice the items to which it objects. In the event of any such objection, the Manager and the Owner shall consult and endeavor to reconcile their differences.

Revision of Development Budget. If the Manager at any time determines ------------------------------ determines that the Development Budget is not compatible with the then- then-prevailing status of the Project and does not adequately provide for the completion of the Project, the Manager shall promptly prepare and submit to the Owner an appropriate revision of the Development Budget. Any such revision shall require the approval of the Owner; provided, however, that any such revision shall be considered approved on the fourteenth (14th) day following its delivery to the Owner, unless the Owner shall, within such fourteen (14) day period, notify the Manager in writing of its disapproval of the proposed revision and specify in such notice the items to which it objects. In the event of any such objection, the Manager and the Owner shall consult and endeavor to reconcile their differences.

Revision of Development Budget. If the Manager Developer at any time ------------------------------ determines that the Development Budget is not compatible with the then- prevailing status of the Project and does not adequately provide for the completion of the Project, the Manager Developer shall promptly prepare and submit to the Owner an appropriate revision of the Development Budget. Any such revision shall require the approval of the Owner; provided, however, that any such revision shall be considered approved on the fourteenth (14th) day following its delivery to the Owner, unless the Owner shall, within such fourteen (14) day period, notify the Manager Developer in writing of its disapproval of the proposed revision and specify in such notice the items to which it objects. In the event of any such objection, the Manager Developer and the Owner shall consult and endeavor to reconcile their differences.