Approved Budgets definition
Examples of Approved Budgets in a sentence
Manager, through its employees, independent contractors and subcontractors, shall supply complete operational services for the Project, provided that the nature and costs of such services are included in the then current Approved Budgets, and provided further that the cost of such services are comparable with general prevailing market conditions.
In the event that Property Manager proposes to make any expenditures in excess of the amounts permitted in this Section 2.2(e), Property Manager shall prepare and submit to the Owner a statement setting forth the details of the proposed expenditure and the reasons therefor, together with an explanation of the variance as it relates to the Approved Budgets.
During the calendar year, Property Manager shall, as part of its quarterly reports required by Section 2.5(b), inform an Owner, promptly after they become known to Property Manager, of any material increases in costs, expenses and capital expenditures that were not foreseen during the budget preparation period and were, therefore, not reflected in the Approved Budgets.
All expenditures contemplated to be paid from the Operating Account are limited to the extent that such costs and expenses are authorized by this Agreement and in the Approved Budgets then in effect.
Managing Member shall use commercially reasonable efforts to adhere to the Approved Budgets, it is understood, however, that the Approved Budgets are only projections by Managing Member of estimated results and that various circumstances such as, but not limited to, the cost of labor, material, services and supplies, casualty, operation of law, or economic and market conditions may make achievement of the Approved Budgets impracticable or not obtainable.