Renovation Budget definition

Renovation Budget means, initially, the Renovation Budget attached hereto as Exhibit J, as the same shall be revised and updated by Borrower and approved by Lender in its reasonable discretion prior to making any disbursement of Loan proceeds to Borrower after the Initial Disbursement. Lender shall approve or disapprove any revisions to the Renovation Budget within seven (7) Business Days after Borrower has submitted to Lender the proposed revised Renovation Budget and, unless Lender within such seven (7) Business Day period gives Borrower a written notice of approval or disapproval, Lender shall be deemed to have approved the revised Renovation Budget. The Renovation Budget is subject to further revisions and updates pursuant to Section 3.7.
Sample 1
Renovation Budget shall have the meaning ascribed to such term in Section 2.1.2 hereof. "Rent Roll" shall mean a rent roll for the Premises supplied to Lender, in such form as Lender shall reasonably request. The Rent Roll must indicate whether any tenant is in arrears in the payment of rent or expense reimbursement obligations under its Lease, and the duration and amount of any such arrears. "Retained Receipts" shall have the meaning ascribed to such term in Section 7.4.2(b) hereof. "RICO" shall have the meaning ascribed to such term in Section 6.20 hereof. "Sale" shall have the meaning ascribed to such term in Section 9.4 hereof.
Sample 1
Renovation Budget means, with respect to any Mortgage Loan, the budget agreed to by the related Mortgagor, the applicable Servicer and/or the applicable Approved Originator concerning such Mortgage Loan, pursuant to which the renovation costs related to the Mortgaged Property are estimated and budgeted.
Sample 1

Examples of Renovation Budget in a sentence

  • A copy of the Renovation Budget and the Renovation Plans satisfactory to the Lender.

  • In most cases, construction hard costs equal approximately seventy percent (70%) of the total project cost while soft costs equal approximately thirty percent (30%) of the total project cost (see "New Construction/Major Renovation Budget Worksheet").

  • In the event such changes the scope of the intended Renovation, revises the Renovation Budget (including the estimated amounts contained therein), or revises or modifies the Renovation Plans, Borrower shall promptly deliver to the Agent a supplement to the Renovation Budget or Renovation Plans or a revised Renovation Budget or revised Renovation Plans, as applicable, which shall be satisfactory in form and substance to the Agent.

  • Approve the final project budget of $12,795,302, which is within the original project funding plan and direct the Auditor-Controller to increase revenue and appropriations by $10,511,904 in the Turlock Library Expansion and Renovation Budget, as detailed in the attached budget journal.

  • JSHS Renovation Budget Update Mr. Jeff Straub presented the base bid with the current prices and gave a market condition update.

  • ENERAL FUND66,842.63110ROAD USE TAX2,883.88373AVON WATERMAIN17,850.50387GREAT WESTERN BANK29,517.21388POLICE BUILDING29,517.21600WATER FUND6,088.75610SEWER FUND7,368.90630ELECTRIC UTILITY FUND25,717.15GRAND TOTAL:185,786.23TOTAL PAGES:6=============== FUND TOTALS ================ City of Carlisle - Future City Hall Renovation Budget Tracking Spreadsheet190 N.

  • Subject to the terms of this Agreement and the other Loan Documents, Available Funds on deposit in the PIP Pledged Account shall be available to Borrower solely for the purpose of paying (a) the costs of the Renovations in accordance with the Approved Renovation Budget and Attachment B to the Franchise Agreement and (b) cost overruns with respect to the Renovations to the extent provided herein.

  • Borrower shall, upon demand by Trustee, commence and proceed promptly and diligently to correct any departure from the Approved Renovation Budget and in Attachment B to the Franchise Agreement not approved by Trustee.

  • THEREFORE BE IT RESOLVED that the Board of Trustees approve that $160,167 of the J Building Renovation Budget and $250,000 from the Space Utilization Project be reallocated for Architectural and Engineering Services for the priorities named in the Master Plan.

  • Project Renovation Budget [19] The preliminary scope and budget for the general renovation scope was presented to Northmont’s Board of Directors in November 2012, formal evaluations were received, and the scope of the repair work was determined between December 2012 and February 2013.


More Definitions of Renovation Budget

Renovation Budget with respect to a Renovation Work Phase, the detailed budget cost itemization for such Renovation Work Phase prepared by Borrower and approved in writing by Lender and modified from time to time in accordance with the terms of the Documents, which specifies by item the cost and source of payment of: (a) all labor, materials and services necessary for Completion of the Renovation Work Phase in accordance with the applicable Plans and Specifications, the applicable Renovation Contract(s), the Documents, all Legal Requirements, sound construction, engineering and architectural principles, and commonly accepted safety standards; (b) interest on the Renovation Component allocated to the Renovation Work Phase and any portion of the Acquisition Cost that Lender reasonably requires to be allocated to the Renovation Work Phase; and (c) all other expenses incidental to the Completion of the Renovation Work Phase. The Renovation Budget shall include within the costs of the Renovation Work Phase to be paid from the Renovation Component an interest reserve and a contingency reserve determined to be adequate by Lender. The total costs within a Renovation Work Phase to be paid from the Renovation Component shall not exceed on a per Unit basis the Maximum Per Unit Cost for Units within such Renovation Work Phase. Without limiting Lender's discretion in approving the Renovation Budget, Lender shall be satisfied that any "construction overhead" contained therein does not constitute a developer fee of any kind.
Sample 1

Related to Renovation Budget

  • Construction Budget means the fully-budgeted costs for the acquisition and construction of a given parcel of real property (including, without limitation, the cost of acquiring such parcel of real property, reserves for construction interest and operating deficits, tenant improvements, leasing commissions, and infrastructure costs) as reasonably determined by the Parent in good faith.

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each, and clearly allocate requested grant funding and match contributions to each.

  • Approved Project Budget means the most recent statement, approved by the FTA, of the costs of the Project, the maximum amount of Federal assistance for which the TJPA is currently eligible, the specific tasks (including specified contingencies) covered, and the estimated cost of each task.

  • BASE budget means the minimum general fund budget of a district, which includes 80% of the basic

  • Project area budget means a multiyear projection of annual or cumulative

  • Development Budget means the cost categories listed on Pages 8 - 11 in Form 3 that are directly related to the proposed Project as submitted in the Application. Indirect or off-site costs not directly related to the development of the project are not valid or eligible costs.

  • Operating Budget has the meaning given in Section 3.11(a).

  • Capital Budget has the meaning given in Section 3.11(a).

  • Approved Budget means an annual budget-

  • Initial Budget has the meaning set forth in Section 7.06(a).

  • Capital Expenditure Budget shall constitute an estimate for the applicable period of the capital expenditures required to (i) accomplish capital enhancement projects included in the most recently approved Strategic Plan, (ii) maintain and preserve the Partnership's assets in good operating condition and repair and (iii) achieve or maintain compliance with any HSE Law.

  • Annual Budget means the operating budget, including all planned capital expenditures, for the Property prepared by Borrower for the applicable Fiscal Year or other period.

  • Project Costs means all allowable costs, as set forth in the applicable Federal cost principles, incurred by a recipient and the value of the contribu- tions made by third parties in accom- plishing the objectives of the award during the project period.

  • Renovation means altering a facility or one or more facility components in any way, including the stripping or removal of RACM from a facility component. Operations in which load-supporting structural members are wrecked or taken out are demolitions.

  • Annual Operating Budget has the meaning set forth in Section 4.11.

  • Budget means a resource, expressed in financial terms, proposed by the Board for the purpose of carrying out, for a specific period, any or all of the functions of the Trust.

  • Wind-Down Budget means a budget to be prepared by the Debtors, and reasonably acceptable to the Deerfield Requisite Supporting Noteholders, the Unaffiliated Requisite Supporting Noteholders, and the Committee, which shall be filed with the Court as part of the Plan Supplement, and which may be amended from time to time after entry of the Confirmation Order, subject to the consent of the Oversight Committee, which consent shall not be unreasonably withheld, and which shall estimate the funds necessary to administer the Plan and wind down the Debtors’ affairs, including the costs of holding and liquidating the Estates’ remaining property, objecting to Claims, making the Distributions required by the Plan, prosecuting claims and Causes of Action that may be held by the Estates against third parties that are not released, waived or transferred pursuant to the Plan (including pursuant to Article X) or otherwise, paying Taxes, filing Tax returns, paying professionals’ fees and expenses, paying the fees and expenses of the Oversight Committee, funding payroll and other employee costs, providing for the purchase of errors and omissions insurance and/or other forms of indemnification for the Plan Administrator, and for all such items and other costs of administering the Plan, the Estates and the Liquidating Debtors (other than the Administrative and Priority Claims Reserve, the Disputed Claims Reserve, and the Professional Fee Reserve).

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • New Project means (a) each facility or operating location which is either a new facility, location or office or an expansion, relocation, remodeling or substantial modernization of an existing facility, location or office owned by the Borrower or its Subsidiaries which in fact commences operations and (b) each creation (in one or a series of related transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market.

  • Expansion Capital Expenditures means cash expenditures for Acquisitions or Capital Improvements. Expansion Capital Expenditures shall include interest (including periodic net payments under related interest rate swap agreements) and related fees paid during the Construction Period on Construction Debt. Where cash expenditures are made in part for Expansion Capital Expenditures and in part for other purposes, the General Partner shall determine the allocation between the amounts paid for each.

  • Tenant Improvement Allowance in the maximum amount of $200.00 per rentable square foot in the Premises, which is included in the Base Rent set forth in the Lease; and

  • Project Schedule means a document that, with respect to each Phase of the Project, identifies, coordinates and integrates the anticipated design and construction schedules, the Contracting Authority’s and Owner's responsibilities, government authority reviews and other activities as are necessary for the timely completion of the Work.

  • DIP Budget means the “Approved Budget” as defined in the DIP Term Facility Order.

  • Annual Work Plan and Budget means the work plan and budget approved by the Bank and adopted by the Borrower in accordance with the provisions of Section I.C of Schedule 2 of this Agreement, as said work plan and budget may be modified from time to time with the written agreement of the Bank.

  • Major renovation means the renovation of a building where:

  • Qualified Project Costs means costs paid with respect to the Project that meet each of the following requirements: (i) the costs are properly chargeable to capital account (or would be a so chargeable with a proper election by the Borrower or but for a proper election by the Borrower to deduct such costs) in accordance with general Federal income tax principles and in accordance with United States Treasury Regulations §1.103-8(a)(1), provided, however, that only such portion of the interest accrued during construction of the Project shall be eligible to be a Qualified Project Cost as bears the same ratio to all such interest as the Qualified Project Costs bear to all costs of the construction of the Project; and provided further that interest accruing after the date of completion of the Project shall not be a Qualified Project Cost; and provided still further that if any portion of the Project is being constructed by an Affiliate (whether as general contractor or a subcontractor), Qualified Project Costs shall include only (A) the actual out-of- pocket costs incurred by such affiliate in constructing the Project (or any portion thereof), (B) any reasonable fees for supervisory services actually rendered by such affiliate, and (C) any overhead expenses incurred by such affiliate which are directly attributable to the work performed on the Project, and shall not include, for example, intercompany profits resulting from members of an affiliated group (within the meaning of Section 1504 of the Code) participating in the construction of the Project or payments received by such affiliate due to early completion of the Project (or any portion there); (ii) the costs are paid with respect to a qualified residential rental project or projects within the meaning of Section 142(d) of the Code, (iii) the costs are paid after the earlier of 60 days prior to the date of a declaration of “official intent” to reimburse costs paid with respect to the Project (within the meaning of §1.150-2 of the United States Treasury Regulations) or the date of issue of the Bonds, and (iv) if the costs of the construction of the Project were previously paid and are to be reimbursed with proceeds of the Bonds such costs were (A) costs of issuance of the Bonds, (B) preliminary capital expenditures (within the meaning of United States Treasury Regulations §1.150-2 (F) (2)) with respect to the Project (such architectural, engineering and soil testing services) incurred before commencement of construction of the Project that do not exceed twenty percent (20%) of the issue price of the Bonds (as defined in United States Treasury Regulations §1.148-1), or (C) were capital expenditures with respect to the Project that are reimbursed no later than eighteen (18) months after the later of the date the expenditure was paid or the date the Project is placed in service (but no later than three (3) years after the expenditures is paid).