Renovation Budget definition

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.

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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.

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.

Examples of Renovation Budget in a sentence

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

• 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.

• If the Manager is selected and agrees to assist in a Major Renovation, the Project Management Fee will be payable monthly in arrears based upon the prior calendar month’s total expenditures under the Major Renovation Budget.

• Any onsite or dedicated personnel required for the direct supervision of the implementation of a Major Renovation Budget or other renovation project will be a direct cost to, and shall be reimbursed by, the Landlord.

• The Landlord shall be responsible for funding the Major Renovation Budget.

• Subject to Section 2.01(c)(iii) deviate in from, amend or replace the Business Plan or deviate from, amend or replace any Annual Budget (including any Renovation Budget) except as provided in Section 2.10 below.

• If the Manager is selected by Landlord to assist in a Major Renovation, the Major Renovation Budget shall be developed and approved by Landlord and Lessee and provided to Manager together with Lessee’s written request to manage the Major Renovation.

• Except as expressly set forth in the then effective Renovation Budget or this Agreement and except for payments to Manager or its affiliates under the Management Agreement, no developer, management, consulting or brokerage fee or commission, developer profit or other payment to any Related Person will be paid directly or indirectly from any proceeds of the Loan without Lender’s prior written approval.

• The cost of improvements to the Leased Premises will not be included in the Renovation Budget stated in Section 8 above.

• 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.

More Definitions of Renovation Budget

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.