Cost Overruns. The Borrower shall ensure that all cost-overruns over the estimated construction costs of the Project as certified by a quantity surveyor or the Architect or as ascertained by the Lender as and when they occur shall be funded by the Borrower’s own equity;
Cost Overruns. In the event that the costs and expenses incurred by Borrower in completing any work which is the subject of this Agreement exceed the respective amounts allocated by Lender for such items of expense, Borrower shall be responsible for the payment (from sources other than the Property Reserves) of such excess costs and expenses.
Cost Overruns. A. Program component overruns of thirty percent (30%) or less will be considered as eligible costs provided:
Cost Overruns. If Borrower becomes aware of any change in actual or projected Project Loan Costs which will increase any one or more category or line item of costs reflected in the Project Loan Budget, Borrower shall immediately notify Lender in writing and promptly submit to Lender for its approval a revised Project Loan Budget. Any reallocation of any category or line items in the Project Loan Budget in connection with cost overruns shall be subject to Lender’s approval in Lender’s sole discretion except as set forth in Sections 2.1.7 hereof and 5.1.33 of the Building Loan Agreement, provided, however, under no circumstances shall Borrower be permitted, or Lender obligated to approve, the reallocation of line items from the Building Loan Budget to the Project Loan Budget. Lender shall have no obligation to make any further Advances unless and until the revised Project Loan Budget so submitted by Borrower is approved by Lender and Borrower has satisfied its obligations with respect to any resulting Shortfall under Section 2.1.10. Lender reserves the right to approve or disapprove any revised Project Loan Budget in its sole and absolute discretion (except with respect to reallocations in accordance with Sections 2.1.7 and 5.1.33).
Cost Overruns. Trade Contractor agrees and acknowledges that the Act requires the Authority to procure project construction in a manner that any cost overruns are the responsibility of the proposer and not the Authority or the State. Accordingly, Trade Contractor agrees and acknowledges that as the successful proposer, Trade Contractor is solely responsible for any cost overruns that may occur on the Project as may apply to the Trade Contractor Work in excess of the Trade Contract Amount as modified in accordance with and as allowed by the Trade Contract Documents, however caused, as the Authority has no authority to accept liability for cost overruns in contravention of the Act.
Cost Overruns. (i) Each Party shall promptly inform the other Party if such Party determines that it is likely to overspend or underspend by more than [***] percent ([***]%) its respective aggregate budgeted costs and expenses under the Joint Exploratory Development Plan or any Joint Plan for Development activities conducted thereunder and shall provide the other Party with a reasonably detailed explanation for such anticipated overspend or underspend. If the Parties agree, the budget set forth in the Joint Exploratory Development Plan or any Joint Plan for Development activities may be amended to address such overspend or underspend.
Cost Overruns. If applicable, any cost overruns will not be paid by the Department and the Department is not committed to seeking additional appropriations or re-appropriation of funds and will not be responsible for the maintenance and operation of any facility which may be developed or equipment which may be purchased with the funds herein identified.
Cost Overruns. In the event there are cost overruns in relation to the development of the Property, the Senior Lender shall require that the amount of any such overruns be paid by the Covenantors. In the event the Covenantors are not able or fail to pay such cost overruns, then, prior to the Senior Lender making any advances under the Senior Loan with regard to such overruns, the Senior Lender may give written notice to the Subordinate Lender of the requirement for the amount of such cost overruns to be advanced, and the Subordinate Lender shall have ten (10) business days from the date of receipt of such written notice to advise the Senior Lender that the Subordinate Lender wishes to increase the Subordinate Loan by the amount of such overruns, and advance such amount to the Borrower, failing which the Senior Lender shall be entitled, in its sole discretion, to advance the amount of such cost overruns. In the event the Subordinate Lender advances the amount of such cost overruns to the Borrower, such amounts shall be secured under the Subordinate Security and form part of the Subordinate Indebtedness, and shall be subordinated and postponed to the Senior Security and the Senior Indebtedness to the full extent provided for in Section 1. In the event the Senior Lender advances the amount of such cost overruns to the Borrower (a “Cost Overrun Advance”), each such Cost Overrun Advance shall be secured under the Senior Security and form part of the Senior Indebtedness, and the Subordinate Lender agrees: (a) that the maximum principal amount of the Senior Indebtedness shall be automatically increased by the amount of each such Cost Overrun Advance; and (b) to execute such amendments to this Agreement and such registrable postponements of the Subordinate Security and other documents as the Senior Lender may require in connection with such Cost Overrun Advance.
Cost Overruns. Subject to additions or deductions which may be made in accordance with the Contract Documents, Contractor shall be solely liable and responsible for and shall pay any and all costs, fees and other expenditures in excess of the Guaranteed Maximum Price for and/or relating to the Work, without entitlement to reimbursement from Owner. Contractor is not entitled to any fee, payment, compensation or reimbursement under this Agreement or relating to the Work or Project other than as expressly provided in this Article 3.
Cost Overruns. If applicable, StadCo shall make contributions for deposit into the StadCo Contribution Trust Account to pay for any Cost Overruns. Pursuant to Section 3.2(d)(i) of the Development Agreement, on or before the [third] Business Day after the [22nd] day of each month, StadCo shall deposit cash in an amount sufficient to pay any then- existing Cost Overruns to the StadCo Cost Overrun Subaccount of the StadCo Contribution Trust Account.
