Common use of Preparation and Submission Clause in Contracts

Preparation and Submission. Owner and Manager acknowledge that they have agreed upon the budget for the Facility through December 31, 1997. At least ninety (90) days prior to January 1, 1998 and each subsequent calendar year that commences during the term of this Agreement, Manager shall submit to Owner a proposed annual budget for the Facility projecting the revenues available and funds required during such fiscal year in order to operate the Facility and to make capital improvements necessary or desirable in order to keep the Facility's physical plant in good condition and repair. The proposed annual budget shall be based upon data and information then available to Manager and shall include, without limitation, estimated salaries and fringe benefits for all personnel groups, projected staffing patterns for the Facility, estimates of required capital expenditures and purchases of equipment, supplies, inventory, food and similar items, and an estimate of the level of rates and charges to residents of the Facility sufficient to generate revenue necessary to operate the Facility and make the capital improvements projected in such budget. The proposed annual budget shall be an estimate of revenues and costs, and Owner and Manager acknowledge that (1) projected revenue may not be actually received and (2) projected costs may be exceeded by actual expenses and capital expenditures incurred in connection with the operation and maintenance of the

Preparation and Submission. Owner and Manager acknowledge that they have agreed upon the budget for the Facility through December 31, 1997. At least ninety (90) days prior to January 1, 1998 and each subsequent calendar year that commences during the term of this Agreement, Manager shall submit to Owner a proposed annual budget for the Facility projecting the revenues available and funds required during such fiscal year in order to operate the Facility and to make capital improvements necessary or desirable in order to keep the Facility's physical plant in good condition and repair. The proposed annual budget shall be based upon data and information then available to Manager and shall include, without limitation, estimated salaries and fringe benefits for all personnel groups, projected staffing patterns for the Facility, estimates of required capital expenditures and purchases of equipment, supplies, inventory, food and similar items, and an estimate of the level of rates and charges to residents of the Facility sufficient to generate revenue necessary to operate the Facility and make the capital improvements projected in such budget. The proposed annual budget shall be an estimate of revenues and costs, and Owner and Manager acknowledge that (1x) projected revenue may not be actually received and (2y) projected costs may be exceeded by actual expenses and capital expenditures incurred in connection with the operation and maintenance of thethe Facility. By submitting such a projected budget, Manager will not be deemed to be providing a guarantee or warrant as to the projected revenue, expenses or capital expenditures of the Facility.

Preparation and Submission. Owner and Manager acknowledge that they have agreed upon the budget for the Facility through December 31, 1997. At least ninety (90) days prior to January 1December 31, 1998 1997 and each subsequent calendar year that commences during the term of this Agreement, Manager shall submit to Owner a proposed annual budget for the Facility projecting the revenues available and funds required during such fiscal year in order to operate the Facility and to make capital improvements necessary or desirable in order to keep the Facility's physical plant in good condition and repair. The proposed annual budget shall be based upon data and information then available to Manager and shall include, without limitation, estimated salaries and fringe benefits for all personnel groups, projected staffing patterns for the Facility, estimates of required capital expenditures and purchases of equipment, supplies, inventory, food and similar items, and an estimate of the level of rates and charges to residents of the Facility sufficient to generate revenue necessary to operate the Facility and make the capital improvements projected in such budget. The proposed annual budget shall be an estimate of revenues and costs, and Owner and Manager acknowledge that (1x) projected revenue may not be actually received and (2y) projected costs may be exceeded by actual expenses and capital expenditures incurred in connection with the operation and maintenance of thethe Facility. By submitting such a projected budget, Manager will not be deemed to be providing a guarantee or warrant as to the projected revenue, expenses or capital expenditures of the Facility.