Approval of Budgets. If Operator submits a timely budget recommendation, and Owner does not disapprove it in writing before July 1, Operator’s proposed budget is deemed approved. If an annual budget has not been approved by that date, Operator shall continue to operate the Property under the approved budget for the previous year until Operator and Owner can agree on the new budget or the termination of this Agreement.
Appears in 2 contracts
Sources: Management Agreement, Management Agreement