Common use of Approved Operating Expenses Clause in Contracts

Approved Operating Expenses. operating expenses incurred by Owner which (i) are included in the Approved Operating Budget for the current calendar month (excluding such portion of the fees payable to Manager under the Management Agreement which are in excess of four percent (4%) of Gross Revenues actually received during the applicable period; provided, however, the foregoing shall not be deemed to preclude Owner from paying any such fees pursuant to the terms of the Management Agreement from its own funds), (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property or (iii) have been approved by Lender in its reasonable discretion. Except for a management fee of up to four percent (4%) of Gross Revenues as described above, no other management, franchise or other similar fees payable to any Affiliate of Owner, Borrower, Guarantor or Manager shall be an Approved Operating Expense hereunder (although nothing shall be deemed to preclude Owner from paying any such fees pursuant from its own funds). The initial Approved Operating Budget is attached hereto as Schedule 5.

Approved Operating Expenses. operating expenses incurred by Owner Borrower which (i) are included in the Approved Operating Budget for the current calendar month (excluding such portion of the fees payable to Manager under the Management Agreement which are in excess of four percent (4%) of Gross Revenues actually received during the applicable period; provided, however, the foregoing shall not be deemed to preclude Owner Borrower from paying any such fees pursuant to the terms of the Management Agreement from its own funds), (ii) are for real estate taxes, insurance premiums, electric, gas, oil, water, sewer or other utility service to the Property Property, or (iii) have been approved by Lender in its reasonable discretion. Except for a management fee of up to four percent (4%) of Gross Revenues as described above, no other management, franchise or other similar fees payable to any Affiliate of Owner, Borrower, Guarantor or Manager shall be an Approved Operating Expense hereunder (although nothing shall be deemed to preclude Owner Borrower from paying any such fees pursuant from its own funds). The initial Approved Operating Budget is attached hereto as Schedule 56.