Common use of Budget Line Items Clause in Contracts

Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by Agent in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of the Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, leasing commissions, tenant improvements and tenant allowances, operating deficits, real estate taxes, and all other sums due in connection with Construction and operation of the Project, the Loan, and this Agreement. Borrower agrees that all Loan proceeds disbursed by Agent shall be used only for the Budget Line Items for which such proceeds were disbursed. Borrower shall have the right to reallocate cost savings effected by final change order or other appropriate final documentation to other Budget Line Items subject to Agent’s prior written consent not to be unreasonably withheld. Subject to Borrower’s reallocation rights under this Section 10.2 and Section 10.3 below, Lenders shall not be obligated to disburse any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item. Borrower shall pay as they become due all amounts set forth in the Budget with respect to costs to be paid for by Borrower.

Budget Line Items. The Budget shall include as line items (“Budget Line Items”), to the extent determined to be applicable by Administrative Agent in its reasonable discretion, the cost of all labor, materials, equipment, fixtures and furnishings needed for the completion of the Construction, and all other costs, fees and expenses relating in any way whatsoever to the Construction of the Improvements, leasing commissions, tenant improvements and tenant allowances, operating deficits, real estate taxes, the acquisition of the Phase II Retail Unit and all other sums due in connection with Construction and operation of the Project, the Loan, and this Agreement. Borrower agrees that all Loan proceeds disbursed by Agent shall be used only for the Budget Line Items for which such proceeds were disbursed. Without limiting Borrower’s rights under Section 8.3 below, Borrower shall have the right to reallocate cost savings effected by final change order or other appropriate final documentation to other Budget Line Items subject to Administrative Agent’s prior written consent not to be unreasonably withheld. Subject to Borrower’s reallocation rights under this Section 10.2 and Section 10.3 below, Lenders shall not be obligated to disburse any amount for any category of costs set forth as a Budget Line Item which is greater than the amount set forth for such category in the applicable Budget Line Item. Borrower shall pay as they become due all amounts set forth in the Budget with respect to costs to be paid for by Borrower.