Expenses of Owner Clause Samples
The "Expenses of Owner" clause defines which costs and expenditures are the responsibility of the owner under an agreement. Typically, this clause outlines specific categories of expenses—such as taxes, insurance, maintenance, or utilities—that the owner must pay for during the term of the contract. By clearly allocating these financial obligations, the clause helps prevent disputes over payment responsibilities and ensures that both parties understand their respective duties regarding costs.
Expenses of Owner. Except as otherwise expressly provided in Section 7 hereof, Owner assumes and shall pay or cause to be paid all expenses of the Assets, including, by way of illustration and without limitation thereof:
(a) audit, accounting and tax return preparation fees of independent certified public accountants for special and annual audits;
(b) real and personal property taxes and assessments, securities issuance and transfer taxes and other taxes, fees and assessments payable with respect to the Assets to Federal, state and other governmental agencies;
(c) interest, fees, charges and all other costs payable on borrowings, if any, related to the Assets;
(d) fees and expenses paid to independent contractors, attorneys, engineers and special consultants, property managers, insurance brokers and other agents engaged by Asset Manager in connection with the acquisition or sale of property for, or in connection with the business, of the Assets;
(e) all costs and expenses in connection with the acquisition, disposition, operation, improvement, maintenance, repair, leasing and ownership of the Assets, including any legal and closing costs in connection therewith;
(f) insurance as is reasonably required, convenient or beneficial, in connection with the business of the Asset;
(g) costs and expenses of independent appraisers;
(h) legal expenses of Owner and other expenses for professional services for Owner;
(i) expenses connected directly with the acquisition, valuation, ownership or disposition or investments in real property or other investment assets and payable to third parties, including, but not limited to the cost of foreclosure, legal fees, engineering inspections, insurance reviews, insurance premiums and other expenses of professional services, mortgage, appraisal and inspection fees, title and abstract expenses, maintenance, repair and improvement of property, and brokerage and sale commissions;
(j) expenses relating to Asset Manager's status and qualification as a corporation; and
(k) any other expenses incurred in the business of Owner in connection with the Asset, whether like or unlike the foregoing, other than those expenses specifically set forth in Section 7.
Expenses of Owner. Except as otherwise provided in this Agreement, all obligations incurred to third parties in the course of managing the Property pursuant to this Agreement shall be obligations of Owner and shall be for its account. All reasonable expenses, including fees for necessary legal advice, incurred by Operator in performance of its obligations under this Agreement shall be reimbursed by Owner to the extent they are described as reimbursable in this Agreement (subject to the Owner approved Annual Budget or other Owner approval requirements of this Agreement). Such expenses and reimbursables shall be paid with funds drawn from the General Account in accordance with Article VII hereof.
Expenses of Owner. All obligations or expenses incurred by Manager hereunder, as specifically permitted or authorized hereunder or in the Operating Budget, shall be for the account of, on behalf of, and at the expense of Owner, except as otherwise specifically provided in this Agreement; provided, however, that Owner shall not be obligated to reimburse Manager for (A) any expenses for office equipment or office supplies of Manager's corporate office, (B) any corporate overhead expenses of an off-site management office, and/or (C) any salaries (including benefits) of the corporate staff of Manager including, without limitation, any executives or supervisory personnel of Manager or the secretary of such personnel or the bookkeeper of Manager, other than those specified in Section 2.3.9 above. Owner shall have the right of prior approval with respect to all expenses of Manager to be reimbursed by Owner and shall have the right to audit any allocation of expenses between the Property and any other properties managed or owned by Manager provided that such approval shall be deemed to have been given if any such expense is specifically permitted or authorized hereunder or in the Operating Budget.
Expenses of Owner. Reimbursement By Tenants And Parties To REA . . . . . . . . . 9 6.3 Estimate of Expense . . . . . . . . . . . . . . . . . . . . .10
Expenses of Owner. Except as otherwise expressly provided in this Agreement, any expenses incurred by Manager on behalf of Owner pursuant to its authority under this Agreement shall be deemed to have been incurred for the account of, on behalf of, and at the expense of Owner. Owner, to the extent any such expenses are incurred directly by Manager shall reimburse Manager for all such expenses in the manner provided in Section 6.
Expenses of Owner. Owner shall be responsible for all direct operating expenses of the Project as set forth in the Annual Operating Budget prepared pursuant to SECTION 5.3 hereof, and for the Management Fee as provided in SECTION 7.1 hereof. It is further understood that everything done by Manager under the provisions of this Agreement shall be done for the benefit of Owner and the Project, and that all expenses incurred which inure to the benefit of Owner or the Project shall be incurred on behalf of and at the expense of Owner.
Expenses of Owner. Owner shall pay the costs of operating the Project, but only according to the annual approved budget or as separately authorized in writing by Owner.
Expenses of Owner. OWNER agrees to assume all expenses in connection therewith. OWNER shall give adequate advance written notice to MANAGER if OWNER desires that MANAGER make payment, out of Gross Income, to the extent funds are available after the payment of MANAGER’S compensation set forth in Section 14 and all operational expenses, of mortgage indebtedness, general taxes, special assessments, or fire, boiler or any other insurance premiums.
Expenses of Owner. Owner agrees to pay all fees and expenses related to the Property including, but not limited to, payment of the mortgage, taxes, property insurance, and association fees if any. See Schedule A.
Expenses of Owner. Unless this Agreement expressly provides for an item or service to be at Operator’s own expense, all costs and expenses incurred by Operator in the performance of Operator’s obligations under this Agreement shall be for and on behalf of Owner and for its account, and each of the same shall be a “Hotel Expense,” except as and to the extent this Agreement provides expressly for any of them to be at Owner’s separate expense to be paid by Owner from Owner’s own funds on a cash basis and not from the Agency Accounts.