Incurrence of Expenses. Borrower shall cause Mortgage Borrower not to incur any Operating Expense, Capital Expenditure, leasing expense or other expense unless it is an Operating Expense set forth in the Approved Annual Budget, an Approved Extraordinary Operating Expense, an Approved Capital Expenditure (as defined in the Mortgage Loan Agreement) or an Approved Leasing Expense (as defined in the Mortgage Loan Agreement).
Appears in 2 contracts
Sources: Second Mezzanine Loan Agreement (Clipper Realty Inc.), Mezzanine Loan Agreement (Clipper Realty Inc.)