Common use of Monthly Financial Reporting Package Clause in Contracts

Monthly Financial Reporting Package. The Monthly Financial Reporting Package shall include the following statements: (i) a balance sheet as of the twenty-fifth (25th) day of the preceding calendar month, (ii) the Draw Request as of the twenty-fifth (25th) day of the preceding calendar month, (iii) a reconciliation between the Draw Request and the Development Budget as of the twenty-fifth (25th) day of the preceding calendar month, reflecting a comparison of the amount of actual costs incurred as of such date to the budgeted costs as set forth in the Development Budget and (iv) a monthly bank statement and reconciliation. All documents shall be type written and shall not have any handwritten changes to dollar values. Any handwritten changes of a non-dollar nature shall be initialed and dated by the person who made the change. Each such report shall be certified by an officer of Developer. Neither the giving of notice by Developer to Owner of excess expenditures in any month nor the payment of such excess expenditures, shall act to amend or otherwise modify the Development Budget unless such modification is specifically approved by Owner in writing. Developer shall provide the reports set forth in this Section 6.2.3 on or before the twenty-fifth (25th) day of the month following the month for which reporting is being provided.

Monthly Financial Reporting Package. The Monthly Financial Reporting Package shall include the following statements: (i) a balance sheet as of the twenty-fifth (25th) day of the preceding calendar month, (ii) the Draw Request as of the twenty-fifth (25th) day of the preceding calendar month, (iii) a reconciliation between the Draw Request and the Development Budget as of the twenty-fifth (25th) day of the preceding calendar month, reflecting a comparison of the amount of actual costs incurred as of such date to the budgeted costs as set forth in the Development Budget and (iv) a monthly bank statement and reconciliation. All documents shall be type written and shall not have any handwritten changes to dollar values. Any handwritten changes of a non-non- dollar nature shall be initialed and dated by the person who made the change. Each such report shall be certified by an officer of Developer. Neither the giving of notice by Developer to Owner of excess expenditures in any month nor the payment of such excess expenditures, shall act to amend or otherwise modify the Development Budget unless such modification is specifically approved by Owner in writing. Developer shall provide the reports set forth in this Section 6.2.3 on or before the twenty-fifth (25th) day of the month following the month for which reporting is being provided.