Common use of Presentation of Programs and Budgets Clause in Contracts

Presentation of Programs and Budgets. Proposed Programs and Budgets for the Property shall be prepared by the Operator for a period of one year, or any shorter period, or a longer period if approved by the Management Committee. Each adopted Program and Budget for the Property, regardless of length, shall be reviewed at least once a year or at the end of the Program, whichever is earlier, at the annual meeting of the Management Committee. During the period encompassed by any Program and Budget, and at least three months prior to its expiration, a proposed Program and Budget for the succeeding period shall be prepared by the Operator and submitted to the Participants.