Common use of Revision of Development Budget Clause in Contracts

Revision of Development Budget. Any revision to the Development Budget shall require the prior written approval of Owner in Owner’s sole discretion; provided, however, that Developer is authorized, without approval of Owner, to reallocate savings in any Budget Category to another Budget Category and to revise the Development Budget accordingly.

Appears in 3 contracts

Sources: Development Agreement, Development Agreement (Bluerock Residential Growth REIT, Inc.), Development Agreement (Bluerock Residential Growth REIT, Inc.)