Submission of Budget. Manager shall cause to be prepared and submitted to Owner, not later than November 1 of each year during the term hereof (or, if this Agreement is entered into after first (1st) of November, within 45 days after the Effective Date), (i) a proposed operating budget (the “Operating Budget”) for the operation of the Project for the immediately succeeding calendar year and (ii) a marketing plan for the Project for the immediately succeeding calendar year (“Marketing Plan”), which Operating Budget and Marketing Plan shall be subject to the approval of Owner as set forth in Section 3.2 below. In addition, with respect to the year during which Manager is initially engaged, Manager shall deliver the Operating Budget and Marketing Plan for such (partial) initial year within sixty (60) days after the Effective Date.
Appears in 3 contracts
Sources: Property Management Agreement, Property Management Agreement (Independence Realty Trust, Inc), Property Management Agreement (Independence Realty Trust, Inc)