Annual Budget. Borrower shall furnish to Lender an operating budget for the Property, presented on a monthly basis, including applicable cash flow projections and all proposed capital replacements and improvements, upon the execution of this Agreement for the Borrower’s current fiscal year and thereafter at least thirty (30) days prior to the start of each future Borrower fiscal year (the “Annual Budget”).

by no later than 30 days prior to the commencement of each fiscal year, an annual operating budget for the Property for the next succeeding fiscal year presented on a monthly basis consistent with the annual operating statement described above for the Property, including cash flow projections for the upcoming year and all proposed capital replacements and improvements, which such budget shall not take effect until approved by Lender in writing, which approval shall not be unreasonably withheld, delayed or conditioned (such annual operating budget, as approved by Lender, referred to herein as the “Approved Annual Budget”); and

Operating Budget. If requested by Lender, Borrowers shall furnish to Lender on or prior to the Closing Date and for each fiscal year of Borrowers (or such other twelve-month period as Lender may specify) thereafter not less than fifteen (15) days preceding the commencement of such fiscal year or other period, consolidated month by month projected operating budgets, annual projections, balance sheets and cash flow reports of and for Borrowers for such upcoming fiscal year or other period (including an income statement for each month), in each case prepared in accordance with GAAP consistently applied with prior periods.

At least thirty (30) days following the end of each Fiscal Year of the Borrowers, each Borrower shall submit or cause to be submitted to Lender, an Operating Budget for Property Expenses for the next Fiscal Year for each Property. Each Operating Budget shall be subject to the approval of Lender.