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<br /> 2.2 @ng,ual Bud�et, It is the goal aaid plan of Owner to develop annual budgets.
<br /> _.,.�,� Manager shaU use reasonabla efforts to provide the first budget for �iscal year 1998 on or
<br /> . • •�•�' befora September 1�1997. Prtor to adopuon of thc budget,Manager will confer wlth Owner '
<br /> on all substantial expense items. For �scal year 1998 and subsequent years, Manager and
<br /> Owncr shaU use reasonable offorts to adc�pt such budget prospectively, by Septembcr 1
<br /> � immediately preceding the ne�ct calendar year. -� ,•�=?�
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<br /> � � 2.3 �isbursements. Subject to the approved budget and availability of funds and �.�4.��
<br /> � other consuaints set forth herein,and after payment of aU debt servIce,taxes and insurance -:�'�__
<br /> � on the Propert�►�Manager shall,out of such funds as Manager may from time to time hold _
<br /> � for ttie account of Uwner,pay,when due and prior to delinquency,obligations of�wner ut � =
<br /> � the following order of pdority: -��
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<br />- (a) all expenses and wsts relating to the operation of the Property; '�
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<br /> ,' (b) all amounts payable to Manager under the terms of this Agraoment;
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<br /> (c) all amou�ts payable to(?wner wnder the terms oF this Agreement. =�
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<br /> _ " ', ' ,{ Subject to the li�itations herein, Manager shall not be obligated to (but may do so � _
<br /> � � "' � in its sole discrerion)make any advances to or for the ar,count of Owner or ta pay any auao,
<br />_'.��' �". � except out of these funds held in any account for the beneflt of Owner hereunder. Manager
<br /> _�'T=`�� further shall not be obligated to iucur any liability or obligation for the account of()wner
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<br /> ;�`'�+ � or the Pro , without sadsfacto assurance from the Owner that the necess funds for
<br /> -_=:L7-�1�' Pr='tY I'Y �Y
<br /> �^w�.�� tho paymont thereof shall be provided by Owner,and Owner hereby agrees to indemnify and
<br />_ -----�-- hold hannless Manager from and against any and all such liabilities or obl�gations properly
<br /> i���i�:� incurred by IVYanager under this Agreemen�
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<br /> -������ 2.4 Accountin�Principles. Notwithstanding any pravision hereof to the contrary,
<br /> ="'='�"'��� all�inancial statements and reports requared by Owner will be pr�pared in accordance with
<br /> ----�'_� sound accounting principles, unless Owner shall specify some other required form.
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