Fundings of Purchase Price, Development Costs and Construction Sample Clauses

Fundings of Purchase Price, Development Costs and Construction. Costs. ----- (a) Initial Funding and Payment of Purchase Price for Land and ---------------------------------------------------------- Development Costs on Closing Date. Subject to the terms and conditions of this --------------------------------- Master Agreement, on the Closing Date, each Lender shall make available to the Lessor its initial Loan with respect to such Land, and any Building thereon, in an amount equal to the product of such Lender's Commitment Percentage times the purchase price for the Land, and any Building thereon, and the development, transaction and closing costs incurred by the Construction Agent, as agent, through such Closing Date, which funds the Lessor shall use, together with the Lessor's own funds in an amount equal to the product of the Lessor's Commitment Percentage times the purchase price for the related Land and any Building thereon, and the development, transaction and closing costs incurred by the Construction Agent, as agent, through such Closing Date, to purchase the Land, and any Building thereon, from the applicable Seller pursuant to the applicable Purchase Agreement, and to pay to the Construction Agent the amount of such development, transaction and closing costs, and the Lessor shall lease such Land to the related Lessee pursuant to the Lease. It is expressly acknowledged that buildings existing on the closing date of the acquisition of the Land will be demolished as part of the development contemplated by the parties and that such is permissible, and funding therefor shall be advanced along with funding of the development of the Land.