Common use of Construction Properties Clause in Contracts

Construction Properties. Subject to the terms and conditions of this Lease, on the Acquisition Date for each Construction Property (i) the Lessor shall purchase a fee interest in the relevant parcel of Land, or acquire a leasehold interest in such parcel of Land pursuant to a Ground Lease, and (ii) the Lessor shall demise and lease to the Lessee hereunder for the Lease Term applicable thereto the Lessor's interest in such Land together with any Improvements which then may be located thereon or thereafter may be constructed thereon pursuant to the Construction Agency Agreement or this Lease, and the Lessee hereby agrees to lease from the Lessor for such Lease Term, the Lessor's interest in such Land together with the Lessor's interest in such Improvements.

Construction Properties. Subject to the terms and conditions of this Lease, on the Acquisition Date for each Construction Property (i) the Lessor shall purchase a fee interest in the relevant parcel of Land, or acquire the Lessee shall convey a ground leasehold interest in such parcel of Land to the Lessor pursuant to a Ground Lease, and (ii) the Lessor shall demise and lease to the Lessee hereunder for the Lease Term applicable thereto the Lessor's interest in such Land together with any Improvements which then may be located thereon or thereafter may be constructed thereon pursuant to the Construction Agency Agreement or this Lease, and the Lessee hereby agrees to lease from the Lessor for such Lease Term, the Lessor's interest in such Land together with the Lessor's interest in such Improvements.