Common use of Multiple Projects Clause in Contracts

Multiple Projects. The parties hereto acknowledge and agree that proceeds from the Loan (other than the Village Note Payoff Advance and Operating Expense Advance) (and under certain conditions as herein provided, Lessor Contributions) are to be used for purposes of financing all costs and/or expenses incurred in connection with leasing, acquiring, developing, opening, and operating the Projects described herein. Generally, the parties contemplate that in addition to the Existing Projects and Planned Projects, up to approximately twenty (20) different Projects may be approved and developed by the Borrower, some of which will be developed simultaneously, at an estimated cost of approximately $5,000,000 per Project site. The parties, however, acknowledge, that the cost per Project will differ and will be more accurately estimated in each Project Development Budget and that the number of Projects may exceed twenty (20) depending on availability of Advances hereunder, identification and approval of acceptable Project sites, and satisfaction of funding requirements pursuant to this Agreement and the Loan Documents.