THE DEVELOPMENT FINANCING. Subject to compliance with the provisions of this Agreement, ▇▇▇▇▇▇ agrees to advance to ▇▇▇▇▇▇, and ▇▇▇▇▇▇ agrees to request from ▇▇▇▇▇▇, the Development Financing. The Development Financing shall be advanced in stages by Lessor to LTIC-CDD and disbursed by LTIC-CDD pursuant to the provisions of Article VIII hereof. The Development Financing, or so much thereof as has been advanced hereunder, shall bear interest at the rate and shall be repaid in accordance with the terms hereof and the Lease. The proceeds of the Development Financing shall be used exclusively for the purposes of defraying Construction Costs.
Appears in 2 contracts
Sources: Development Financing and Leasing Commitment (Aei Income & Growth Fund 23 LLC), Development Financing and Leasing Commitment (Aei Real Estate Fund Xviii Limited Partnership)