In consideration of the Lender making available the Construction Loans as set forth in this Agreement, the Borrower agrees to pay to the Lender a facility fee (the “ Fee ”) in an amount equal to one and one quarter percent (1.25%) of the amount of the Commitment. Such Fee shall be paid on the Closing Date (for the avoidance of doubt, regardless of whether the initial Construction Loan occurs on the Closing Date). Such Fee shall be fully earned and due and payable on the Closing Date.