Trust Fund. Pursuant to Section 13 of the New York Lien Law, Borrower shall receive the advances secured hereby and shall hold the right to receive the advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 10 contracts
Samples: Mortgage and Security Agreement (Morgans Hotel Group Co.), Credit Agreement (DLC Realty Trust, Inc.), Security Agreement (Reading International Inc)
Trust Fund. Pursuant to Section 13 of the New York Lien Law, Borrower shall receive the advances secured hereby Advances hereunder and shall hold the right to receive the advances Advances as a trust fund to be applied first for the purpose of paying the cost Costs of any improvement the Improvements and shall apply the advances Advances first to the payment of the cost Cost of any such improvement the Improvements on the Property before using any part of the total of the same for any other purpose.
Appears in 8 contracts
Samples: Building Loan Agreement (Acadia Realty Trust), Building Loan Agreement (Acadia Realty Trust), Project Loan Agreement (Acadia Realty Trust)
Trust Fund. Pursuant to Section 13 of the Lien Law of the State of New York Lien LawYork, Borrower shall receive the advances secured hereby by this Instrument and shall hold the right to receive the such advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the such advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 3 contracts
Samples: Mortgage and Security Agreement (250 West 57th St Associates L.L.C.), Security Agreement (250 West 57th St Associates L.L.C.), Agreement (60 East 42nd Street Associates L.L.C.)
Trust Fund. Pursuant to Section 13 of the lien law of New York Lien LawYork, Borrower shall receive the advances secured hereby and shall hold the right to receive the such advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the such advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 2 contracts
Samples: And Consolidated Mortgage and Security Agreement (Alexanders Inc), And Consolidated Mortgage and Security Agreement (Alexanders Inc)
Trust Fund. Pursuant to Section 13 of the lien law of New York Lien LawYork, Borrower shall receive the advances secured hereby and shall hold the right to receive the such advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the such advances first to the payment of the cost of any such improvement on the Mortgaged Property before using any part of the total of the same for any other purpose.
Appears in 1 contract
Samples: Security Agreement (Alexanders Inc)
Trust Fund. Pursuant to Section 13 of the New York Lien ---------- Law, Borrower shall receive the advances secured hereby and shall hold the right to receive the advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 1 contract
Samples: Agreement (Sl Green Realty Corp)
