Lien Law. I will receive all amounts lent to me by Lender subject to the trust fund provisions of Section 13 of the New York Lien Law. This means that I will: (A) hold all amounts which I receive and which I have a right to receive from Lender under the Consolidated Note as a “trust fund;” and (B) use those amounts to pay for “cost of improvement” (as defined in the New York Lien Law) before I use them for any other purpose. The fact that I am holding those amounts as a “trust fund” means that for any building or other improvement located on the Property I have a special responsibility under the law to use the amount in the manner described in this Section IX.
Appears in 30 contracts
Samples: Consolidation, Extension, and Modification Agreement, Consolidation, Extension, and Modification Agreement, Consolidation, Extension, and Modification Agreement
Lien Law. I will receive all amounts lent to me by Lender subject to the trust fund provisions of Section 13 of the New York Lien Law. This means that I will: will (A) hold all amounts which I receive and which I have a right to receive from Lender under the Consolidated Note as a “trust fund;,” and (B) use those amounts to pay for “cost of improvement” (as defined in the New York Lien Law) before I use them for any other purpose. The fact that I am holding those amounts as a “trust fund” means that for any building or other improvement located on the Property I have a special responsibility under the law to use the amount in the manner described in this Section IX.
Appears in 3 contracts
Samples: Consolidation, Extension, and Modification Agreement, Consolidation, Extension, and Modification Agreement, Consolidation, Extension, and Modification Agreement
Lien Law. I will receive all amounts lent to me by Lender subject to the trust fund provisions of Section 13 of the New York Lien Law. This means that I will: (A) hold all amounts which I receive and which I have a right to receive from Lender under the Consolidated Note as a “trust fund;” ”; and (B) use those amounts to pay for “cost of improvement” (as defined in the New York Lien Law) before I use them for any other purpose. The fact that I am holding those amounts as a “trust fund” means that for any building or other improvement located on the Property I have a special responsibility under the law to use the amount in the manner described in this Section IX.
Appears in 2 contracts
Samples: Consolidation, Extension, and Modification Agreement, Consolidation, Extension, and Modification Agreement