Common use of Lien Law Clause in Contracts

Lien Law. Each Mortgagor, in compliance with Section 13 of the New York Lien Law, covenants that (a) it shall receive the advances of the Obligation, and shall hold the right to receive such advances, as a trust fund to be applied first for the purpose of paying the cost of the Improvements and (b) it shall apply such advance first to the payment for the cost of the Improvements before using any part thereof for any other purpose.

Lien Law. Each The Mortgagor, in compliance with Section 13 of the New York Lien Law, covenants that (a) it shall receive the advances of the Obligation, and shall hold the right to receive such advances, as a trust fund to be applied first for the purpose of paying the cost of the Improvements and (b) it shall apply such advance first to the payment for the cost of the Improvements before using any part thereof for any other purpose.

Lien Law. Each Mortgagor, in (a) In compliance with Section 13 of the New York Lien Law, covenants Mortgagor agrees that (a) it shall will receive the advances of the Obligation, secured hereby and shall will hold the right to receive such advances, advances as a trust fund to be applied first for to the purpose of paying the cost of “improvements” (as such term is defined in the Improvements New York Lien Law), and (b) it shall Mortgagor will apply such advance the same first to the payment for of the cost of the Improvements such “improvements” before using any part thereof of the same for any other purpose.

Lien Law. Each MortgagorThe Entity, on behalf of itself and the Agency, in compliance with Section 13 of the New York Lien Law, covenants that (a) it shall receive the advances of the Obligation, and shall hold the right to receive such advances, as a trust fund to be applied first for the purpose of paying the cost of the Improvements and (b) it shall apply such advance first to the payment for the cost of the Improvements before using any part thereof for any other purpose.

Lien Law. Each MortgagorThe Entity, on behalf of itself and the Agency, in compliance with Section 13 of the New York Lien Law, covenants each covenant that (a) it shall receive the advances of the Obligation, and shall hold the right to receive such advances, as a trust fund to be applied first for the purpose of paying the cost of the Improvements and (b) it shall apply such advance first to the payment for the cost of the Improvements before using any part thereof for any other purpose.