Lien Law. Mortgagor will, in compliance with Section 13 of the Lien Law, receive the advances secured by this Mortgage and will hold the right to receive such advances as a trust fund to be applied first for the purpose of paying the cost of the improvement and will apply the same first to the payment of the cost of the improvement before using any part of the total of the same for any other purpose.
Appears in 4 contracts
Samples: Mortgage and Security Agreement (Vicon Industries Inc /Ny/), Mortgage, Assignment of Leases and Rents, and Security Agreement (Oneida LTD), Mortgage and Security Agreement (Vicon Industries Inc /Ny/)
