Common use of Trust Fund for Advances Clause in Contracts

Trust Fund for Advances. In compliance with Section 13 of the Lien Law of the State of New York, the Mortgagor will receive the advances secured by this Security Instrument 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 building(s) and other improvements located on the Property before using any part of the total of the same for any other purpose. Mortgagor will indemnify and hold Agent harmless against any loss, liability, cost or expense, including any judgments, reasonable attorneys’ fees, costs of appeal bonds or printing costs, arising out of or relating to any proceedings instituted by any claimant alleging a violation by Mortgagor of Article 3-A of the New York Lien Law.

Trust Fund for Advances. In compliance with Section 13 of the Lien Law of the State of New York, the Mortgagor Lessor will receive the advances secured by this Security Instrument 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 building(s) and other improvements located on the Leased Property before using any part of the total of the same for any other purpose. Mortgagor Lessor will indemnify and hold Agent the Lessee harmless against any loss, liability, cost or expense, including any judgments, reasonable attorneys’ fees, costs of appeal bonds or printing costs, arising out of or relating to any proceedings instituted by any claimant alleging a violation by Mortgagor Lessor of Article 3-A of the New York Lien Law.

Trust Fund for Advances. In compliance with Section 13 of the Lien Law of the State of New York, the Mortgagor will receive the advances secured by this Security Instrument 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 building(s) and other improvements located on the Mortgaged Property before using any part of the total of the same for any other purpose. Mortgagor will indemnify and hold Agent Mortgagee harmless against any loss, liability, cost or expense, including any judgments, reasonable attorneys’ ' fees, costs cost of appeal bonds or printing costs, arising out of or relating to any proceedings instituted by any claimant alleging a violation by the Mortgagor of or Article 3-A of the New York Lien Law.

Trust Fund for Advances. In compliance with Section 13 of the Lien Law of the State of New York, the Mortgagor will receive the advances secured by this Security Instrument 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 building(s) improvement and other improvements located on will apply same to the Property cost of the improvement before using any part of the total of the same for any other purpose. Mortgagor will indemnify indemnify, defend and hold Agent Mortgagee harmless against any loss, liability, cost or expense, including any judgments, reasonable attorneys’ feesfees and disbursements, costs of appeal bonds or printing costs, arising out of or relating to any proceedings instituted by any claimant alleging a violation by Mortgagor of Article 3-A of the New York Lien Law.

Trust Fund for Advances. In That in compliance with Section 13 of the Lien Law of the State of New York, the Mortgagor Borrower will receive the advances secured by this Security Instrument 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 building(s) and other improvements located on the Property before using any part of the total of the same for any other purpose. Mortgagor Borrower will indemnify and hold Agent Lender harmless against any loss, liability, cost or expense, including any judgments, reasonable attorneys’ ' fees, costs of appeal bonds or printing costs, arising out of or relating to any proceedings instituted by any claimant alleging a violation by Mortgagor the Borrower of Article 3-A of the New York Lien Law.