Trust Fund Provisions. All proceeds advanced hereunder shall be subject to the trust fund provisions of Section 13 of the Lien Law. Nothing contained in this Agreement is intended to constitute a promise by Borrower, express or implied, or to create any obligation, express or implied, on the part of Borrower, to make an “improvement,” as such term is defined in the Lien Law of the State of New York, and no advance of proceeds of the Loan shall at any time be conditioned, directly or indirectly, upon the making of any such “improvement”.
Appears in 5 contracts
Samples: Project Loan Agreement, Project Loan Agreement (Acadia Realty Trust), Project Loan Agreement (Acadia Realty Trust)
