Trust Fund. Pursuant to Section 13 of the New York Lien Law, Borrower shall receive the advances secured hereby and shall hold the right to receive the advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 10 contracts
Samples: Fee and Leasehold Mortgage and Security Agreement (Morgans Hotel Group Co.), Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing (Reading International Inc), Credit Agreement (DLC Realty Trust, Inc.)
Trust Fund. Pursuant to Section 13 of the New York Lien Law, Borrower shall receive the advances secured hereby Advances hereunder and shall hold the right to receive the advances Advances as a trust fund to be applied first for the purpose of paying the cost Costs of any improvement the Improvements and shall apply the advances Advances first to the payment of the cost Cost of any such improvement the Improvements on the Property before using any part of the total of the same for any other purpose.
Appears in 9 contracts
Samples: Project Loan Agreement, Project Loan Agreement (Acadia Realty Trust), Building Loan Agreement (Acadia Realty Trust)
Trust Fund. Pursuant to Section 13 of the Lien Law of the State of New York Lien LawYork, Borrower shall receive the advances secured hereby by this Instrument and shall hold the right to receive the such advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the such advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 4 contracts
Samples: Agreement of Spreader, Consolidation, and Modification of Mortgage and Security, Agreement of Spreader, Consolidation and Modification of Mortgage and Security Agreement (250 West 57th St Associates L.L.C.), Mortgage Agreement (60 East 42nd Street Associates L.L.C.)
Trust Fund. Pursuant to Section 13 of the lien law of New York Lien LawYork, Borrower shall receive the advances secured hereby and shall hold the right to receive the such advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the such advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 2 contracts
Samples: Mortgage and Security Agreement (Alexanders Inc), Mortgage and Security Agreement (Alexanders Inc)
Trust Fund. Pursuant to Section 13 of the New York Lien ---------- Law, Borrower shall receive the advances secured hereby and shall hold the right to receive the advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the advances first to the payment of the cost of any such improvement on the Property before using any part of the total of the same for any other purpose.
Appears in 1 contract
Samples: Agreement of Spreader, Consolidation and Modification of Mortgage (Sl Green Realty Corp)
Trust Fund. Pursuant to Section 13 of the lien law of New York Lien LawYork, Borrower shall receive the advances secured hereby and shall hold the right to receive the such advances as a trust fund to be applied first for the purpose of paying the cost of any improvement and shall apply the such advances first to the payment of the cost of any such improvement on the Mortgaged Property before using any part of the total of the same for any other purpose.
Appears in 1 contract
Trust Fund. Pursuant to Section 13 of the New York Lien Law, Borrower shall receive the advances secured hereby and shall hold the right to receive the such advances as a trust fund to be applied first for the purpose of paying the cost of any the improvement and shall apply the such advances first to the payment of the cost of any such the improvement on the Property before using any part of the total of the same for any other purpose. The covenants of this Section 8.3 are made pursuant to Section 13 of the Lien Law of the State of New York.
Appears in 1 contract
Samples: Mortgage, Security Agreement and Fixture Filing (GTJ REIT, Inc.)
