Trust Fund. Pursuant to Section 13 of the New York Lien Law, Mortgagor 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 Mortgaged Property before using any part of the total of the same for any other purpose.
Appears in 6 contracts
Sources: Senior Unsecured Credit Agreement (LaSalle Hotel Properties), Term Loan Agreement (Hersha Hospitality Trust), Senior Unsecured Credit Agreement (LaSalle Hotel Properties)
Trust Fund. Pursuant to Section 13 of the Lien Law of New York Lien LawYork, Mortgagor 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 5 contracts
Sources: Term Loan Agreement (Acadia Realty Trust), Loan Agreement (Acadia Realty Trust), Mortgage and Security Agreement (Document Security Systems Inc)
Trust Fund. Pursuant to Section 13 of the lien law of New York Lien LawYork, Mortgagor 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 4 contracts
Sources: Mortgage, Assignment of Leases and Rents and Security Agreement (KBS Real Estate Investment Trust, Inc.), Mortgage Agreement (KBS Real Estate Investment Trust, Inc.), Mortgage, Assignment of Leases and Rents and Security Agreement (KBS Real Estate Investment Trust, Inc.)
Trust Fund. Pursuant to Section 13 of the Lien Law of New York Lien LawYork, the Mortgagor 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 4 contracts
Sources: Mortgage, Security Agreement and Assignment of Leases and Rents, Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing (Boreal Water Collection Inc.), Mortgage, Security Agreement and Assignment of Leases and Rents
Trust Fund. Pursuant to Section 13 of the Lien Law of New York Lien LawYork, Mortgagor ▇▇▇▇▇▇▇▇▇ 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 2 contracts
Sources: Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Financing Statement (Lightstone Value Plus Real Estate Investment Trust, Inc.), Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Financing Statement (Lightstone Value Plus Real Estate Investment Trust, Inc.)
Trust Fund. Pursuant to Section 13 of the Lien Law of the State of New York Lien LawYork, the Mortgagor shall receive the advances secured hereby by this Mortgage 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 Premises before using any part of the total of the same for any other purpose.
Appears in 2 contracts
Sources: Credit Agreement (Orion Power Holdings Inc), Credit Agreement (Orion Power Holdings Inc)
Trust Fund. Pursuant to Section 13 of the Lien Law of New York Lien LawYork, Agency and Mortgagor 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 2 contracts
Sources: Mortgage and Security Agreement (Mapinfo Corp), Mortgage and Security Agreement (Mapinfo Corp)
Trust Fund. Pursuant to Section 13 of the Lien Law of New York Lien LawYork, Mortgagor shall receive the advances secured hereby by this Mortgage 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 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 2 contracts
Sources: Mortgage Consolidation and Modification Agreement (Acadia Realty Trust), Mortgage Consolidation and Modification Agreement (Acadia Realty Trust)
Trust Fund. Pursuant to Section 13 of the lien law of New York Lien LawYork, Mortgagor 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 2 contracts
Sources: Mortgage Consolidation and Modification Agreement (American Realty Capital New York Recovery Reit Inc), Mortgage and Security Agreement (American Realty Capital New York Recovery Reit Inc)
Trust Fund. Pursuant to Section 13 of the Lien Law of New York Lien LawYork, Mortgagor 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 of the Property and shall apply the such advances first to the payment of the cost of any such improvement on of 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, Mortgagor 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 the improvement and shall apply the advances first to the payment of the cost of any such the improvement on the Mortgaged Property before using any part of the total of the same for any other purpose.
Appears in 1 contract
Sources: Loan Agreement (Acadia Realty Trust)
Trust Fund. Pursuant to Mortgagor, in compliance with Section 13 of the Lien Law of the State of New York Lien LawYork, Mortgagor shall will receive the advances secured hereby by this Mortgage and shall will 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 will apply the advances same 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 Lien Law of New York Lien LawYork, Mortgagor 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 38 32 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 Mortgagor and Agency, in compliance with Section 13 of the Lien Law of the State of New York Lien LawYork, Mortgagor shall will receive the advances secured hereby by this Mortgage and shall will 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 will apply the advances same 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, Mortgagor 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 on the Property and shall apply the 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