Lessee to Remove Liens Sample Clauses

Lessee to Remove Liens. The Lessee will, throughout the Term at its own cost and expense, cause any and all builders’ liens and other liens for labour, services, or materials alleged to have been furnished with respect to the Leased Lands or the Buildings, which may be registered against or otherwise affect the Leased Lands or the Buildings, to be paid, satisfied, released (including, without limitation, the release of all such liens from the interest of the Landlord in the Lands), or vacated within 42 days after the Lessee becomes aware of any claim for any such lien. PROVIDED HOWEVER that in the event of a bona fide dispute by the Lessee of the validity or correctness of any claim for any such lien the Lessee will not be bound by the foregoing, but will be entitled to defend against the claim in any proceedings brought in respect of the claim after first paying into court the amount claimed or sufficient security, and such costs as the court may direct, or the Lessee may provide, as security in respect of such claim, an irrevocable letter of credit, lodged with the City, for 120% of the full amount of any claim for any such lien, the amount of which letter of credit will be increased every six months to include interest on the claimed amount at the Alberta Treasury Branches prime rate of interest, calculated semi-annually not in advance from the date any such claim is registered against or otherwise affects the Leased Lands or the Buildings, continuing so long as the proceedings continue and which letter of credit will be on terms sufficient to protect the City’s interest in the Leased Lands and the Buildings and in a form reasonably satisfactory to the City and will be issued by one of the chartered Banks of Canada; and, upon being entitled to do so, the Lessee will register all such documents as may be necessary to cancel such lien from the Leased Lands and the Buildings, including the City’s interest in them.