Lien Free Completion. (a) Borrower covenants and agrees that each of the Replacements and all materials, equipment, fixtures, or any other item comprising a part of any Replacement shall be constructed, installed or completed, as applicable, free and clear of all mechanic's, materialman's or other liens (except for those liens existing on the date of this Agreement which have been approved in writing by Lender).
(b) Prior to each disbursement from the Replacement Reserve, Lender may require Borrower to provide Lender with a search of title to the Property effective to the date of the release, which search shows that no mechanic's or materialmen's liens or other liens of any nature have been placed against the Property since the date this Agreement (other than liens which Borrower is diligently contesting in good faith and which have been bonded off to the satisfaction of Lender) and that title to the Property is free and clear of all liens (other than the lien of the Security Instrument and any other liens previously approved in writing by the Lender, if any).
(c) In addition, as a condition to any disbursement, Lender may require Borrower to obtain from each contractor, subcontractor, or materialman an acknowledgment of payment and release of lien for work performed and materials supplied. Any such acknowledgment and release shall conform to the requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, subcontractor or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, subcontractor or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request).
Lien Free Completion. Completion of the Improvements free and clear of liens shall be deemed to have occurred upon Completion of Construction, as defined in the Loan Agreement.
Lien Free Completion. (a) For any work that would cost more than $50,000, Landlord may require, at Landlord’s sole option, that Tenant provide to Landlord such security as reasonably determined by Landlord to protect Landlord against any liability in connection with the work, including but not limited to a lien and completion bond naming Landlord as a co-obligee.
(b) Tenant shall use its best efforts to obtain or cause to be obtained a “no-lien” contract from each of Tenant’s contractors. All subcontractors under each of the contracts shall be given a notice of such no-lien contract before such subcontractor furnishes any labor or materials. Upon completion of the work, Tenant shall furnish Landlord with full and final waivers of liens and contractors’ affidavits and statements, in such form as may be required by Landlord, Landlord’s title insurance company and any Mortgagee, from all parties performing labor or supplying materials or services in connection with the work showing that all of said parties have been compensated in full.
(c) If Tenant fails to make any payment relating to the work, Landlord, after notice to Tenant and allowing Tenant a reasonable time to cure, as its option, may complete the work, make such payment and hold Tenant liable for the costs thereof.
Lien Free Completion. Tenant shall use its best efforts to obtain or cause to be obtained and delivered to Landlord written, unconditional waivers of mechanics' and materialman’s liens against the Premises, the Building and the Project from each of Tenant’s contractors and subcontractors. Subcontractor waivers shall be separate from the construction contract and shall be provided prior to the commencement of construction. If Tenant is unable to obtain or cause to be obtained any such waiver prior to commencement of the construction, Tenant shall give written notice of such fact to Landlord, and Landlord at its option shall have the right to disapprove such contractor or subcontractor or to require Tenant to furnish security or make other arrangements satisfactory to Landlord to assure payment for the completion of all Alterations free and clear of liens. Upon completion of the Alterations, Tenant shall deliver to Landlord sworn statements setting forth the names of all material suppliers and contractors and subcontractors who did work on the Alterations and full and final lien waivers from all such contractors, subcontractors and material suppliers. Upon completion of the Alterations, Tenant shall furnish Landlord with full and final waivers of liens and contractors’ affidavits and statements, in such form as may be required by Landlord, Landlord’s title insurance company and any Mortgagee, from all parties performing labor or supplying materials or services in connection with the Alterations showing that all of said parties have been compensated in full. Before commencement of the Alterations, Tenant shall notify Landlord of the proposed date of commencement of the Alterations, and shall prepare and deliver to Landlord for Landlord’s signature a notice of non-responsibility and allow Landlord no less than three (3) days to post the same. Additionally, if Tenant fails to make any payment relating to the Alterations, Landlord, at its option, may complete the Alterations and/or make such payment and Tenant shall reimburse Landlord for all costs incurred therefor within five (5) days of Landlord’s demand.
Lien Free Completion. Borrower shall cause Completion, in accordance with each applicable Development Plan (subject to Force Majeure) and each applicable Project Budget, of all lot development improvements on Lots Under Development necessary to re-classify such Lots to Finished Lots and all Homes in the Borrowing Base on which vertical construction has commenced but has not yet been completed.
Lien Free Completion. Completion of the Improvements free and clear of liens shall be deemed to have occurred upon: (a) (i) Lender’s receipt of a written statement or certificate executed by the architect designated or shown on the Plans and Specifications certifying, without qualification or exception, that the Improvements are completed, and (ii) Lender’s receipt of all required occupancy permit(s) for all of the Improvements issued by the local government agency having jurisdiction and authority to issue same, and (iii) the expiration of the statutory period(s) within which valid mechanic’s liens, materialman’s liens and/or stop notices may be recorded and/or served by reason of the construction of the Improvements, or, alternatively, Lender’s receipt of valid, unconditional releases thereof from all persons entitled to record said liens or serve said stop notices; or (b) Lender’s receipt of such other evidence of lien free completion as Lender deems satisfactory in its reasonable discretion.
Lien Free Completion. Tenant shall cause each of Tenant’s contractors to agree, in their construction contracts with Tenant, to satisfy and release (by bond or otherwise) any mechanic’s or materialman’s liens filed against the Project by any of the subcontractors engaged by such contractor within ten (10) days of such filing. Upon completion of the Alterations, (other than Cosmetic Alterations), Tenant shall furnish Landlord with full and final waivers of liens and contractors’ affidavits and statements, in such form as may be required by Landlord, Landlord’s title insurance company and any Mortgagee, from all parties performing labor or supplying materials or services in connection with the Alterations showing that all of said parties have been compensated in full. Before commencement of the Alterations, Tenant shall notify Landlord of the proposed date of commencement of the Alterations, and shall prepare and deliver to Landlord for Landlord’s signature a notice of non-responsibility and allow Landlord no less than seven (7) days to record and post the same. Additionally, if Tenant fails to make any payment relating to the Alterations, Landlord, at its option, may complete the Alterations and/or make such payment and Tenant shall reimburse Landlord for all costs incurred therefor within five (5) days of Landlord’s demand.
Lien Free Completion. (a) The Replacements and all materials, equipment, fixtures, or any other item comprising a part of any Replacement shall be constructed, installed or completed, as applicable, free and clear of all mechanic's, materialman's or other liens (except for those liens existing on the date of this Agreement which have been approved in writing, by Lender, if any).
(b) Lender may require Borrower to provide Lender with a search of title to the Property effective to the date of the disbursement, which search shows that no mechanic's or materialmen's liens or other liens of any nature have been placed against the Property since the date of recordation of the Deed of Trust and that title to the Property is free and clear of all liens (other than the lien of the Deed of Trust and any other liens previously approved in writing by Lender, if any).
Lien Free Completion. Completion of the Improvements free and clear of liens will be deemed to have occurred only upon: (i)(A) the expiration of the applicable statutory periods of the state in which the Mortgaged Property is located within which valid construction, mechanics or materialmens' liens may be recorded and served by reason of the design, supply or construction of the Improvements with any such liens that have been filed having been released, discharged of record, or bonded as reasonably approved by Lender or, alternatively, Lender's receipt of valid, unconditional final lien releases thereof from all persons entitled to record such liens, and (B) Lender's receipt of those items listed in Section 3.4 of the Loan Agreement.
Lien Free Completion. For purposes of this Guaranty, completion of the Project free and clear of liens will be deemed to have occurred upon: (a)
(i) OHCS’ receipt of a written statement or certificate executed by the architect designated or shown on the Plans certifying, without qualification or exception, that the Project is completed, and (ii) OHCS’ receipt of all required occupancy permit(s) for all of the Project issued by the local government agency having jurisdiction and authority to issue same, and (iii) the expiration of the statutory period(s) within which valid mechanic’s liens, materialman’s liens and/or construction liens may be recorded and/or served by reason of the construction of the Project, or, alternatively, OHCS’ receipt of valid, unconditional releases or waivers thereof from all persons entitled to record said liens or serve said stop notices; or (b) OHCS’ receipt of such other evidence of lien free completion as OHCS deems satisfactory in its reasonable discretion. Completion of the Project as set forth in this Section 4 is hereinafter referred to as “Completion”.
