Common use of Lien Removal Clause in Contracts

Lien Removal. Except for (i) taxes not yet due and payable as of the Closing, (ii) installments of special assessments due and payable after the Closing, and (iii) Liens (as hereinafter defined and provided) that are either bonded or insured over in a form reasonably satisfactory to Purchaser, all other liens and encumbrances of ascertainable amounts incurred by Seller or by, for or on behalf of Seller, except the Permitted Exceptions, shall be removed from the record by Seller or Seller shall make arrangements satisfactory to the Title Company for the removal of, or title insurance over (in form reasonably satisfactory to Purchaser), such liens and encumbrances of record on the Closing Date. Notwithstanding the foregoing, any liens or encumbrances attaching to the title of the Real Property as a result of work performed on or material supplied to the Project by Seller or on behalf of anyone claiming by, through or under Seller (except Tenants and New Tenants under Qualified Leases, as hereinafter defined) or as a result of Seller's failure to pay, when due, a Commission (collectively, "Lien" or "Liens") may be contested by Seller as hereafter provided. Within thirty (30) days after the recording of a Lien that is recorded or filed after the Closing, Seller shall, at its election, either (i) bond over the same, or (ii) cause the Title Company to insure over the same (in form and substance reasonably satisfactory to Purchaser), in order, in the instances of either clause (i) or (ii) above, to reasonably protect the Purchaser and the Project (or any part thereof) from and against the subject Lien. Thereafter, in the manner elected by Seller, Seller may contest such Lien provided that, within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien, Seller shall pay and satisfy such Lien and cause it to

Lien Removal. Except for (i) taxes not yet due and payable as of the Closing, (ii) installments of special assessments due and payable after the Closing, and (iii) Liens (as hereinafter defined and provided) that are either bonded or insured over in a form reasonably satisfactory to Purchaser, all other liens and encumbrances of ascertainable amounts incurred by Seller or by, for or on behalf of Seller, except the Permitted Exceptions, shall be removed from the record by Seller or Seller shall make arrangements satisfactory to the Title Company for the removal of, or title insurance over (in form reasonably satisfactory to Purchaser), such liens and encumbrances of record on the Closing Date. Notwithstanding the foregoing, any liens or encumbrances attaching to the title of the Real Property as a result of work performed on or material supplied to the Project by Seller or on behalf of anyone claiming by, through or under Seller (except Tenants and New Tenants under Qualified Leases, as hereinafter defined) or as a result of Seller's failure to pay, when due, a Commission (collectively, "Lien" or "Liens") may be contested by Seller as hereafter provided. Within thirty (30) days after the recording of a Lien that is recorded or filed after the Closing, Seller shall, at its election, either (i) bond over the same, or (ii) cause the Title Company to insure over the same (in form and substance reasonably satisfactory to Purchaser), in order, in the instances of either clause (i) or (ii) above, to reasonably protect the Purchaser and the Project (or any part thereof) from and against the subject Lien. Thereafter, in the manner elected by Seller, Seller may contest such Lien provided that, within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien, Seller shall pay and satisfy such Lien and cause it toto be released of record. In the event Seller fails to pay and satisfy any Lien within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien or fails to bond over or insure over a Lien as provided in this Paragraph 9.03, Purchaser may offset so much of any Earn-Out Payment of Footage Payment subsequently payable by Purchaser hereunder by the amount incurred by Purchaser for effectuating the satisfaction and release of the subject Lien.

Lien Removal. Except for (i) taxes not yet due and payable as of the applicable Closing, (ii) installments of special assessments due and payable after the applicable Closing, and (iii) Liens (as hereinafter defined and provided) that are either bonded or insured over in a form reasonably satisfactory to Purchaser, all other liens and encumbrances of ascertainable amounts incurred by Seller or by, for or on behalf of Seller, except the Permitted Exceptions, shall be removed from the record by Seller or Seller shall make arrangements satisfactory to the Title Company for the removal of, or title insurance over (in form reasonably satisfactory to Purchaser), such liens and encumbrances of record on the applicable Closing Date. Notwithstanding the foregoing, any liens or encumbrances attaching to the title of the Real Property applicable Phase as a result of work performed on or material supplied to the Project applicable Phase by Seller or on behalf of anyone claiming by, through or under Seller (except Tenants and New Tenants under Qualified Leases, as hereinafter defined) or as a result of Seller's failure to pay, when due, a Commission (collectively, "Lien" or "Liens") may be contested by Seller as hereafter provided. Within thirty (30) days after the recording of a Lien that is recorded or filed after the Closingapplicable Closing and that affects the closed Phase, Seller shall, at its election, either (i) bond over the same, or (ii) cause the Title Company to insure over the same (in form and substance reasonably satisfactory to Purchaser), in order, in the instances of either clause (i) or (ii) above, to reasonably protect the Purchaser and the Project applicable Phase (or any part thereof) from and against the subject Lien. Thereafter, in the manner elected by Seller, Seller may contest such Lien provided that, within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien, Seller shall pay and satisfy such Lien and cause it toto be released of record. In the event Seller fails to pay and satisfy any Lien within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien or fails to bond over or insure over a Lien as provided in this Paragraph 9.03, Purchaser may offset so much of any Earn-Out Payment or Footage Payment subsequently payable by Purchaser hereunder by the amount incurred by Purchaser for effectuating the satisfaction and release of the subject Lien.

Lien Removal. Except for (i) taxes not yet due and payable as of the applicable Closing, (ii) installments of special assessments due and payable after the applicable Closing, and (iii) Liens (as hereinafter defined and provided) that are either bonded or insured over in a form reasonably satisfactory to Purchaser, all other liens and encumbrances of ascertainable amounts incurred by Seller or by, for or on behalf of Seller, except the Permitted Exceptions, shall be removed from the record by Seller or Seller shall make arrangements satisfactory to the Title Company for the removal of, or title insurance over (in form reasonably satisfactory to Purchaser), such liens and encumbrances of record on the applicable Closing Date. Notwithstanding the foregoing, any liens or encumbrances attaching to the title of the Real Property applicable Phase as a result of work performed on or material supplied to the Project applicable Phase by Seller or on behalf of anyone claiming by, through or under Seller (except Tenants and New Tenants under Qualified Leases, as hereinafter defined) or as a result of Seller's failure to pay, when due, a Commission (collectively, "Lien" or "Liens") may be contested by Seller as hereafter provided. Within thirty (30) days after the recording of a Lien that is recorded or filed after the Closingapplicable Closing and that affects the closed Phase, Seller shall, at its election, either (i) bond over the same, or (ii) cause the Title Company to insure over the same (in form and substance reasonably satisfactory to Purchaser), in order, in the instances of either clause (i) or (ii) above, to reasonably protect the Purchaser and the Project applicable Phase (or any part thereof) from and against the subject Lien. Thereafter, in the manner elected by Seller, Seller may contest such Lien provided that, within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien, Seller shall pay and satisfy such Lien and cause it toto be released of record. In the event Seller fails to pay and satisfy any Lien within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien or fails to bond over or insure over a Lien as provided in this Paragraph 9.03, Purchaser may offset so much of any Earn-Out Payment or Footage Payment subsequently payable by Purchaser hereunder by the amount incurred by Purchaser for effectuating the satisfaction and release of the subject Lien.

Lien Removal. Except for (i) taxes not yet due and payable as of the Closing, (ii) installments of special assessments due and payable after the Closing, and (iii) Liens (as hereinafter defined and provided) that are either bonded or insured over in a form reasonably satisfactory to Purchaser, all other liens and encumbrances of ascertainable amounts incurred by Seller or by, for or on behalf of Seller, except the Permitted Exceptions, shall be removed from the record by Seller or Seller shall make arrangements satisfactory to the Title Company for the removal of, or title insurance over (in form reasonably satisfactory to Purchaser), such liens and encumbrances of record on the Closing Date. Notwithstanding the foregoing, any liens or encumbrances attaching to the title of the Real Property as a result of work performed on or material supplied to the Project by Seller or on behalf of anyone claiming by, through or under Seller (except Tenants and New Tenants under Qualified Leases, as hereinafter defined) or as a result of Seller's failure to pay, when due, a Commission (collectively, "Lien" or "Liens") may be contested by Seller as hereafter provided. Within thirty (30) days after the recording of a Lien that is recorded or filed after the Closing, Seller shall, at its election, either (i) bond over the same, or (ii) cause the Title Company to insure over the same (in form and substance reasonably satisfactory to Purchaser), in order, in the instances of either clause (i) or (ii) above, to reasonably protect the Purchaser and the Project (or any part thereof) from and against the subject Lien. Thereafter, in the manner elected by Seller, Seller may contest such Lien provided that, within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien, Seller shall pay and satisfy such Lien and cause it toto be released of record. In the event Seller fails to pay and satisfy any Lien within thirty (30) days following the entry by a court of competent jurisdiction of a final judgment or decree in favor of the claimant of such Lien or fails to bond over or insure over a Lien as provided in this Paragraph 9.03, Purchaser may offset so much of any Earn-Out Payment of Footage Payment subsequently payable by Purchaser hereunder by the amount incurred by Purchaser for effectuating the satisfaction and release of the subject Lien.