Common use of Liens and Subrogation Clause in Contracts

Liens and Subrogation. (a) Mortgagor shall pay and promptly discharge all liens, claims and encumbrances upon the Property. Mortgagor shall have the right to contest in good faith the validity of any such lien, claim or encumbrance, provided: (i) such contest suspends the collection thereof or there is no danger of the Property being sold or forfeited while such contest is pending; (ii) Mortgagor first deposits with Mortgagee a bond or other security satisfactory to Mortgagee in such amounts as Mortgagee shall reasonably require; and (iii) Mortgagor thereafter diligently proceeds to cause such lien, claim or encumbrance to be removed and discharged. (b) Mortgagee shall be subrogated to any liens, claims and encumbrances against Mortgagor or the Property that are paid or discharged through payment by Mortgagee or with loan proceeds, notwithstanding the record cancellation or satisfaction thereof.

Liens and Subrogation. (a) Mortgagor Borrower shall pay and promptly discharge all liens, claims and encumbrances upon the any Property, other than Permitted Liens. Mortgagor Borrower shall have the right to contest in good faith the validity of any such lien, claim or encumbrance, provided: (ia) such contest suspends the collection thereof or there is no danger of the any Property being sold or forfeited while such contest is pending; (iib) Mortgagor if the lien, claim or encumbrance exceeds $1,000,000, Borrower first deposits with Mortgagee Lender a bond or other security satisfactory to Mortgagee Lender in such amounts as Mortgagee Lender shall reasonably require; and (iiic) Mortgagor Borrower thereafter diligently proceeds to cause such lien, claim or encumbrance to be removed and discharged. (b) Mortgagee . Lender shall be subrogated to any liens, claims and encumbrances against Mortgagor Borrower or the any Property that are paid or discharged through payment by Mortgagee Lender or with loan proceeds, notwithstanding the record cancellation or satisfaction thereof.

Liens and Subrogation. (a) Mortgagor shall pay and promptly discharge all liens, claims and encumbrances upon the Property, except for the Permitted Liens. Mortgagor shall have the right to contest in good faith the validity of any such lien, claim or encumbrance, provided: (i) such contest suspends the collection thereof or there is no danger of the Property being sold or forfeited while such contest is pending; (ii) Mortgagor first deposits with Mortgagee Bank a bond or other security satisfactory to Mortgagee Bank in such amounts as Mortgagee Bank shall reasonably require; and (iii) Mortgagor thereafter diligently proceeds to cause such lien, claim or encumbrance to be removed and discharged. (b) Mortgagee . Bank shall be subrogated to any liens, claims and encumbrances against Mortgagor or the Property that are paid or discharged through payment by Mortgagee Bank or with loan proceeds, notwithstanding the record cancellation or satisfaction thereof.

Liens and Subrogation. (a) Mortgagor shall pay and promptly discharge all liens, claims and encumbrances upon the Property. Mortgagor shall have the right to contest in good faith the validity of any such lien, claim or encumbrance, provided: (i) such contest suspends the collection thereof or there is no danger of the Property being sold or forfeited while such contest is pending; (ii) Mortgagor first deposits with Mortgagee Agent a bond or other security satisfactory to Mortgagee Agent in such amounts as Mortgagee Agent shall reasonably requirerequire or shall set aside a reserve therefor reasonably satisfactory to Agent; and (iii) Mortgagor thereafter diligently proceeds to cause such lien, claim or encumbrance to be removed and discharged. (b) Mortgagee . Agent shall be subrogated to any liens, claims and encumbrances against Mortgagor or the Property that are paid or discharged through payment by Mortgagee Agent or with loan proceeds, notwithstanding the record cancellation or satisfaction thereof.

Liens and Subrogation. (a) Mortgagor shall pay and promptly discharge all liens, claims and encumbrances upon the PropertyProperty except for those described in EXHIBIT B or those matters contemplated by the Loan Documents and approved by Bank. Mortgagor shall have the right to contest in good faith the validity of any such lien, claim or encumbrance, provided: (i) such contest suspends the collection thereof or there is no danger of the Property being sold or forfeited while such contest is pending; (ii) Mortgagor first deposits with Mortgagee Bank a bond or other security satisfactory to Mortgagee Bank in such amounts as Mortgagee Bank shall reasonably require; and (iii) Mortgagor thereafter diligently proceeds to cause such lien, claim or encumbrance to be removed and discharged. (b) Mortgagee . Bank shall be subrogated to any liens, claims and encumbrances against Mortgagor or the Property that are paid or discharged through payment by Mortgagee Bank or with loan proceeds, notwithstanding the record cancellation or satisfaction thereof.