Common use of Liens, Charges and Encumbrances Clause in Contracts

Liens, Charges and Encumbrances. Borrower will not permit to be created or to exist in respect of the Property or any part thereof any Lien on parity with, superior to or inferior to any of the Liens of the Loan Documents, except for the Permitted Encumbrances. Upon becoming aware of the creation of any Lien on the Property, including without limitation a Lien resulting from or arising out of a breach of a Permitted Encumbrance, Borrower shall promptly (but not less than ten days after written notice of such Lien is sent to Borrower by Lender) pay or otherwise discharge all lawful claims and demands of mechanics, materialmen, laborers, realtors, brokers and others which if unpaid, might result in, or permit the creation of, a Lien, charge or encumbrance upon the Property or any part thereof, or on the Rents, arising therefrom. Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing (unless otherwise approved by Lender), Borrower may contest, at no expense to Lender, by appropriate legal proceedings promptly initiated and conducted with due diligence, in accordance with all applicable statutes, laws, and ordinances, mechanics’, materialmen’s and other such liens filed against the Property in accordance with the terms hereof. Borrower shall give Notice to Lender of its intent to bring such action and, unless Borrower has furnished (or caused to be furnished) such security as may be required in the proceeding, Lender may, in Lender’s discretion, require Borrower to either: (i) post a bond or other Providence Square 31 Loan No. 00-1103028 4813-0380-2520, v. 3 collateral satisfactory to Lender (and acceptable to the title company insuring the Security Instrument to insure over any Lien described in this Section 5.9); or (ii) provide Lender with a cash deposit in an amount necessary to pay any and all costs associated with having the Lien released, which deposit may be used by Lender to satisfy any Lien described in this Section 5.9 (in the event Borrower is unsuccessful contesting such Lien) within a period of ten days after written notice is sent to Borrower requiring the posting of the bond or other collateral. Upon a final, non-appealable adverse determination of such Lien, Borrower shall have a period of ten Business Days to pay all amounts secured by such Lien and provide Lender with evidence such Lien has been released.

Liens, Charges and Encumbrances. Borrower will not permit to be created or to exist in respect of the Property or any part thereof any Lien on parity with, superior to or inferior to any of the Liens of the Loan Documents, except for the Permitted Encumbrances. Upon becoming aware of the creation of any Lien on the Property, including without limitation a Lien resulting from or arising out of a breach of a Permitted Encumbrance, Borrower shall promptly (but not less more than ten days after written notice of such Lien is sent to Borrower by Lender) pay or otherwise discharge all lawful claims and demands of mechanics, materialmen, laborers, realtors, brokers and others which if unpaid, might result in, or permit the creation of, a Lien, charge or encumbrance upon the Property or any part thereof, or on the Rents, arising therefrom. Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing (unless otherwise approved by Lender), Borrower may contest, at no expense to Lender, by appropriate legal proceedings promptly initiated and conducted with due diligence, in accordance with all applicable statutes, laws, and ordinances, mechanics’, materialmen’s and other such liens filed against the Property in accordance with the terms hereof. Borrower shall give Notice to Lender of its intent to bring such action and, unless Borrower has furnished (or caused to be furnished) such security as may be required in the proceeding, Lender may, in LenderXxxxxx’s discretion, require Borrower to either: (i) post a bond or other Providence Square 31 Loan No. 00-1103028 4813-0380-2520, v. 3 collateral satisfactory to Lender (and acceptable to the title company insuring the Security Instrument to insure over any Lien described in this Section 5.9); or (ii) provide Lender with a cash deposit in an amount necessary to pay any and all costs associated with having the Lien released, which deposit may be used by Lender to satisfy any Lien described in this Section 5.9 (in the event Borrower is unsuccessful contesting such Lien) within a period of ten days after written notice is sent to Borrower requiring the posting of the bond or other collateral. Upon a final, non-appealable adverse determination of such Lien, Borrower shall have a period of ten (10) Business Days to pay all amounts secured by such Lien and provide Lender with evidence such Lien has been released.

Liens, Charges and Encumbrances. Borrower will not permit to be created or to exist in respect of the Property or any part thereof any Lien on parity with, superior to or inferior to any of the Liens of the Loan Documents, except for the Permitted Encumbrances. Upon becoming aware of the creation of any Lien on the Property, including without limitation a Lien resulting from or arising out of a breach of a Permitted Encumbrance, Borrower shall promptly (but not less more than ten days (10) Business Days after written notice of such Lien is sent to Borrower by Lender) pay or otherwise discharge all lawful claims and demands of mechanics, materialmen, laborers, realtors, brokers and others which if unpaid, might result in, or permit the creation of, a Lien, charge or encumbrance upon the Property or any part thereof, or on the Rents, arising therefrom. Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing (unless otherwise approved by Lender)continuing, Borrower may contest, at no expense to Lender, by appropriate legal proceedings promptly initiated and conducted with due diligence, in accordance with all applicable statutes, laws, and ordinances, mechanics’, materialmen’s and other such liens filed against the Property in accordance with the terms hereof. Borrower shall give Notice to Lender of its intent to bring such action and, unless Borrower has furnished (or caused to be furnished) such security as may be required in the proceeding, and Lender may, in Lender’s discretion, require Borrower to either: (i) post a bond or other Providence Square 31 Loan No. 00-1103028 4813-0380-2520, v. 3 collateral satisfactory to Lender (and acceptable to the title company insuring the Security Instrument to insure over any Lien described in this Section 5.9); or (ii) provide Lender with a cash deposit in an amount necessary to pay any and all costs associated with having the Lien released, which deposit may be used by Lender to satisfy any Lien described in this Section 5.9 (in the event Borrower is unsuccessful contesting such Lien) within a period of ten days after written notice is sent to Borrower requiring the posting of the bond or other collateral. Upon a final, non-appealable adverse determination of such Lien, Borrower shall have a period of ten Business Days five days to pay all amounts secured by such Lien and provide Lender with evidence such Lien has been released. In the event such Lien is either successfully contested and released by Borrower or upon final, non-appealable adverse determination of such Lien, Borrower pays all amounts required to release the Lien, Lender shall promptly return to Borrower all amounts held pursuant to clause (ii) hereof so long as no default then exists under the Loan Documents.

Liens, Charges and Encumbrances. Borrower will not permit to be created or to exist in respect of the Property or any part thereof any Lien on parity with, superior to or inferior to any of the Liens of the Loan Documents, except for the Permitted Encumbrances. Upon becoming aware of the creation of any Lien on the PropertyProperty other than a Permitted Encumbrance, including without limitation a Lien resulting from or arising out of a breach of a Permitted Encumbrance, Borrower shall promptly (but not less than ten forty-five (45) days after written notice of such Lien is sent to Borrower by Lender, which forty-five (45) day period shall be tolled if Borrower is contesting such Lien in good faith) pay or otherwise discharge all lawful claims and demands of mechanics, materialmen, laborers, realtors, brokers and others which if unpaid, might result in, or permit the creation of, a Lien, charge or encumbrance upon the Property or any part thereof, or on the Rents, arising therefrom. Notwithstanding the foregoing and provided no Event of Default has occurred and is continuing (unless otherwise approved by Lender)continuing, Borrower may contestcontest (or permit to be contested), at no expense to Lender, by appropriate legal proceedings promptly initiated and conducted with due diligence, in accordance with all applicable statutes, laws, and ordinances, mechanics’, materialmen’s and other such liens Liens filed against the Property in accordance with the terms hereof. Borrower shall give Notice to Lender of its intent to bring such action and, unless Borrower has furnished (or caused to be furnished) such security as may be required in the proceeding, and Lender may, in Lender’s discretion, require Borrower to either: (i) post a bond or other Providence Square 31 Loan No. 00-1103028 4813-0380-2520, v. 3 collateral satisfactory to Lender (and acceptable to the title company insuring the Security Instrument to insure over any Lien described in this Section 5.9); or (ii) provide Lender with a cash deposit in an amount necessary to pay any and all costs associated with having the Lien released, which deposit may be used by Lender to satisfy any Lien described in this Section 5.9 (in the event Borrower is unsuccessful contesting such Lien) within a period of ten days (10) Business Days after written notice is sent to Borrower requiring the posting of the bond or other collateral. Upon a final, non-appealable adverse determination of such Lien, Borrower shall have a period of ten five (5) Business Days to pay all amounts secured by such Lien and provide Lender with evidence such Lien has been released.