Common use of Mechanic’s and Materialman’s Liens Clause in Contracts

Mechanic’s and Materialman’s Liens. In connection with any financing, sale or other transfer involving all or any portion of any Asset of any member of the Spinco Group, GGP shall, promptly following request by Spinco, bond off, cause the removal from record of or otherwise address in a commercially reasonable manner, which is reasonably acceptable to Spinco, to the applicable lender, purchaser or other transferee, and to any title insurance company involved in such financing, sale or other transfer, any mechanics’ or materialmans’ liens affecting such Asset for which GGP is responsible for payment pursuant to the terms of this Agreement. Notwithstanding the foregoing, in the event that GGP chooses to bond off any such lien, GGP may request that Spinco be responsible for such bonding process, in which event GGP agrees to promptly reimburse Spinco for all actual third party costs incurred by Spinco or by any member of the Spinco Group in connection therewith.