Common use of Mechanics' and Materialmen's Liens Clause in Contracts

Mechanics' and Materialmen's Liens. Tenant shall keep the Premises and the Project free from any claims or liens arising out of any work performed, materials furnished or obligations incurred by or on behalf of Tenant and Tenant shall immediately notify Landlord of any such claim or lien of which Txxxxx has knowledge. Tenant will pay and discharge any mechanic’s, materialman’s or other lien against the Premises resulting from Txxxxx’s failure to make payment to such lxxxxxx party, or will post bond, cash escrow or other security reasonably required by Landlord and diligently contest the lien. If a lien is claimed and Tenant does not cause it to be removed or contested (together with posting of bond, cash escrow or other security reasonably required by Landlord) within thirty (30) days after notice from Landlord to do so, then Landlord may require that Tenant provide to Landlord, at Tenant’s sole cost and expense, a bond, letter of credit or cash escrow in an amount equal to one and one-half (1.5) times the amount of the lien, to be held until such time as the lien is removed or invalidated and to insure Landlord against any liability for such lien. If Tenant contests the lien, it will do so at its expense in an expeditious manner. If the lien is reduced to final judgment, Tenant will discharge the judgment.

Appears in 1 contract

Samples: Lease Agreement (Tailwind Acquisition Corp.)

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Mechanics' and Materialmen's Liens. Tenant shall keep the Premises and the Project free from any claims or liens arising out of any work performed, materials furnished or obligations incurred by or on behalf of Tenant and Tenant shall immediately notify Landlord of any such claim or lien of which Txxxxx Tenant has knowledge. Tenant will pay and discharge any mechanic’s, materialmanmaterialmen’s or other lien against the Premises resulting from TxxxxxTenant’s failure to make payment to such lxxxxxx xxxxxxx party, or will post bond, cash escrow or other security reasonably required by Landlord and diligently contest the lien. If a lien is claimed and Tenant does not cause it to be removed or contested (together with posting of bond, cash escrow or other security reasonably required by Landlord) within thirty (30) days after notice from Landlord to do so, then Landlord may require that Tenant provide to Landlord, at Tenant’s sole cost and expense, a bond, letter of credit or cash escrow in an amount equal to one and one-half (1.5) times the amount of the lien, to be held until such time as the lien is removed or invalidated and to insure Landlord against any liability for such lien. If Tenant contests the lien, it will do so at its expense in an expeditious manner. If the lien is reduced to final judgment, Tenant will discharge the judgment.

Appears in 1 contract

Samples: Lease Agreement (Sunshine Heart, Inc.)

Mechanics' and Materialmen's Liens. Tenant shall keep the Premises and the Project free from any claims or liens arising out of any work performed, materials furnished or obligations incurred by or on behalf of Tenant and Tenant shall immediately notify Landlord of any such claim or lien of which Txxxxx Tenant has knowledge. Tenant will pay and discharge any mechanic’s's, materialman’s materialmen's or other lien against the Premises resulting from Txxxxx’s Tenant's failure to make payment to such lxxxxxx liening party, or will post bond, cash escrow or other security reasonably xeasonably required by Landlord and diligently contest the lien. If a lien is claimed and Tenant does not cause it to be removed or contested (together with posting of bond, cash escrow or other security reasonably required by Landlord) within thirty (30) days after notice from Landlord to do so, then Landlord may require that Tenant provide to Landlord, at Tenant’s 's sole cost and expense, a bond, letter of credit or cash escrow in an amount equal to one and one-half (1.5) times the amount of the lien, to be held until such time as the lien is removed or invalidated and to insure Landlord against any liability for such lien. If Tenant contests the lien, it will do so at its expense in an expeditious manner. If the lien is reduced to final judgment, Tenant will discharge the judgment.

Appears in 1 contract

Samples: Purchase Agreement (Lectec Corp /Mn/)

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Mechanics' and Materialmen's Liens. Tenant shall keep the Premises and the Project free from any claims or liens arising out of any work performed, materials furnished or obligations incurred by or on behalf of Tenant and Tenant shall immediately notify Landlord of any such claim or lien of which Txxxxx Tenant has knowledge. Tenant will pay and discharge any mechanic’s, materialmanmaterialmen’s or other lien against the Premises resulting from TxxxxxTenant’s failure to make payment to such lxxxxxx party, or will post bond, cash escrow or other security reasonably required by Landlord and diligently contest the lien. If a lien is claimed and Tenant does not cause it to be removed or contested (together with posting of bond, cash escrow or other security reasonably required by Landlord) within thirty (30) days after notice from Landlord to do so, then Landlord may require that Tenant provide to Landlord, at Tenant’s sole cost and expense, a bond, letter of credit or cash escrow in an amount equal to one and one-half (1.5) times the amount of the lien, to be held until such time as the lien is removed or invalidated and to insure Landlord against any liability for such lien. If Tenant contests the lien, it will do so at its expense in an expeditious manner. If the lien is reduced to final judgment, Tenant will discharge the judgment.

Appears in 1 contract

Samples: Lease Agreement (CSAV Holding Corp.)

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