Common use of Mechanics’ Liens and Contest Thereof Clause in Contracts

Mechanics’ Liens and Contest Thereof. Borrower will not suffer or permit any mechanics’ lien claims to be filed or otherwise asserted against the Project or any funds due to the General Contractor, and will promptly discharge the same in case of the filing of any claims for lien or proceedings for the enforcement thereof, provided, however, that Borrower shall have the right to contest in good faith and with reasonable diligence the validity of any such lien or claim provided that Borrower posts a statutory lxxx xxxx which removes such lien from title to the Project within thirty (30) days of written notice by Lender to Borrower of the existence of the lien. Lender will not be required to make any further disbursements of the proceeds of the Loan until any mechanics’ lien claims have been removed and Lender may, at its option, restrict disbursements to reserve sufficient sums to pay one hundred fifty percent (150%) of the lien.

Mechanics’ Liens and Contest Thereof. Borrower will not suffer or permit any mechanics’ lien claims to be filed or otherwise asserted against the Project or any funds due to the General Contractor, and will promptly discharge the same in case of the filing of any claims for lien or proceedings for the enforcement thereof, provided, however, that Borrower shall have the right to contest in good faith and with reasonable diligence the validity of any such lien or claim provided that Borrower posts a statutory lxxx xxxx xxxx which removes such lien from title to the Project within thirty twenty-five (3025) days of written notice by Lender Agent to Borrower of the existence of the lien. Lender will not be required to make any further disbursements of the proceeds of the Loan until any mechanics’ lien claims have been removed as required by this Agreement and Lender may, at its option, restrict disbursements to reserve sufficient sums to pay one hundred fifty percent (150%) % of the any such lien.

Mechanics’ Liens and Contest Thereof. Borrower will not suffer or permit any mechanics’ lien claims to be filed or otherwise asserted against the Project or any funds due to the General Contractor, and will promptly discharge the same in case of the filing of any claims for lien or proceedings for the enforcement thereof, provided, however, that Borrower shall have the right to contest in good faith and with reasonable diligence the validity of any such lien or claim provided that Borrower posts a statutory lxxx xxxx which removes such lien from title to the Project within thirty twenty (3020) days of written notice by Lender Agent to Borrower of the existence of the lien. Lender Lenders will not be required to make any further disbursements of the proceeds of the Loan until any mechanics’ lien claims have been removed and Lender Lenders may, at its their option, restrict disbursements to reserve sufficient sums to pay one hundred fifty percent (150%) % of the lien.

Mechanics’ Liens and Contest Thereof. Borrower will not suffer or ------------------------------------ permit any mechanics’ ' lien claims to be filed or otherwise asserted against the Project or any funds due to the General Contractor, and will promptly discharge the same in case of the filing of any claims for lien or proceedings for the enforcement thereof, provided, however, that Borrower shall have the right to contest in good faith and with reasonable diligence the validity of any such lien or claim provided that Borrower posts a statutory lxxx xxxx xxxx which removes such lien from title to the Project within thirty twenty (3020) days of written notice by Lender to Borrower of the existence of the lien). Lender will not be required to make any further disbursements of the proceeds of the Loan until any mechanics’ ' lien claims have been removed and Lender may, at its option, restrict disbursements to reserve sufficient sums to pay one hundred fifty percent (150%) % of the lien.