Common use of MECHANICS' LIENS AND OTHER LIENS Clause in Contracts

MECHANICS' LIENS AND OTHER LIENS. Executive and Spouse shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property on time directly to the entity owed payment and shall promptly discharge all liens in a manner acceptable to Company except that Executive may contest any lien in good faith and defend the enforcement of any such lien in any proceedings that in Company's opinion operate to prevent the enforcement of the lien or may obtain an agreement satisfactory to Company that subordinates the lien to the Mortgage. Executive shall notify Company promptly in the event any liens are filed, and upon notice from Company, Executive shall take one or more of the actions set forth above within 10 days after Executive's receipt of Company's notice.

MECHANICS' LIENS AND OTHER LIENS. Executive and Spouse Borrower shall pay all taxes, assessments, charges, fines, and impositions attributable to the Property on time directly to the entity owed payment and shall promptly discharge all liens in a manner acceptable to Company except that Executive Borrower may contest any lien in good faith and defend the enforcement of any such lien in any proceedings that in Company's opinion operate to prevent the enforcement of the lien or may obtain an agreement satisfactory to Company that subordinates the lien to the Mortgage. Executive shall notify Company promptly in the event any liens are filed, and upon notice from Company, Executive shall take one or more of the actions set forth above within 10 days after Executive's receipt of Company's notice.