Common use of Payment and Performance of Contractual Obligations Clause in Contracts

Payment and Performance of Contractual Obligations. Borrower shall perform in a timely manner all of its obligations under the Architect’s Contract, the Construction Contract, and any and all other contracts and agreements related to the Construction of the Improvements or the operation thereof, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the Construction of the Improvements. Within thirty (30) days after the filing of any mechanic’s lien or other lien or encumbrance against the Property, Borrower will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as Lender’s security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided that Borrower does so diligently and without prejudice to Lender or delay in completing Construction of the Improvements.

Payment and Performance of Contractual Obligations. Borrower shall perform in a timely manner all of its obligations under the Architect’s Contract, the Construction Contract, and any and all other contracts and agreements related to any construction activities at the Construction Eligible Property or the maintenance or operation of the Improvements or the operation thereofImprovements, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the Construction of the Improvementssuch construction, maintenance and/or operation. Within thirty sixty (3060) days after the filing of any mechanic’s lien or other lien or encumbrance against the Eligible Property, Borrower will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as Lender’s security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided that Borrower does so diligently and without prejudice to Lender or delay in completing Construction of the Improvementsachieving Stabilization.

Payment and Performance of Contractual Obligations. Borrower shall perform in a timely manner all of its obligations under the Architect’s Contract, the Construction Contract, Contract and any and all other contracts and agreements related to the Construction of the Improvements or the operation thereof, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the Construction of the Improvements. Within thirty sixty (3060) days after the filing of any mechanic’s lien or other lien or encumbrance against the Property, Borrower will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as Lender’s security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided that Borrower does so diligently and without prejudice to Lender or delay in completing Construction of the Improvements.

Payment and Performance of Contractual Obligations. Borrower shall perform in a timely manner all of its obligations under the Architect’s Contract, the Construction Contract, Contract and any and all other contracts and agreements related to the Construction of the Improvements or the operation thereof, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the Construction of the Improvements. Within thirty (30) days after the filing of any mechanic’s lien or other lien or encumbrance against the Property, Borrower will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as Lender’s security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided that Borrower does so diligently and without prejudice to Lender or delay in completing Construction of the Improvements.

Payment and Performance of Contractual Obligations. Borrower shall perform in a timely manner all of its obligations under the Architect’s Contract, the Construction Contract, Contract and any and all other contracts and agreements related to the Construction construction or operation of the Improvements or the operation thereofImprovements, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the Construction development of the Land and the construction of the Improvements. Within thirty (30) days after the filing of any mechanic’s lien or other lien or encumbrance against the Property, Borrower will promptly discharge the same by payment or filing a bond or otherwise as permitted by Law. So long as Lender’s security has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided that Borrower does so diligently and without prejudice to Lender or delay in completing Construction construction of the Improvements.