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 or operation of the Improvements, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the development of the Land and the construction of the Improvements. Within sixty (60) 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 as otherwise as permitted by Law. So long as Xxxxxx’s first priority security interest in the Property and all other assets pledged to Lender has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole discretion, Borrower shall have the right to contest any claim, lien or encumbrance, provided that Borrower does so diligently and without prejudice to Lender or delay in completing construction of the Improvements. Borrower shall furnish to Lender prior to commencement of work associated with Construction of the Improvements evidence, in form, substance and amount satisfactory to Lender, of the performance bonds procured for all general contractors, construction managers, and material subcontractors and suppliers naming Lender as an obligee unless arrangements satisfactory to Lender have been made for payment by Lender directly to any such general contractor, subcontractor or supplier.

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 or operation of the Improvements, and Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the development of the Land and the construction of the Improvements. Within sixty (60) 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 as otherwise as permitted by Law. So long as XxxxxxLender’s first priority security interest in the Property and all other assets pledged to Lender has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole discretion, Borrower shall have the right to contest any claim, lien or encumbrance, provided that Borrower does so diligently and without prejudice to Lender or delay in completing construction of the Improvements. Borrower shall furnish to Lender prior to commencement of work associated with Construction of the Improvements evidence, in form, substance and amount satisfactory to Lender, of the performance bonds procured for all general contractors, construction managers, and material subcontractors and suppliers naming Lender as an obligee unless arrangements satisfactory to Lender have been made for payment by Lender directly to any such general contractor, subcontractor or supplier.

Payment and Performance of Contractual Obligations. The Borrower shall perform in a timely manner all of its obligations under the Architect’s Engineer's Contract, the each and every Construction Contract and any and all other contracts and agreements related to the construction or operation Construction of the ImprovementsImprovements or the operation thereof, and the Borrower will pay when due all bills for services or labor performed and materials supplied in connection with the development of the Land and the construction Construction of the Improvements. Within sixty (60) days after the filing of any mechanic’s 's lien or other lien or encumbrance against the Property, the Borrower will promptly discharge the same by payment or filing a bond or as otherwise as permitted by Law. So long as Xxxxxx’s first priority the Lender's security interest in the Property and all other assets pledged to Lender has been protected by the filing of a bond or otherwise in a manner satisfactory to Lender in its sole and absolute discretion, the Borrower shall have the right to contest in good faith any claim, lien or encumbrance, provided that the Borrower does so diligently and without prejudice to the Lender or delay in completing construction Construction of the Improvements. Borrower The Lender shall furnish have no obligation to Lender prior make advances under the Loan during any period in which there shall exist a filed mechanic's lien or other lien or encumbrance against the Property which has not been discharged or bonded off to commencement of work associated with Construction the complete satisfaction of the Improvements evidence, in form, substance and amount satisfactory to Lender, of the performance bonds procured for all general contractors, construction managers, and material subcontractors and suppliers naming Lender as an obligee unless arrangements satisfactory to Lender have been made for payment by Lender directly to any such general contractor, subcontractor or supplier.