Common use of Payments for Labor and Materials Clause in Contracts

Payments for Labor and Materials. The Borrower shall pay when due all bills for services or labor performed and materials supplied to the Property. In the event any mechanics’ lien or other lien or encumbrance shall be filed or attached against the Property without the prior written consent of the Lender in each instance, the Borrower covenants and agrees that, within ten (10) Banking Days after Borrower’s receipt of a copy of the recorded lien, the Borrower will promptly discharge the same by payment or filing bond or otherwise as permitted by law; and if the Borrower fails to do so, the Lender may, at its option, in addition to, and not in limitation of, all other rights and remedies of the Lender in the Event of Default by the Borrower, and without regard to the priority of said mechanics’ lien or other lien or encumbrance, pay the same, and all reasonable, out-of-pocket amounts expended by the Lender for such purpose shall constitute loans to the Borrower and shall be secured by the Deed of Trust and the other Deed of Trust, and be due and payable forthwith by the Borrower to the Lender with interest thereon at the Reimbursement Rate provided for in the Deed of Trust.

Payments for Labor and Materials. The Borrower shall pay Pay when due all bills for services or labor performed and materials supplied to in connection with the Propertyrepair of the Improvements. In the event any mechanics’ ' lien or other lien or encumbrance shall be filed or attached against the Property without the prior written consent of the Lender in each instance, each of the Borrower Borrowers covenants and agrees that, within ten thirty (1030) Banking Days days after Borrower’s receipt of a copy notice from any source of the recorded filing of such lien, the Borrower will promptly discharge the same by payment or filing bond or otherwise as permitted by law; and if the Borrower fails to do so, the Lender may, at its option, in addition to, and not in limitation of, all other rights and remedies of the Lender in the Event of Default by the BorrowerBorrowers, and without regard to the priority of said mechanics’ ' lien or other lien or encumbrance, pay the same, and all reasonable, out-of-pocket amounts expended by the Lender for such purpose shall constitute loans to the Borrower Borrowers and shall be secured by the Deed of Trust and the other Deed of TrustFinancing Documents, and be due and payable forthwith by the Borrower Borrowers to the Lender with interest thereon at the Reimbursement Rate provided for in the Deed of Trust.