Common use of Protection Against Liens Clause in Contracts

Protection Against Liens. At least five (5) days prior to the commencement of any work on the Leased Premises, Tenant shall notify Landlord of the names and addresses of the persons supplying labor and materials for the proposed work so that Landlord may avail itself of the provisions of statutes such as Section 38-22-105(2) of the Colorado Revised Statutes (1973), or any successor statutory provision. During the progress of any work on the Leased Premises, Landlord or its representatives shall have the right to post and keep posted thereon notices such as those provided for by Sections 38-22-105(2) (C.R.S. 1973) or to take any further action which Landlord may deem to be proper for the protection of Landlord’s interest in the Leased Premises. As a condition of approval for such alterations, Landlord shall have the right to require Tenant to post a performance and completion bond for the benefit of Landlord in an amount equal to one and one-half times the cost of the work to be performed, provided that the total cost of the work exceeds $10,000.00.