Protection Against Liens. In the event that any claim of lien is asserted against the Property by any Person furnishing labor or materials to the Project, Borrower shall immediately give notice of the same to Lender and shall, promptly and in any event within ten (10) Banking Days after Lender’s written demand, (a) pay and discharge the same, or (b) contest such lien strictly in accordance with the requirements of the Security Instrument.
Appears in 2 contracts
Samples: Construction Loan Agreement (Bluerock Enhanced Multifamily Trust, Inc.), Construction Loan Agreement (Bluerock Enhanced Multifamily Trust, Inc.)
Protection Against Liens. In the event that any claim of lien is asserted against the Property by any Person furnishing labor or materials to the Project, Borrower shall immediately give notice of the same to Lender and shall, promptly and in any event within ten (10) Banking Business Days after Lender’s written demand, (a) pay and discharge the same, or (b) contest such lien strictly in accordance with the requirements of the Security Instrument.
Appears in 1 contract
Samples: Construction Loan Agreement (Sentio Healthcare Properties Inc)
Protection Against Liens. In the event that any claim of lien is asserted against the Property by any Person furnishing labor or materials to the Project, Borrower shall immediately give notice of the same to Lender and shall, promptly and in any event within ten (10) Banking Days after Lender’s written demand, (a) pay and discharge the same, or (b) contest such lien strictly in accordance with the requirements of Section 4 of the Security Instrument.
Appears in 1 contract
Samples: Construction Loan Agreement (CNL Growth Properties, Inc.)
