Common use of Settlement of Mechanics’ Lien Claims Clause in Contracts

Settlement of Mechanics’ Lien Claims. If Borrowers shall fail promptly either (i) to discharge any such lien, or (ii) to contest claims asserted and give security or indemnity in the manner provided in subsection (c) of this Section, or having commenced to contest the same, and having given such security or indemnity, shall fail to prosecute such contest with diligence, or to maintain such indemnity or security so required by the Title Insurer for its full amount, or upon adverse conclusion of any such contest, to cause any judgment or decree to be satisfied and lien to be released, then and in any such event Agent may, at its election (but shall not be required to), procure the release and discharge of any such claim and any judgment or decree thereon and, further, may in its sole discretion effect any settlement or compromise of the same, or may furnish such security or indemnity to the Title Insurer, and any amounts so expended by Agent or any Lender, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute disbursement of the proceeds of the Loan hereunder. In settling, compromising or discharging any claims for lien, Agent shall not be required to inquire into the validity or amount of any such claim.

Settlement of Mechanics’ Lien Claims. If Borrowers Borrower shall fail promptly either (i) to discharge any such lien, mechanics’ lien claim filed or (ii) otherwise asserted or to contest any such claims asserted and give security or indemnity in the manner provided in subsection (c) of this SectionSection 3.4 hereof, or or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest in good faith or with due diligence, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, or or, upon adverse conclusion of any such contest, shall fail to cause any judgment or decree to be satisfied and lien to be promptly released, then then, and in any such event Agent event, Lender may, at its election (but shall not be required to), ): (i) procure the release and discharge of any such claim and any judgment or decree thereon andthereon, furtherwithout inquiring into or investigating the amount, may in its sole discretion validity or enforceability of such lien or claim, and (ii) effect any settlement or compromise of the same, or may furnish such security or indemnity to the Title Insurer, and any amounts so expended by Agent or any LenderLender in doing so, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute disbursement of the proceeds disbursements of the Loan hereunder. In settling, compromising or discharging any claims for lien, Agent shall not be required to inquire into proceeds hereunder (even if the validity or total amount of any disbursements would exceed the face amount of the Note), and shall bear interest from the date expended at the Default Rate and be payable together with such claiminterest upon demand.

Settlement of Mechanics’ Lien Claims. If Borrowers shall fail promptly either (i) to discharge any such lien, or (ii) to contest claims asserted and give security or indemnity in the manner provided in subsection (c) of this Section, or having commenced to contest the same, and having given such security or indemnity, shall fail to prosecute such contest with diligence, or to maintain such indemnity or security so required by the Title Insurer for its full amount, or upon adverse conclusion of any such contest, to cause any judgment or decree to be satisfied and lien to be released, then and in any such event Agent Lender may, at its election (but shall not be required to), procure the release and discharge of any such claim and any judgment or decree thereon and, further, may in its sole discretion effect any settlement or compromise of the same, or may furnish such security or indemnity to the Title Insurer, and any amounts so expended by Agent or any Lender, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute disbursement of the proceeds of the Loan hereunder. In settling, compromising or discharging any claims for lien, Agent Lender shall not be required to inquire into the validity or amount of any such claim.

Settlement of Mechanics’ Lien Claims. If Borrowers Borrower shall fail promptly either (i) to bond or discharge any such lien, mechanics’ lien claim filed or (ii) otherwise asserted or to contest any such claims asserted and give security or indemnity in the manner provided in subsection (c) of this SectionSection 5.2 above, or or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest in good faith or with due diligence, or fail to maintain such indemnity or security so required by the Title Insurer Agent for its full amount, or or, upon adverse conclusion of any such contest, shall fail to cause any judgment or decree to be satisfied and lien to be released, then then, and in any such event Agent mayevent, Lender may at its election (but shall not be required to), (i) procure the release and discharge of any such claim and any judgment or decree thereon andthereon, furtherwithout inquiring into or investigating the amount, may in its sole discretion validity or enforceability of such lien or claim and (ii) effect any settlement or compromise of the same, or may furnish such security or indemnity to the Title InsurerAgent, and any amounts so expended by Agent or any LenderXxxxxx, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute disbursement of the proceeds disbursements of the Loan hereunder. In settling, compromising or discharging any claims for lien, Agent shall not be required to inquire into Proceeds hereunder (even if the validity or total amount of any such claimdisbursements would exceed the face amount of the Note).

Settlement of Mechanics’ Lien Claims. If Borrowers Borrower shall fail promptly either (i) to discharge any such lien, mechanics’ lien claim filed or (ii) otherwise asserted or to contest any such claims asserted and give security or indemnity in the manner provided in subsection (c) of this SectionSection 11.3 hereof, or or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest in good faith or with due diligence, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, or or, upon adverse conclusion of any such contest, shall fail to cause any judgment or decree to be satisfied and lien to be promptly released, then then, and in any such event Agent mayevent, Lender may at its election (but shall not be required to), with prior written notice to Borrower (i) procure the release and discharge of any such claim and any judgment or decree thereon andthereon, furtherwithout inquiring into or investigating the amount, may in its sole discretion validity or enforceability of such lien or claim and (ii) effect any settlement or compromise of the same, or may furnish such security or indemnity to the Title Insurer, and any amounts so expended by Agent or any Lender, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute disbursement of advances under the proceeds of the Loan hereunder. In settling, compromising or discharging any claims for lien, Agent shall not be required to inquire into the validity or amount of any such claimNote.

Settlement of Mechanics’ Lien Claims. If Borrowers any Borrower shall fail promptly either (i) to discharge any such lien, or (ii) to contest claims asserted and give security or indemnity in the manner provided in subsection (c) of this Section, or having commenced to contest the same, and having given such security or indemnity, shall fail to prosecute such contest with diligence, or to maintain such indemnity or security so required by the Title Insurer for its full amount, or upon adverse conclusion of any such contest, to cause any judgment or decree to be satisfied and lien to be released, then and in any such event Agent Lender may, at its election (but shall not be required to), procure the release and discharge of any such claim and any judgment or decree thereon and, further, may in its sole discretion effect any settlement or compromise of the same, or may furnish such security or indemnity to the Title Insurer, and any amounts so expended by Agent or any Lender, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute disbursement of the proceeds of the Loan hereunder. In settling, compromising or discharging any claims for lien, Agent Lender shall not be required to inquire into the validity or amount of any such claim.