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

Settlement of Mechanics’ Lien Claims. If a Borrower shall fail promptly to discharge any mechanics' lien claim filed or otherwise asserted or to contest any such claims and give security or indemnity in the manner provided in Section 3.4 hereof (except for mechanics' lien claims of less than $10,000 for which no proceedings have commenced which could lead to foreclosure of the lien), or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest vigorously, in good faith and with due diligence and by appropriate proceeding, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, 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, and in any such event, Lender may, at its election (but shall not be required to) and in addition to its remedies set forth in Section 8 (i) procure the release and discharge of any such claim and any judgment or decree thereon, without inquiring into or investigating the amount, 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 Lender, including premiums paid or security furnished in connection with the issuance of any surety company bonds, shall be deemed to constitute disbursements of the Loan proceeds hereunder (even if the total amount of disbursements would exceed the face amount of the Note).

Settlement of Mechanics’ Lien Claims. If a any Borrower shall fail promptly to discharge discharge, or cause to be discharged, any mechanics' ’ lien claim filed or otherwise asserted or to contest any such claims and give security or indemnity in the manner provided in Section 3.4 hereof (except for mechanics' lien claims of less than $10,000 for which no proceedings have commenced which could lead to foreclosure of the lien)hereof, or, if such Borrower (or any Tenant under an Approved Lease, as applicable) having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest vigorously, in good faith and or with due diligence and by appropriate proceedingdiligence, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, 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, and in any such event, unless the applicable Approved Lease permits any of the foregoing, Lender may, after ten (10) business days written notice to such Borrower, at its election (election, but shall not be required to) and in addition to its remedies set forth in Section 8 , (i) procure the release and discharge of any such claim and any judgment or decree thereon, without inquiring into or investigating the amount, 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 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 disbursements of the Loan proceeds hereunder (even if the total amount of 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 interest upon demand.

Settlement of Mechanics’ Lien Claims. If a Borrower Mortgagor shall fail promptly to discharge any mechanics' ’ lien claim filed or otherwise asserted or to contest any such claims and give security or indemnity in the manner provided in Section 3.4 hereof (except for mechanics' lien claims of less than $10,000 for which no proceedings have commenced which could lead to foreclosure of the lien)hereof, or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest vigorously, in good faith and or with due diligence and by appropriate proceedingdiligence, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, 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, and in any such event, after notice to Mortgagor, Lender may, at its election (election, but shall not be required to) and in addition to its remedies set forth in Section 8 , (i) procure the release and discharge of any such claim and any judgment or decree thereon, without inquiring into or investigating the amount, validity or enforceability of such lien or claim and (ii) effect any settlement or compromise of the samesame on reasonable terms, or may furnish such security or indemnity to the Title Insurer, and any amounts so expended by 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 disbursements of the Loan proceeds hereunder (even if the total amount of disbursements would exceed the face amount of the Note), and, if not paid by Borrowers upon demand, shall bear interest from the date expended at the Default Rate and be payable together with such interest upon demand.

Settlement of Mechanics’ Lien Claims. If a Borrower shall fail promptly to discharge within fifteen (15) days after the filing or assertion thereof (or sooner if necessary to prevent loss, forfeiture or impairment of the Project or any part thereof) any mechanics' lien claim filed or otherwise asserted or to contest any such claims and give security or indemnity in the manner provided in Section 3.4 hereof (except for mechanics' lien claims of less than $10,000 for which no proceedings have commenced which could lead to foreclosure of the lien)hereof, or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest vigorously, in good faith and or with due diligence and by appropriate proceedingdiligence, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, 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, and in any such event, Lender may, at its election (election, but shall not be required to) and in addition to its remedies set forth in Section 8 , (i) procure the release and discharge of any such claim and any judgment or decree thereon, without inquiring into or investigating the amount, 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 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 disbursements of the Loan proceeds hereunder (even if the total amount of 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 interest upon demand.

Settlement of Mechanics’ Lien Claims. If a Borrower shall fail promptly to discharge any mechanics' ’ lien claim filed or otherwise asserted or to contest any such claims and give security or indemnity in the manner provided in Section 3.4 hereof (except for mechanics' lien claims of less than $10,000 for which no proceedings have commenced which could lead to foreclosure of the lien)hereof, or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest vigorously, in good faith and or with due diligence and by appropriate proceedingdiligence, or fail to maintain such indemnity or security so security, as required by the Title Insurer for its full amount, 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, and in any such event, Lender may, at its election (but shall not be required to) and in addition to its remedies set forth in Section 8 (i) procure the release and discharge of any such claim and any judgment or decree thereon, without inquiring into or investigating the amount, validity or enforceability of such lien or claim claim, and (ii) effect any settlement or compromise of the same, or may furnish such security or indemnity to the Title Insurerindemnity, and any amounts so expended by 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 disbursements of the Loan proceeds hereunder (even if the total amount of disbursements would exceed the face amount of the NoteNotes), and shall bear interest from the date expended until the date repaid at the Default Rate (as such term is defined in the Notes) and be payable together with such interest upon demand.

Settlement of Mechanics’ Lien Claims. If a Borrower shall fail promptly fail, within thirty (30) days, to discharge any mechanics' ’ lien claim filed or otherwise asserted or to contest any such claims and give security or indemnity in the manner provided in Section 3.4 hereof (except for mechanics' lien claims of less than $10,000 for which no proceedings have commenced which could lead to foreclosure of the lien)hereof, or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest vigorously, in good faith and or with due diligence and by appropriate proceedingdiligence, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, 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, and in any such event, Lender may, at its election (but shall not be required to) and in addition to its remedies set forth in Section 8 ): (i) procure the release and discharge of any such claim and any judgment or decree thereon, without inquiring into or investigating the amount, validity or enforceability of such lien or claim 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 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 disbursements of the Loan proceeds hereunder (even if the total amount of 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 interest upon demand.

Settlement of Mechanics’ Lien Claims. If a Borrower shall fail promptly to discharge within fifteen (15) days after the filing or assertion thereof (or sooner if necessary to prevent loss, forfeiture or impairment of the Project or any part thereof) any mechanics' ’ lien claim filed or otherwise asserted or to contest any such claims and give security or indemnity in the manner provided in Section 3.4 hereof (except for mechanics' lien claims of less than $10,000 for which no proceedings have commenced which could lead to foreclosure of the lien)hereof, or, having commenced to contest the same, and having given such security or indemnity, shall thereafter fail to prosecute such contest vigorously, in good faith and or with due diligence and by appropriate proceedingdiligence, or fail to maintain such indemnity or security so required by the Title Insurer for its full amount, 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, and in any such event, Lender may, at its election (election, but shall not be required to) and in addition to its remedies set forth in Section 8 , (i) procure the release and discharge of any such claim and any judgment or decree thereon, without inquiring into or investigating the amount, 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 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 disbursements of the Loan proceeds hereunder (even if the total amount of 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 interest upon demand.