Specific Lien Provisions. Pursuant to Section 108.234 of the Nevada Revised Statutes (as amended or supplemented from time to time, “NRS”), the Authority hereby informs StadCo that StadCo must comply with the requirements of NRS § 108.2403 and NRS § 108.2407 to the extent applicable to any Additional Work. StadCo shall comply with Applicable Laws to ensure that no Liens encumbering the Authority’s interest in the Premises or the Stadium arise as a result of StadCo’s Additional Work, and record a notice of posted security in the Office of the County Recorder of Clark County, Nevada, in accordance with NRS § 108.2403(1)(a), and either
(i) establish a construction disbursement account pursuant to NRS § 108.2403(1)(b)(1), or (ii) furnish and record, in accordance with NRS § 108.2403(1)(b)(2), a surety bond for the prime contract for the Additional Work at the Premises that meets the requirements of NRS § 108.2415. StadCo shall notify the Authority of the name and address of StadCo’s prime contractor who will be performing any Additional Work promptly following its selection and no later than four (4) days after the signing of any contract with such prime contractor. StadCo may not begin initial construction on any Additional Work until StadCo has delivered evidence satisfactory to the Authority that StadCo has complied with the terms of this Section 8.2(d). Further, the Authority shall have the right to post and maintain any notices of non-responsibility.
Specific Lien Provisions. The Parties agree that NRS 108.2403 and NRS 108.2407 are not applicable to the Project Improvements Work. StadCo shall comply with Applicable Laws to ensure that no Liens encumbering the Authority’s interest in the Land or the Project Improvements arise as a result of the Project Improvements Work.
Specific Lien Provisions. Pursuant to Section 108.234 of the Nevada Revised Statutes (as amended or supplemented from time to time, “NRS”), the Authority hereby informs StadCo that StadCo must comply with the requirements of NRS § 108.2403 and NRS § 108.2407. StadCo shall comply with the laws of the State to ensure that no Liens encumbering the Authority’s interest in the Premises or the Stadium arise as a result of StadCo’s Additional Work, and record a notice of posted security in the Office of the County Recorder of Xxxxx County, Nevada, in accordance with NRS § 108.2403(1)(a), and either (i) establish a construction disbursement account pursuant to NRS § 108.2403(1)(b)(1), or (ii) furnish and record, in accordance with NRS § 108.2403(1)(b)(2), a surety bond for the prime contract for the Additional Work at the Premises that meets the requirements of NRS § 108.2415. StadCo shall notify the Authority of the name and address of StadCo’s prime contractor who will be performing the Additional Work as soon as it is known. StadCo shall notify the Authority immediately upon the signing of any contract with the prime contractor for the Additional Work or other construction, alteration or repair of any portion of the Premises or any Improvements. StadCo may not enter the Premises to begin initial construction on any Additional Work or begin any alteration or other work in the Premises until StadCo has delivered evidence satisfactory to the Authority that StadCo has complied with the terms of this Section 8.2. Failure by StadCo to comply with the terms of this Section 8.2 shall permit the Authority to declare a StadCo Event of Default and to terminate this Agreement. Further, the Authority shall have the right to post and maintain any notices of non-responsibility. In the event this Agreement is terminated pursuant to the foregoing, neither Party hereunder shall have any liability to the other under this Agreement except for then-outstanding obligations and obligations that expressly survive the early termination or expiration of this Agreement.
