Common use of Builders' Lien Holdback Clause in Contracts

Builders' Lien Holdback. That portion, if any, of the balance of the Purchase Price required by law to be held back by the Buyer in respect of builders’ lien claims (the “Lien Holdback”) shall be paid to the Seller’s Solicitor on the Completion Date. The Lien Holdback shall be held in trust pursuant to the Strata Property Act and Builders’ Lien Act of British Columbia (or successor statutes) solely in respect of lien claims made against the Property and registered in the New Westminster Land Title Office in connection with work done or materials supplied at the behest of the Seller. The Seller’s Solicitor are authorized to pay to the Seller, on the earlier of the date on which the time for filing a claim under the Builders’ Lien Act of British Columbia (or successor statutes) expires and the 56th day the Property is conveyed to the Buyer, the Lien Holdback, if any, accrued thereon, less the amount of any builders’ lien claims filed against the Property of which the Buyer or Buyer’s Solicitor notifies the Seller’s Solicitor in writing by 1:00 p.m. (PST) on that day. The Buyer hereby authorizes the Seller to bring any legal proceedings required to clear title to the Strata Lot of any lien claims.

Builders' Lien Holdback. That portion, if any, of the balance of the Purchase Price required by law to be held back by to the Buyer Purchaser in respect of builders’ builder’s lien claims (the “Lien Holdback”) shall will be paid to the SellerVendor’s Solicitor Solicitors on the Completion Date. The Lien Holdback shall will be held in trust by the Vendor’s Solicitors pursuant to the Strata Property Act (British Columbia) and Builders’ Builders Lien Act of (British Columbia Columbia) (or successor statutes) solely in respect of lien claims made against the Property and registered in the New Westminster Land Title Office applicable LTO in connection with work done or materials supplied at the behest of the SellerVendor. The SellerVendor’s Solicitor Solicitors are authorized to pay to the SellerVendor (or as directed by the Vendor), on the earlier of of: (a) the date on which the time for filing a claim of lien under the Builders’ Builders Lien Act of British Columbia expires; and (or successor statutesb) expires and the 56th day date which is 56 days after the Property is conveyed to the Buyer, Completion Date; the Lien Holdback, if any, accrued thereon, Holdback less the amount of any builders’ lien claims claim(s) filed against the Property Strata Lot of which the Buyer Purchaser or Buyerthe Purchaser’s Solicitor notifies Solicitors notify the SellerVendor’s Solicitor Solicitors in writing by 1:00 p.m. (PST) on that day. The Buyer Purchaser hereby authorizes the Seller Vendor and the Vendor’s Solicitors to bring do all things necessary to discharge any legal builders’ liens, including bringing court proceedings required to clear title to in the Strata Lot name of the Purchaser, provided that any lien claimssuch proceedings will be at the sole expense of the Vendor.

Builders' Lien Holdback. That portion, if any, of or the balance of the Purchase Price required by law to be held back by the Buyer Purchaser in respect of builders’ the builder's lien claims (the “"Lien Holdback”") shall will be paid to the Seller’s Solicitor Vendor's Solicitors on the Completion Date. The Lien Holdback shall will be held in trust for the Purchaser pursuant to the Strata Property Act (British Columbia) and Builders’ Builders Lien Act of (British Columbia Columbia) (or successor statutes) solely in respect of the lien claims made against the Property and registered in the New Westminster applicable Land Title Office in connection with work done or materials supplied at ad the behest of the SellerVendor. The Seller’s Solicitor Vendor's Solicitors are authorized to invest the Lien Holdback in an interest bearing trust account and pay to the SellerVendor (or as directed by the Vendor), on the earlier of (i) the date on which the time for filing a claim of lien under the Builders’ Builder's Lien Act expires; and (ii) the date which is fifty-six (56) days after the date that the balance of British Columbia the Purchase Price becomes due as aforesaid (or successor statutes) expires and the 56th day the Property is conveyed to the Buyer"Release Date"), the Lien HoldbackHoldback plus interest, if any, accrued thereonthereon , less the amount of any builders’ builder's lien claims claim filed against the Property Strata Lot of which the Buyer Purchaser or Buyer’s the Purchaser's Solicitor notifies the Seller’s Vendor's Solicitor in writing by 1:00 p.m. (PST) 1pm on that day. , The Buyer Purchaser hereby consents to and authorizes the Seller Vendor and the Vendor's Solicitor to bring do all things necessary to discharge any legal claims of builder's liens registered against title to the Strata Lot, including the commencement of court proceedings required in the name of the Purchaser, provided that such proceedings will be solely at the expense of the Vendor. If any claims of builder's liens are registered against title to clear the Strat lot on or before the Release Date, the Vendor's Solicitors will undertake to continue to hold the Lien Holdback in trust until the builders liens are released from title to the Strata Lot or until a court otherwise orders the release of any lien claimsthe Lien Holdback.