Common use of Charge/Lien Clause in Contracts

Charge/Lien. The Promoter shall have first charge and/or lien over the Said Unit for all amounts due and payable by the Allottee(s) to the Promoter provided however, if the Said Unit is purchased with assistance of a bank/financial institution/other persons, then such charge/lien of the Promoter shall stand extinguished on the bank/financial institution/other persons provided all dues payable to the Promoter are cleared by the Allottee(s) and/or such bank/ financial institution/ other persons.