Default Lien Sample Clauses

The DEFAULT/LIEN clause establishes the rights and remedies available to a party if the other party fails to fulfill its contractual obligations, particularly regarding payment or performance. In practice, this clause typically allows the non-defaulting party to claim a security interest (lien) over certain assets or property of the defaulting party until the default is remedied. For example, a service provider may retain possession of goods or withhold further services until outstanding payments are made. The core function of this clause is to provide a mechanism for securing payment or performance, thereby reducing the risk of loss due to non-compliance and incentivizing timely fulfillment of contractual duties.
Default Lien. In the event that the owners of the Eagle’s Nest Lot, the Leighton Lot, or ▇▇▇▇▇▇▇▇▇’▇ Land default under this Agreement, and such default is not cured within thirty (30) days of receipt of written notice thereof from the Town, the Town shall have all remedies available at law or in equity, including without limitation the right to undertake such work on McDermott Way as is necessary and to submit an invoice to each property owner for that property owner’s share of the costs and expenses for the work, payable within thirty (30) days of the date of the invoice. Any amounts due hereunder and unpaid after said thirty (30) day period shall be a charge upon the responsible property owner, and shall be a continuing lien against that owner’s property in favor of the Town. Such lien shall be in the total amount due, together with interest and costs and expenses of enforcement including reasonable attorney’s fees and costs. Such lien shall have the same priority as liens created for the benefit of condominium associations under the Maine Condominium Act and may be enforced and foreclosed by the Town in the same manner as a lien under said Act or by any other means presently or hereafter provided by law or in equity. In any action to enforce this Agreement, the prevailing party shall be reimbursed for its reasonable attorney’s fees and costsMcDermott 3.00 Acres” and described in deeds recorded in the Cumberland County Registry of Deeds in Book 24300, Page 154; Book 26585, Page 144; and Book , Page (“▇▇▇▇▇’s Land”) is benefitted by an easement over McDermott Way as set forth in the deed recorded in said Registry in Book 26585, Page 144. The owner of ▇▇▇▇▇’s Land is not a party hereto, and she, her heirs and assigns, shall retain the right to plow the portion of McDermott Way used to access ▇▇▇▇▇’s Land, but shall have no obligations under this Agreement.
Default Lien. If Occupant fails to pay rent or comply with any other provision of the Agreement within seven (7) days after rent is due, the Company may elect to terminate this Agreement WITH NOTICE. Under the Provisions of RCW 59.001 (Texas Storage Facility Act), a lien is created on all property stored and documents in the ‘Items’ section in this agreement.
Default Lien