Common use of Lien Free Completion Clause in Contracts

Lien Free Completion. Completion of the Improvements free and clear of liens shall be deemed to have occurred upon: (a) (i) Lender’s receipt of a written statement or certificate executed by the architect designated or shown on the Plans and Specifications certifying, without qualification or exception, that the Improvements are completed, and (ii) Lender’s receipt of all required occupancy permit(s) for all of the Improvements issued by the local government agency having jurisdiction and authority to issue same, and (iii) the expiration of the statutory period(s) within which valid mechanic’s liens, materialman’s liens and/or stop notices may be recorded and/or served by reason of the construction of the Improvements, or, alternatively, Lender’s receipt of valid, unconditional releases thereof from all persons entitled to record said liens or serve said stop notices; or (b) Lender’s receipt of such other evidence of lien free completion as Lender deems satisfactory in its reasonable discretion.