Common use of Liens and Stop Notices Clause in Contracts

Liens and Stop Notices. If a claim of lien or lien affidavit is recorded which affects the Property or Improvements or a bonded stop notice is served upon Lender, Borrower shall, within twenty (20) calendar days of such recording or service or within five (5) business days of Lender’s demand, whichever occurs first: (a) pay and discharge the claim of lien or bonded stop notice; (b) effect the release thereof by recording or delivering to Lender a surety bond in sufficient form and amount; or (c) provide Lender with other assurances which Lender deems, in its sole discretion, to be satisfactory for the payment of such claim of lien or bonded stop notice and for the full and continuous protection of Lender from the effect of such lien or bonded stop notice.

Liens and Stop Notices. If a claim of lien or lien affidavit is recorded which affects the Property or Improvements or a bonded stop notice is served upon Lender, Borrower shall, within twenty (20) calendar days of such recording or service or within five (5) business calendar days of Lender’s demand, whichever occurs first: (a) pay and discharge the claim of lien or bonded stop notice; (b) effect the release thereof by recording or delivering to Lender a surety bond in sufficient form and amount; or (c) provide Lender with other assurances which Lender deems, in its sole discretion, to be satisfactory for the payment of such claim of lien or bonded stop notice and for the full and continuous protection of Lender from the effect of such lien or bonded stop notice.

Liens and Stop Notices. If a claim of lien or lien affidavit is recorded which affects affecting the Property or the Improvements or a bonded stop notice is served upon LenderLender which affects the Loan or Borrower's Funds, Borrower shall, within twenty (20) calendar days of after such recording or service or within five (5) business days of after Lender’s demand, 's demand (whichever occurs first: last occurs): (a) pay and discharge the claim of lien same; or bonded stop notice; (b) effect the release thereof by recording or delivering to Lender a surety bond in sufficient form and amount; or (c) provide Lender with other assurances assurance which Lender deems, in its sole discretion, to be satisfactory for the payment of such claim of lien or bonded stop notice and for the full and continuous protection of Lender from the effect of such lien or bonded stop notice.