Common use of Vendor’s Lien Clause in Contracts

Vendor’s Lien. The Purchaser agrees that the Vendor shall have a vendor's lien on the Closing Date for unpaid purchase monies or adjustments or any other claims herein in this Agreement provided, together with interest thereon as provided for in this Agreement. The Purchaser covenants and agrees to forthwith pay all costs in relation to said vendor’s lien including without limitation, the Vendor’s solicitors’ legal fees on a full indemnity scale and disbursement and the cost to register the said vendor’s lien on title to the Real Property. The Vendor will upon request deliver to the Purchaser (for registration at the Purchaser’s expense) a release of the vendor’s lien after such unpaid purchase monies or adjustments or claims herein provided, as applicable, together with the interest thereon as provided for herein have been received by the Vendor by certified cheque and upon payment of a release fee of Two Hundred and Fifty ($250.00) Dollars plus HST and applicable disbursements.