MECHANICS LIEN. WARNING: Anyone who helps improve your property, but who is not paid, may record what is called a mechanics' lien on your property. A mechanics' lien is a claim, like a mortgage or home equity loan, made against your property and recorded with the county recorder. Even if you pay your contractor in full, unpaid subcontractors, suppliers, and laborers who helped to improve your property may record mechanics' liens and sue you in court to foreclose the lien. If a court finds the lien is valid, you could be forced to pay twice or have a court officer sell your home to pay the lien. Liens can also affect your credit. To preserve their right to record a lien, each subcontractor and material supplier must provide you with a document called a “20 day
MECHANICS LIEN is used to include any lien, encumbrance or charge levied or imposed upon all or any portion of, interest in or income from the Property on account of any mechanic's, laborer's, materialman's or construction lien or arising out of any debt or liability to or any claim of any contractor, mechanic, supplier, materialman or laborer and shall include any mechanic's notice of intention to file a lien given to Landlord or Tenant, any stop order given to Landlord or Tenant, any notice of refusal to pay naming Landlord or Tenant and any injunctive or equitable action brought by any person claiming to be entitled to any mechanic's lien.
MECHANICS LIEN has the meaning assigned in Section 6.10.
Examples of MECHANICS LIEN in a sentence
Xxxxxxxx shall pay when due all claims and demands of mechanics, materialmen, laborers and others which, if unpaid, might result in a Mechanic’s Lien or notice of pendency of action being filed or recorded against Project and shall defend, indemnify, and hold Lender harmless from all Mechanic’s Liens.
If any Mechanic’s Lien is filed, recorded, or otherwise asserted in writing against any portion of the Hotel Project, Borrower shall, within thirty (30) days of written demand, discharge or cause to be discharged such Mechanic’s Lien and shall promptly obtain the dismissal of any proceedings for the enforcement thereof.
More Definitions of MECHANICS LIEN
MECHANICS LIEN is used to include any lien, encumbrance or charge levied or imposed upon all or any portion of, interest in or income from the Property on account of any mechanic’s, laborer’s, materialman’s or construction lien or arising out of any debt or liability to or any claim of any contractor, mechanic, supplier, materialman or laborer and shall include any mechanic’s notice of intention to file a lien given to Landlord or Tenant, any stop order given to Landlord or Tenant, any notice of refusal to pay naming Landlord or Tenant and any injunctive or equitable action brought by any person claiming to be entitled to any mechanic’s lien.
MECHANICS LIEN means any lien or claim arising pursuant to any statutory or equitable right permitting mechanics, carriers, warehousemen, materialmen, artisans, and laborers to place a lien against the Premises for the value of services, labor, equipment or materials furnished in connection with the Project.
MECHANICS LIEN is defined in Section 6.02. “Mortgagee” is defined in Section 11.01. “OFAC” is defined in Section 15.28(a). “Other Allowances” is defined in Section 13.02(b). “Owner” means, as of any day, the owner of fee simple title to the Land on such day. Lease, 000 Xxxx Xxxx Xxxxxx Xxxxxx: City of Norfolk Page 3
MECHANICS LIEN. Any mechanic's lien filed against the demised Premises or the building for work claimed to have been done or for materials claimed to have been furnished to Tenant shall be discharged by Tenant within thirty (30) days after the filing of any mechanic's lien. If Tenant shall fail to cause such lien to be discharged within the period aforesaid, the, in addition to any other right or remedy which Landlord may have, Landlord may, but shall not be obligated to, discharge said lien either by paying the amount claimed to be due or by procuring the discharge of such lien by deposit or by bonding procedures, and any amount so paid by Landlord and all costs and expenses, including, but not limited to, attorney's fees, incurred by Landlord in connection therewith, plus interest, shall constitute additional rental Payable by Tenant under this lease and shall be paid by Tenant to Landlord on Demand.
MECHANICS LIEN means any Lien filed by (or on behalf of) any contractor, materialman or other Person in connection with any work performed, or services or materials provided, with respect to the Property or any portion thereof, in each case regardless of whether the same is subordinate to the Lien(s) created by the First Mortgages, the Second Mortgages, the Third Mortgages, this Agreement or any other Loan Document.
MECHANICS LIEN. (i) Grantor shall have provided Beneficiary with written notice of such Mechanic’s Lien within 10 days of obtaining knowledge thereof; (ii) within 20 days of obtaining knowledge of the filing of any Mechanic’s Lien, Grantor shall have obtained and filed an indemnity bond satisfactory to Beneficiary with a surety satisfactory to Beneficiary, in the amount of 150% of the amount of the Labor and Material Costs which are the subject of such Mechanic’s Lien, plus a reasonable additional sum to pay all costs, interest and penalties that may be imposed or incurred in connection therewith; (iii) no Event of Default has occurred and is continuing under the Loan Agreement, the Note, this Deed of Trust or any of the other Loan Documents; (iv) Grantor shall at all times diligently prosecute the discharge of such Mechanic’s Lien, and shall update Agent regarding the status of same from time to time upon Beneficiary’s request; (v) neither the Property nor any part thereof nor any interest therein shall be in imminent danger of being sold, forfeited, terminated, canceled or lost; (vi) Grantor shall preclude the collection of, or other realization upon, any contested amount from the Property or any revenues from or interest in the Property; (vii) such contest by Grantor shall not materially and adversely affect the ownership, use or occupancy of the Property, (viii) such contest by Grantor shall not subject Agent or Grantor to civil or criminal liability (other than the civil liability of Grantor for the amount of the Lien in question plus interest); and (ix) Grantor has not consented to such Mechanic’s Lien.
MECHANICS LIEN means the lien of mechanics, materialmen, laborers, and any other Person who might claim a statutory or common law lien against the Hotel Project or any portion thereof under the laws of the state in which the Hotel Project is located.