release of lien


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release of lien

A recordable document showing that a lender,judgment creditor,the IRS,or other secured creditor no longer claims a lien upon real property.

References in periodicals archive ?
9) You might ask, "Is it prudent for me to obtain a release of lien and lien rights (only) from a contractor or other lienor that I am paying when that lienor has other rights to payment (e.
Thus, if a contractor gives an owner a waiver and release of lien upon final payment dated June 15, but does more billable work as of June 18, then the lien rights for the work done after June 15 are not waived.
One consequence of giving a statutory waiver and release of lien upon final payment is that the owner is not obliged to serve a notice of termination of notice of commencement on the lienor who has given the waiver and release of lien upon final payment.
It should be noted that the new form (for waiver and release of lien upon progress payment) is not a model of clarity.
31) The use of conditional waiver and release of lien forms will undoubtedly increase the need for the use of joint checks in the processing of construction payment applications.
The general contract could require the general contractor to incorporate into all subcontracts a requirement that subcontractors and suppliers execute the waiver and release of lien forms desired by the owner.
Holders who tender Notes must also deliver consents to the proposed amendments with respect to such Notes and the indenture which governs such Notes, as well as the release of liens related to the Senior Discount Notes.
Adoption of the proposed amendments and the release of liens requires the consent of the holders of at least a majority in aggregate principal amount of the Notes outstanding.
The offer is conditioned upon, among other things, the receipt of consents necessary to adopt the proposed amendments and the release of liens and the completion by Majestic Star of certain related financing transactions.
In conjunction with the offer to purchase, consents are being solicited to effect certain proposed amendments to the indenture governing the Notes, the termination of guarantees for the benefit of the trustee, and the release of liens on the collateral securing the Notes.
The offer is conditioned upon, among other things, the receipt of consents necessary to adopt the proposed amendments, the termination of the guarantees and the release of liens, and the completion by our parent company, The Majestic Star Casino, LLC, of certain related financing transactions.
The closing of the transaction is subject to various conditions, including approval by the Company's stockholders, the consent and release of liens by certain of the Company's lenders, and the continuation of CAT's $40 million credit facility.