Illinois mechanics lien waiver Form 2024

Illinois mechanics lien waiver Form: What You Should Know

The Contractor hereby waives, releases and discharges, as owner or title applicant, the subcontractor's obligation under Sections 2 through 7 of the General Contractor's Liens Act [625 ILLS 6] (625 ILLS 6/2-07, 625 ILLS 6/2-08 and 625 ILLS 6/2-09) and Sections 13, 30, 35, 36, and 37 of the Mechanical Contractor's Liens Act (625 ILLS 6/13-30-36, 6/13-35-36, 6/13-37-36, and 6/13-37), as amended. 2. If the amount of payment required to be made by the contractor includes the waiver of the lien, such payment shall be made no later than the fifteenth day of the second month following the close of the performance by the subcontractor of the work authorized by this contract and the lien waiver is valid in respect to such payment for six months after the date of the payment of such amount. Upon written request of the subcontractor, the Contractor shall make such written request at such times and in such form as in the Contractor's sole discretion it may prescribe. 3. Subject to the provisions of subparagraph (F) of this paragraph, this contract shall remain in full force and effect until terminated by default, cancellation, default, non-payment, or otherwise. 4. The subcontractor shall be relieved from any obligation to maintain the status quo until the execution of a Release and Agreement in the form required by paragraph (1). 5. This release and waiver of lien shall form part of the subcontractor's release and waiver and shall be considered a release and waiver contained therein. 7. In the event of default under this contract, the Contractor shall have the right and the obligation, as owner or title applicant, to rescind and terminate the contract in whole or in part, and to re-contract, and to obtain the costs, including interest thereon, of doing so. 8. When this release and waiver of lien shall be executed, the Contractor shall give to the subcontractor a written notice containing a description of any lien on the property for which the release is made, and the rights of the owner. The notice shall state that it is to be delivered only to subcontractor, and not to any member of his or her family. In no event shall the notice be given to the contractor. 9.

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