Sen. John G. Mulroe

Filed: 4/4/2014

 

 


 

 


 
09800SB3023sam002LRB098 17607 HEP 58256 a

1
AMENDMENT TO SENATE BILL 3023

2    AMENDMENT NO. ______. Amend Senate Bill 3023 on page 3, by
3replacing lines 13 through 21 with the following:
 
4    "(d) An agreement to waive any right to enforce or claim
5any lien under this Act, or an agreement to subordinate the
6lien, where the agreement is in anticipation of and in
7consideration for the awarding of a contract or subcontract,
8either express or implied, to perform work or supply materials
9for an improvement upon real property is against public policy
10and unenforceable. This Section does not prohibit release of
11lien under subsection (b) of Section 35 of this Act, nor does
12it prohibit an agreement to subordinate a mechanics lien to a
13mortgage lien that secures a construction loan if that
14agreement is made after more than 50% of the loan has been
15disbursed to fund improvements to the property or prohibit
16subordination of the lien, except as provided in Section 21.";
17and
 

 

 

09800SB3023sam002- 2 -LRB098 17607 HEP 58256 a

1on page 8, by inserting immediately below line 13 the
2following:
 
3    "Section 99. Effective date. This Act takes effect upon
4becoming law.".