We have a lien filed on a project, and we're about 3 weeks away from needing to foreclose. The client offered to pay 75% of the balance at this time to continue the project. Will accepting the partial payment compromise the lien in any way? Do we need to submit a new balance due for the lien? Also, is there template language that I can use to respond stating that we still need the remaining balance paid before our foreclosure deadline runs out?
If you are paid some of the lien amount, the lien will be reduced accordingly.
Your statement about timing for payment will suffice—no particular form is required.