Liens and Judgments. The FIRM shall and does hereby assume all liability for and agrees to indemnify the CITY or its representatives against any or all loss, costs, damages, and liability for any or by reason of any lien, claims or demands, either for materials purchased or for work performed by laborers, mechanics, and others and from any damages, costs, actions, or causes of action and judgments arising from injuries sustained by mechanics, laborers, and other person by reason of accidents or otherwise, to the extent caused by the negligence or breach of contract of said Firm, or its subcontractors, agents, employees, or workmen.
Liens and Judgments. Except for Permitted Liens, permit or suffer any claim, lien, charge, mortgage, deed of trust or other encumbrances to attach to any of Borrower's or Parent's assets or allow any judgment to be levied or any other action to be instituted against Borrower or Parent, unless there is a good faith dispute by Borrower or Parent as to the validity of the lien or other encumbrance and Borrower or Parent gives Lenders written notice thereof and deposits with Lenders monies or a surety bond which Lenders determine is an adequate reserve or bond therefor.
Liens and Judgments. Must be paid at funding if they constitute a lien against the subject property. Liens (mechanics liens, tax liens, etc.) are non-credit related items which are reflected on credit reports and/or preliminary title reports. Since the liens do not necessarily reflect a borrower's inability and/or unwillingness to repay a debt, it is the policy of New Century to rely on other criteria in evaluating qualification. Loan approval is not restricted by the existence of liens.
