Common use of Notification of Liens Clause in Contracts

Notification of Liens. Other than items identified in the title policy required hereunder, Borrower will notify Lender of the existence or asserted existence of any mortgages, pledge, lien, charge or encumbrance on the Mortgaged Property, personal or real, tangible or intangible, forthwith upon Borrower’s obtaining knowledge thereof, excluding only: (a) encumbrances in favor of Lender; (b) deposits to secure payment of worker’s compensation, unemployment insurance and similar benefits; (c) statutory liens arising in the ordinary course of Borrower’s business which secure current obligations of Borrower which are not in default.