Unsecured Loan Agreement Template
A customizable unsecured loan agreement template outlining loan terms, repayment conditions, interest rates, default provisions, and dispute resolution.
No liens
A "No Liens" clause indicates that the contractor or party providing goods and services agrees not to place any liens or claims against the property involved in the contract. This clause protects the property owner from potential legal claims by subcontractors or suppliers seeking payment.
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13 No liens examples
- Description
(b) UCC Search. A UCC search certificate by a company acceptable to Lender reflecting that (i) no liens or security interests have been filed as to either Borrower that are not allowed by the Loan Agreement and the other Loan Documents and (ii) the Paradigm Assets are subject to no liens or security interests other than those that will be resolved by payment of the amounts specified in the “Payoff Letter” described in the Paradigm APA.
- Description
7.No Liens. Employee warrants and represents that there are no liens or claims of lien or assignments in law or equity or otherwise of or against any of the claims or causes of action released herein.
- Description
No Liens. As a condition of this Agreement, Colleague represents that there are no liens against the Severance Payment described in Section 2(a).
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However, the Company will provide customary representations and warranties for a transaction of this nature in the definitive aircraft purchase agreement, such as due authorization, no conflicts, validity of agreement, regulatory matters, good and marketable title, airworthiness, no liens, aircraft records, manufacturer warranties, and no brokers’ fees.
- Description
To the knowledge of the undersigned, there are no Liens on any Receivable in the Trust except as described below: None
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no Liens have been levied or claims made against Borrower or any of its Subsidiaries relating to unpaid employee payroll or benefits of which Borrower has not previously provided written notification to Bank.
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18) The Company has satisfactory title to all owned assets, and there are no liens or encumbrances on such assets nor has any asset been pledged as collateral.
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Except for the Assets Purchase Option, there is no liens, pledges, claims and other security rights and third-party rights on the Partnership Assets.
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There are no Liens with respect to Taxes upon any asset of the Company.
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SECTION 4.04. No Liens or Encumbrances. SELLER is conveying the assets free and clear of any liens or encumbrances incurred or accrued by SELLER warranties and representations that the assets are being conveyed with good title and free and clear of any Liens or claims of patent infringement.
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no liens, encumbrances, charges, or security interests of any kind exist on the date hereof against the Assigned Interest;
- Description
No rights under the Purported Options were transferred by the Individual to any other party and there are no liens, encumbrances, security agreements, equities, options, claims or charges of any kind related to the Purported Options.
- Description
It was also verified that there are no prior year delinquencies, no liens, no supplemental charges and no water or sewer charges that are due or delinquent.
What is No Liens?
“No Liens” is a legal term used in the context of contract law, typically referring to a guarantee or assurance that a property or asset is free from any claims or legal holds by creditors. This means that the asset is not currently used as collateral for any debt and is not subject to any legal claims by third parties. It ensures that the property can be sold or transferred without any encumbrances impacting the transaction.
When should I use No Liens?
You should use a “No Liens” clause or certification in situations where you are:
- Buying or selling real estate: Ensuring the property is free from liens assures a clear title and thus a smooth transaction.
- Engaging in construction contracts: To confirm that subcontractors and suppliers have been paid and no mechanic’s liens are likely to affect the property.
- Finance transactions: When securing loans using assets as collateral, lenders often require assurances that the asset is lien-free.
- Business acquisitions: Ensuring that all assets are lien-free is crucial for transferring ownership without unexpected liabilities.
How do I write No Liens?
When drafting a “No Liens” provision or statement, clarity and specificity are crucial. You might follow these general guidelines:
- Begin with a clear declaration:
- “The Seller warrants and represents to the Buyer that as of the date of closing, the property is free and clear of all liens, claims, and encumbrances.”
- Include details:
- Specify which assets or properties are covered, and define any terms that might be ambiguous.
- Provide exceptions if necessary:
- “Except as otherwise disclosed in Schedule A, the Seller certifies that the property is lien-free.”
- Include remedies for breach:
- “In the event that a lien is discovered post-closing, the Seller shall promptly undertake to satisfy and discharge said lien at their expense.”
Example:
“The Contractor hereby certifies that all work performed under this agreement is free of any liens and encumbrances. Should any liens surface, the Contractor agrees to resolve said liens within 30 days at no additional cost to the Client.”
Which contracts typically contain No Liens?
“No Liens” clauses appear frequently in a variety of contracts, including:
- Real Estate Purchase Agreements: To ensure a clear title transfer.
- Construction Contracts: Protecting property owners from mechanic’s liens by unpaid contractors or suppliers.
- Loan and Financing Agreements: Establishing clear ownership of collateral.
- Business Sale Agreements: Ensuring all transferred assets are unencumbered.
- Lease Agreements: In certain cases, to guarantee the leased property remains free from liens.
By including a “No Liens” provision in these documents, parties can mitigate the risk of future legal complications related to outstanding claims or encumbrances.
Templates refrencing "No liens"
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More Clauses from the Library
Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
No partnership or agency
The "No Partnership or Agency" clause stipulates that the agreement does not create a partnership, joint venture, or agency relationship between the parties involved. This clause clarifies that each party remains independent and has no authority to bind or represent the other in any manner.
No prepayment penalty
A "No Prepayment Penalty" clause allows borrowers to repay a loan ahead of schedule without incurring any additional fees or penalties. This provides flexibility for borrowers to save on interest costs by paying off their debt early.
No refunds
The "No Refunds" clause stipulates that once a purchase or transaction is completed, the buyer is not entitled to a refund under any circumstances. This provision ensures that the seller is not obligated to return the buyer's money, regardless of dissatisfaction or change of mind.
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