A Hold Harmless Clause in a contract is a provision by which one party agrees to protect another party from claims, lawsuits, or any legal liabilities arising from a specific situation or activity.
Indemnification refers to a contractual obligation typically found in insurance agreements where one party agrees to compensate the other for any potential loss or damage incurred. This concept is widely used to manage risk, particularly in real estate transactions.
Insurance (Mortgage) is a service, generally purchased by a borrower, that indemnifies the lender in case of foreclosure of the loan. Indemnification is generally limited to losses suffered by the lender in the foreclosure process.
A junior lien, also known as a subordinate lien, refers to any lien that will be paid after earlier liens have been paid. It denotes the secondary position of the lien in order of payment priorities.
A loan guarantee involves agreeing to indemnify the holder of a loan for all or a portion of the unpaid principal balance in the event of a borrower's default.
