Maryland Sample Environmental Indemnity Agreement

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Multi-State
Control #:
US-0818-WG
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Word; 
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Description

This is a sample form in which the Indemnitor hereby unconditionally and irrevocably indemnifies and agrees to reimburse, defend, exonerate, pay and hold harmless Lender and its directors, officers, policyholders, shareholders, employees, successors, assigns, agents, contractors, subcontractors, experts, licensees, affiliates, lessees, mortgagees, trustees and invitees, from and against any and all Environmental Damages arising from the presence of Hazardous Materials in, upon, about or beneath the Secured Property or migrating to or from the Secured Property, or arising in any manner whatsoever out of the violation of any Environmental Requirements pertaining to the Secured Property and the activities thereon, or the breach of any warranty or covenant or the inaccuracy of any representation of Indemnitor contained in the Loan Documents pertaining to Hazardous Materials or other environmental matters.

A Maryland Sample Environmental Indemnity Agreement is a legally binding document that serves as a contractual agreement between two parties, typically a property owner or tenant (hereinafter referred to as "Indemnity") and a potential buyer or lender (hereinafter referred to as "Indemnity"). This agreement is crucial for managing potential environmental risks and liabilities associated with a property in the state of Maryland. In Maryland, there are various types of Sample Environmental Indemnity Agreements, each tailored to specific scenarios or parties involved. Some common variants include: 1. Seller/Buyer Indemnity Agreement: This agreement is entered into when a property owner (seller) transfers the property to a buyer. The seller indemnifies the buyer against any environmental liabilities that may arise due to pre-existing contamination or future environmental issues on the property. 2. Landlord/Tenant Indemnity Agreement: This agreement is typically established in the context of a lease agreement, where the landlord requires the tenant to indemnify them against any environmental liabilities associated with the leased property during the term of the lease. 3. Lender/Borrower Indemnity Agreement: This agreement is executed between a lender and a borrower when a loan is provided for the purchase of a property. The borrower indemnifies the lender against any potential environmental liabilities related to the property. A Maryland Sample Environmental Indemnity Agreement typically outlines the following key aspects: 1. Parties: Identification of the indemnity and indemnity involved in the agreement. 2. Property Description: A detailed description of the property subject to the agreement, including its location, legal description, and any relevant environmental details. 3. Indemnity Clause: This clause stipulates that the indemnity agrees to indemnify the indemnity and hold them harmless from any environmental liabilities, damages, or claims arising out of the property. 4. Representations and Warranties: The indemnity provides representations and warranties regarding the property, certifying its environmental condition and ensuring there are no known environmental issues. 5. Environmental Compliance: The indemnity agrees to comply with all applicable environmental laws, regulations, permits, and standards concerning the property. 6. Notification: Any party aware of any potential or actual environmental issue related to the property is required to promptly notify the other party. 7. Insurance Requirements: The agreement may outline insurance requirements, necessitating the indemnity to maintain appropriate levels of environmental liability insurance coverage. 8. Governing Law: The agreement specifies that it is governed by and interpreted under the laws of the state of Maryland. It is important to note that a Maryland Sample Environmental Indemnity Agreement should be reviewed by legal professionals familiar with environmental laws to ensure compliance and protection for all parties involved.

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FAQ

A common example of indemnification happens with reagrd to insurance transactions. This often happens when an insurance company, as part of an individual's insurance policy, agrees to indemnify the insured person for losses that the insured person incurred as the result of accident or property damage.

Letters of indemnity should include the names and addresses of both parties involved, plus the name and affiliation of the third party. Detailed descriptions of the items and intentions are also required, as are the signatures of the parties and the date of the contract's execution.

Company/Business/Individual Name shall fully indemnify, hold harmless and defend and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not

$20/Month. The cost of professional indemnity insurance varies considerably. While these policies are extremely common, and typically inexpensive for most industries, the cost can increase significantly for specialized services with much higher risks.

An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

In a financing context, a bank commitment letter and loan agreement often provide that the borrower will indemnify the agent banks and lenders for losses, liabilities, and related expenses they incur from litigation or other claims related to the loan or the borrower (such as environmental liabilities).

An environmental indemnity mitigates a lender's exposure for environmental risks that are associated with real property ownership by indemnifying the lender against all losses associated with environmental compliance, monitoring, and remediations (see Drafting Note, Losses).

For example, in the case of home insurance, the homeowner pays insurance premiums to the insurance company in exchange for the assurance that the homeowner will be indemnified if the house sustains damage from fire, natural disasters, or other perils specified in the insurance agreement.

An indemnity agreement is a contract that protect one party of a transaction from the risks or liabilities created by the other party of the transaction. Hold harmless agreement, no-fault agreement, release of liability, or waiver of liability are other terms for an indemnity agreement.200c

Indemnity is a contractual agreement between two parties. In this arrangement, one party agrees to pay for potential losses or damages caused by another party.

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By CF Lettow · 1983 · Cited by 8 ? results, the parties to an indemnity agreement relating to disposal of hazardousByam are members of the District of Columbia bar and practice law with. For example, a broad interpretation was given to an indemnity agreement whichinsurance to cover an indemnity obligation runs afoul of AS 45.45.900. The ...Two parties whereby the one undertakes and agrees to indemnify the otherA classic example of a typical contractual indemnity provision is as follows:. Indemnity Agreements are Interpreted in Favor of theFor example, environmental insurance policies written on a claims-made and. For example, a lender could require an indemnification from the borrower or a guarantor or could require a certain amount to be held in escrow ... Both Virginia and Maryland courts hold that any indemnity provision in a construction contract which purports to indemnify the indemnitee ... Among other things, he has represented clients in allocation proceedings, business loss claims, indemnity disputes, contract disputes, environmental matters ... INSTRUCTIONS. Complete and sign the Vanguard Adoption Agreement Amendment and return to. Vanguard. Review the Vanguard Basic Plan Document Amendment and ... How the courts interpret the language of an indemnity clause willfees arising out of (a) any Environmental Action(s) and/or Remediation ... Priority of coverage disputes can arise where different insurers for different insureds cover the same claim.Generally, competing insurers ...

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Maryland Sample Environmental Indemnity Agreement