Maryland Sample Environmental Indemnity Agreement

• Category: Contracts - Indemnification
• State: Multi-State
• Control #: US-0818-WG
• Format: Word; Rich Text

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.

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.