Maine 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.

Maine Sample Environmental Indemnity Agreements are legally binding contracts used to allocate and manage environmental risks between parties involved in real estate transactions or other activities that may cause environmental impact. These agreements provide protection to parties from potential liabilities arising from contamination or pollution on a property. A Maine Sample Environmental Indemnity Agreement typically includes various provisions to ensure comprehensive risk management. These provisions may include: 1. Definitions: The agreement defines key terms such as "Contamination," "Pollution," "Environmental Laws," and "Environmental Claims," to provide clarity and establish a common understanding. 2. Identification of Parties: The agreement clearly identifies the parties involved, including the indemnity (party potentially liable for environmental risks) and the indemnity (party seeking protection from such liabilities). 3. Indemnification Obligations: This section outlines the indemnity's responsibility to indemnify, defend, and hold the indemnity harmless from any environmental claims, costs, losses, or damages incurred. 4. Representations and Warranties: The agreement may include statements and assurances made by the indemnity regarding compliance with applicable environmental laws, absence of contamination, or necessary permits and licenses. 5. Notice Requirements: Both parties are typically required to promptly notify each other about any potential or actual environmental claims, and any changes in circumstances that may affect the agreement. 6. Allocation of Costs: The agreement specifies how costs associated with environmental claims, assessments, remediation, and legal proceedings will be allocated between the parties. 7. Termination and Survival: This section addresses the circumstances under which the agreement may be terminated and outlines which provisions will survive termination, such as those related to ongoing liabilities or claims arising post-termination. Different types of Maine Sample Environmental Indemnity Agreements may exist, depending on the specific context and parties involved. For instance, there could be agreements tailored to real estate transactions, leases, mergers and acquisitions, or financing arrangements. Each type may have variations in language, scope, and provisions to suit the distinct needs of the parties. It's important to consult legal professionals to ensure that a Maine Sample Environmental Indemnity Agreement adequately addresses the specific risks, obligations, and protections required for each unique situation.