New Mexico 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. The New Mexico Sample Environmental Indemnity Agreement is a legal document designed to protect parties involved in real estate transactions from potential environmental liabilities. This agreement is specifically tailored to comply with the laws and regulations of the state of New Mexico. This comprehensive document outlines the responsibilities and liabilities of the different parties involved, including the buyer, seller, and any lenders or investors. It serves as a form of insurance that safeguards against potential environmental risks associated with the property, such as contamination, pollution, or hazardous waste. Key provisions in the New Mexico Sample Environmental Indemnity Agreement include: 1. Identification of the property: This section describes the location and specifics of the property under consideration and ensures that all parties have a clear understanding of the site in question. 2. Assurances by the seller: The seller pledges to provide accurate and complete information regarding the property's environmental history, including any prior assessment reports, remediation efforts, or regulatory notices. 3. Representation and warranties: Both the buyer and seller make representations and warranties regarding the current state of the property's environmental conditions, disclosures, and compliance with applicable laws and regulations. 4. Release and indemnification: This provision outlines the indemnity obligations, defining the extent to which the responsible party will compensate and hold harmless the other parties in case of any environmental claims, damages, or losses. 5. Environmental assessments: The agreement may require the property to undergo a Phase I Environmental Site Assessment (ESA) conducted by a qualified professional to evaluate potential environmental risks. The buyer may have the right to terminate the agreement or negotiate remedial action if significant issues are discovered. 6. Insurance requirements: The agreement may mandate specific insurance coverage, such as environmental liability insurance, pollution legal liability insurance, or other relevant policies, to protect parties from potential financial burdens associated with environmental liabilities. The New Mexico Sample Environmental Indemnity Agreement is the most commonly used form in the state, but it is worth noting there may be variations or specific types of this agreement, such as: 1. Corporate Environmental Indemnity Agreement: This agreement applies when the property is held by a corporate entity, specifying the responsibilities and indemnification obligations between the corporation and other parties involved. 2. Lender Environmental Indemnity Agreement: Created when a lender is involved in a real estate transaction, this agreement ensures that the lender is protected against any environmental liabilities associated with the property in question. It is important to consult with legal professionals experienced in New Mexico's environmental laws to ensure that the agreement properly addresses specific concerns and complies with state regulations.

The New Mexico Sample Environmental Indemnity Agreement is a legal document designed to protect parties involved in real estate transactions from potential environmental liabilities. This agreement is specifically tailored to comply with the laws and regulations of the state of New Mexico. This comprehensive document outlines the responsibilities and liabilities of the different parties involved, including the buyer, seller, and any lenders or investors. It serves as a form of insurance that safeguards against potential environmental risks associated with the property, such as contamination, pollution, or hazardous waste. Key provisions in the New Mexico Sample Environmental Indemnity Agreement include: 1. Identification of the property: This section describes the location and specifics of the property under consideration and ensures that all parties have a clear understanding of the site in question. 2. Assurances by the seller: The seller pledges to provide accurate and complete information regarding the property's environmental history, including any prior assessment reports, remediation efforts, or regulatory notices. 3. Representation and warranties: Both the buyer and seller make representations and warranties regarding the current state of the property's environmental conditions, disclosures, and compliance with applicable laws and regulations. 4. Release and indemnification: This provision outlines the indemnity obligations, defining the extent to which the responsible party will compensate and hold harmless the other parties in case of any environmental claims, damages, or losses. 5. Environmental assessments: The agreement may require the property to undergo a Phase I Environmental Site Assessment (ESA) conducted by a qualified professional to evaluate potential environmental risks. The buyer may have the right to terminate the agreement or negotiate remedial action if significant issues are discovered. 6. Insurance requirements: The agreement may mandate specific insurance coverage, such as environmental liability insurance, pollution legal liability insurance, or other relevant policies, to protect parties from potential financial burdens associated with environmental liabilities. The New Mexico Sample Environmental Indemnity Agreement is the most commonly used form in the state, but it is worth noting there may be variations or specific types of this agreement, such as: 1. Corporate Environmental Indemnity Agreement: This agreement applies when the property is held by a corporate entity, specifying the responsibilities and indemnification obligations between the corporation and other parties involved. 2. Lender Environmental Indemnity Agreement: Created when a lender is involved in a real estate transaction, this agreement ensures that the lender is protected against any environmental liabilities associated with the property in question. It is important to consult with legal professionals experienced in New Mexico's environmental laws to ensure that the agreement properly addresses specific concerns and complies with state regulations.