New York 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. New York Sample Environmental Indemnity Agreement is a legally binding contract that deals with indemnification for environmental liability in the state of New York. It provides a detailed description of the rights and obligations of parties involved in a transaction where potential environmental risks or liabilities are present. This agreement is crucial for protecting parties from unforeseen environmental costs and ensuring compliance with the laws and regulations of New York. Keywords: New York, Sample Environmental Indemnity Agreement, indemnification, liability, environmental risks, compliance, laws and regulations. Types of New York Sample Environmental Indemnity Agreements: 1. Purchase and Sale Agreement: This type of agreement is commonly used in real estate transactions, where the buyer agrees to indemnify the seller against any environmental liabilities associated with the property being sold. It covers potential contamination, cleanup costs, and any future claims related to environmental issues. 2. Lease Agreement: A lease agreement with an environmental indemnity clause is often used in commercial leasing to protect both the landlord and the tenant. It specifies the responsibilities of each party regarding environmental compliance, contamination, and remediation costs during the lease term and beyond. 3. Financing Agreement: In transactions involving financing for projects that may have environmental risks, such as construction or development, a financing agreement with an environmental indemnity provision is crucial. It safeguards the lender's interests by holding the borrower accountable for any environmental damages, liabilities, or regulatory violations. 4. Mergers and Acquisitions Agreement: When companies undergo mergers or acquisitions, an environmental indemnity agreement is often included to allocate environmental liabilities and ensure proper risk allocation. It provides protection to the acquiring company against unforeseen environmental costs and liabilities associated with the acquired business. These different types of New York Sample Environmental Indemnity Agreements address specific scenarios and are tailored to meet the needs of the parties involved in different transactions. It is essential for all parties involved to thoroughly review and understand the language and provisions of the agreement to ensure adequate protection against potential environmental liabilities.

New York Sample Environmental Indemnity Agreement is a legally binding contract that deals with indemnification for environmental liability in the state of New York. It provides a detailed description of the rights and obligations of parties involved in a transaction where potential environmental risks or liabilities are present. This agreement is crucial for protecting parties from unforeseen environmental costs and ensuring compliance with the laws and regulations of New York. Keywords: New York, Sample Environmental Indemnity Agreement, indemnification, liability, environmental risks, compliance, laws and regulations. Types of New York Sample Environmental Indemnity Agreements: 1. Purchase and Sale Agreement: This type of agreement is commonly used in real estate transactions, where the buyer agrees to indemnify the seller against any environmental liabilities associated with the property being sold. It covers potential contamination, cleanup costs, and any future claims related to environmental issues. 2. Lease Agreement: A lease agreement with an environmental indemnity clause is often used in commercial leasing to protect both the landlord and the tenant. It specifies the responsibilities of each party regarding environmental compliance, contamination, and remediation costs during the lease term and beyond. 3. Financing Agreement: In transactions involving financing for projects that may have environmental risks, such as construction or development, a financing agreement with an environmental indemnity provision is crucial. It safeguards the lender's interests by holding the borrower accountable for any environmental damages, liabilities, or regulatory violations. 4. Mergers and Acquisitions Agreement: When companies undergo mergers or acquisitions, an environmental indemnity agreement is often included to allocate environmental liabilities and ensure proper risk allocation. It provides protection to the acquiring company against unforeseen environmental costs and liabilities associated with the acquired business. These different types of New York Sample Environmental Indemnity Agreements address specific scenarios and are tailored to meet the needs of the parties involved in different transactions. It is essential for all parties involved to thoroughly review and understand the language and provisions of the agreement to ensure adequate protection against potential environmental liabilities.