This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Ohio Indemnification of Lessor
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Multi-State
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US-OG-801
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How to fill out Indemnification Of Lessor?
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A covenant, promise, agreement, or understanding in, or in connection with or collateral to, a contract or agreement relative to the design, planning, construction, alteration, repair, or maintenance of a building, structure, highway, road, appurtenance, and appliance, including moving, demolition, and excavating ...
SeeC. §153.81(A)(1)(b). Indemnification is limited to claims, damages, or loss, including reasonable attorney fees, costs, and expenses. Ohio follows the American Rule, which states that parties to litigation are to pay for their own attorneys' fees unless there is a specific exception to the rule that applies.
Frequently, indemnification claims arise from express indemnification agreements, but the right to seek indemnification can also be implied at law despite the absence of an agreement. While these doctrines allow one party to shift a loss to another, they generally are strictly enforced.
Indemnification is the assumption of another party's liability under a contract, such as a lease. Therefore, under an indemnification clause, tenants typically agree to reimburse the landlord, or pay directly, ?all losses, claims, suits, liability, and expense? related to a liability situation.
?Indemnify,? on the other hand, means that if the landlord is sued by the injured customer, the tenant agrees to reimburse them for costs incurred as a result of the lawsuit. ?Defend,? however, means that tenant is responsible for defending the landlord from lawsuits.
Lessor shall not be liable for any damage or injury to Lessee, or any other person, or to any property, occurring on the demised premises or any part thereof, and Lessee agrees to hold Lessor harmless from any claims for damages, no matter how caused.
The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.
SeeC. §153.81(A)(1)(b). Indemnification is limited to claims, damages, or loss, including reasonable attorney fees, costs, and expenses. Ohio follows the American Rule, which states that parties to litigation are to pay for their own attorneys' fees unless there is a specific exception to the rule that applies.
