Collin Texas Sample Environmental Indemnity Agreement

• Category: Contracts - Indemnification
• State: Multi-State
• County: Collin
• 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. Collin Texas Sample Environmental Indemnity Agreement is a legal document that outlines the rights and responsibilities of the parties involved in a real estate transaction, particularly in Collin County, Texas. This agreement serves to protect the parties from potential environmental liabilities and compensate for any damages caused by environmental hazards. The Collin Texas Sample Environmental Indemnity Agreement typically includes the following key provisions: 1. Parties: This section identifies the parties involved in the agreement, including the property owner, buyer, and any other relevant parties. 2. Property Description: It includes a detailed description of the property under consideration, including its address, legal description, and any other pertinent information. 3. Environmental Conditions: This section outlines the environmental conditions of the property, including any known or suspected contamination, hazardous materials, or other environmental hazards. It may also mention any existing environmental reports or assessments. 4. Indemnification: The indemnification clause specifies the party responsible for covering costs related to environmental contamination or hazards. It may include provisions for legal fees, cleanup costs, and any damages incurred as a result of non-compliance with environmental laws and regulations. 5. Representations and Warranties: The agreement may include representations and warranties made by the seller regarding the property's environmental condition, compliance with environmental laws, and any known or potential issues. 6. Due Diligence: The agreement may require the buyer to conduct due diligence to investigate the property's environmental condition, including conducting environmental assessments, site investigations, or obtaining Phase I or Phase II environmental studies. 7. Insurance: The agreement may address the need for environmental insurance coverage and stipulate which party is responsible for obtaining and maintaining such coverage. 8. Governing Law: This section specifies which state's laws govern the agreement, typically stating that it falls under the jurisdiction of the state of Texas, more specifically Collin County. Types of Collin Texas Sample Environmental Indemnity Agreements: 1. Standard Collin Texas Sample Environmental Indemnity Agreement: This is the most common type of agreement where parties address typical environmental risks and indemnification provisions. 2. Tailored Collin Texas Sample Environmental Indemnity Agreement: This type of agreement is customized to address specific environmental concerns or unique circumstances associated with the property in question. It may include additional provisions or specific remedies that align with the property's particular environmental condition. In conclusion, the Collin Texas Sample Environmental Indemnity Agreement is a crucial legal document that safeguards parties involved in a real estate transaction against potential environmental liabilities. It outlines the responsibilities, indemnification terms, and other provisions deemed necessary to protect both the buyers and sellers in Collin County, Texas.

Collin Texas Sample Environmental Indemnity Agreement is a legal document that outlines the rights and responsibilities of the parties involved in a real estate transaction, particularly in Collin County, Texas. This agreement serves to protect the parties from potential environmental liabilities and compensate for any damages caused by environmental hazards. The Collin Texas Sample Environmental Indemnity Agreement typically includes the following key provisions: 1. Parties: This section identifies the parties involved in the agreement, including the property owner, buyer, and any other relevant parties. 2. Property Description: It includes a detailed description of the property under consideration, including its address, legal description, and any other pertinent information. 3. Environmental Conditions: This section outlines the environmental conditions of the property, including any known or suspected contamination, hazardous materials, or other environmental hazards. It may also mention any existing environmental reports or assessments. 4. Indemnification: The indemnification clause specifies the party responsible for covering costs related to environmental contamination or hazards. It may include provisions for legal fees, cleanup costs, and any damages incurred as a result of non-compliance with environmental laws and regulations. 5. Representations and Warranties: The agreement may include representations and warranties made by the seller regarding the property's environmental condition, compliance with environmental laws, and any known or potential issues. 6. Due Diligence: The agreement may require the buyer to conduct due diligence to investigate the property's environmental condition, including conducting environmental assessments, site investigations, or obtaining Phase I or Phase II environmental studies. 7. Insurance: The agreement may address the need for environmental insurance coverage and stipulate which party is responsible for obtaining and maintaining such coverage. 8. Governing Law: This section specifies which state's laws govern the agreement, typically stating that it falls under the jurisdiction of the state of Texas, more specifically Collin County. Types of Collin Texas Sample Environmental Indemnity Agreements: 1. Standard Collin Texas Sample Environmental Indemnity Agreement: This is the most common type of agreement where parties address typical environmental risks and indemnification provisions. 2. Tailored Collin Texas Sample Environmental Indemnity Agreement: This type of agreement is customized to address specific environmental concerns or unique circumstances associated with the property in question. It may include additional provisions or specific remedies that align with the property's particular environmental condition. In conclusion, the Collin Texas Sample Environmental Indemnity Agreement is a crucial legal document that safeguards parties involved in a real estate transaction against potential environmental liabilities. It outlines the responsibilities, indemnification terms, and other provisions deemed necessary to protect both the buyers and sellers in Collin County, Texas.