Los Angeles California Sample Environmental Indemnity Agreement

• Category: Contracts - Indemnification
• State: Multi-State
• County: Los Angeles
• 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. Los Angeles, California Sample Environmental Indemnity Agreement is a legally-binding document designed to transfer the liability for environmental contamination from one party to another. This agreement is commonly used in real estate transactions or business acquisitions, where there is a potential risk of environmental contamination from hazardous materials or pollutants. The purpose of this agreement is to protect the innocent party (the indemnity) from any costs, damages, fines, or lawsuits arising from environmental pollution, and hold the responsible party (the indemnity) accountable for any cleanup or legal actions required. Key terms and provisions typically included in a Los Angeles Sample Environmental Indemnity Agreement may include the following: 1. Parties involved: This section identifies the indemnity (such as a buyer, lender, or tenant) and the indemnity (such as a seller, borrower, or landlord) along with their contact details. 2. Definitions: Clearly defines important terms like "hazardous substances," "environmental laws," "identifiable claims," etc., ensuring clarity and avoiding any misinterpretation. 3. Representation and warranties: The indemnity represents that they have disclosed all known environmental issues on the property, ensuring that there is no hidden contamination. 4. Indemnification: This clause describes the indemnity's obligation to indemnify, defend, and hold harmless the indemnity from any claims arising due to environmental contamination, including costs for cleanup, legal expenses, fines, and penalties. 5. Notice and opportunity to defend: Specifies procedures for the indemnity to provide prompt notice to the indemnity of any potential claims or lawsuits and allows the indemnity the right to participate in the defense. 6. Investigation and remediation: Outlines the indemnity's responsibility to investigate, assess, and clean up any environmental contamination if required. 7. Insurance: This section may require the indemnity to obtain and maintain adequate insurance coverage for environmental liabilities during the entire term of the agreement. 8. Termination and survival: Specifies conditions for termination of the agreement, and some provisions may survive termination, such as ongoing indemnification obligations. Different types of Los Angeles, California Sample Environmental Indemnity Agreements may vary based on factors like the nature of transactions (real estate, business acquisition, etc.), parties involved, duration, and the specific language used. For instance, there can be Sample Environmental Indemnity Agreements for commercial property transactions, lease agreements, or lender-borrower relationships, each tailored to address specific concerns and requirements. In conclusion, a Los Angeles, California Sample Environmental Indemnity Agreement is a crucial legal tool in managing and transferring the risks associated with environmental contamination. It helps protect parties involved in transactions from unforeseen environmental liabilities and ensures responsible parties are held accountable for any problems discovered post-transaction.

Los Angeles, California Sample Environmental Indemnity Agreement is a legally-binding document designed to transfer the liability for environmental contamination from one party to another. This agreement is commonly used in real estate transactions or business acquisitions, where there is a potential risk of environmental contamination from hazardous materials or pollutants. The purpose of this agreement is to protect the innocent party (the indemnity) from any costs, damages, fines, or lawsuits arising from environmental pollution, and hold the responsible party (the indemnity) accountable for any cleanup or legal actions required. Key terms and provisions typically included in a Los Angeles Sample Environmental Indemnity Agreement may include the following: 1. Parties involved: This section identifies the indemnity (such as a buyer, lender, or tenant) and the indemnity (such as a seller, borrower, or landlord) along with their contact details. 2. Definitions: Clearly defines important terms like "hazardous substances," "environmental laws," "identifiable claims," etc., ensuring clarity and avoiding any misinterpretation. 3. Representation and warranties: The indemnity represents that they have disclosed all known environmental issues on the property, ensuring that there is no hidden contamination. 4. Indemnification: This clause describes the indemnity's obligation to indemnify, defend, and hold harmless the indemnity from any claims arising due to environmental contamination, including costs for cleanup, legal expenses, fines, and penalties. 5. Notice and opportunity to defend: Specifies procedures for the indemnity to provide prompt notice to the indemnity of any potential claims or lawsuits and allows the indemnity the right to participate in the defense. 6. Investigation and remediation: Outlines the indemnity's responsibility to investigate, assess, and clean up any environmental contamination if required. 7. Insurance: This section may require the indemnity to obtain and maintain adequate insurance coverage for environmental liabilities during the entire term of the agreement. 8. Termination and survival: Specifies conditions for termination of the agreement, and some provisions may survive termination, such as ongoing indemnification obligations. Different types of Los Angeles, California Sample Environmental Indemnity Agreements may vary based on factors like the nature of transactions (real estate, business acquisition, etc.), parties involved, duration, and the specific language used. For instance, there can be Sample Environmental Indemnity Agreements for commercial property transactions, lease agreements, or lender-borrower relationships, each tailored to address specific concerns and requirements. In conclusion, a Los Angeles, California Sample Environmental Indemnity Agreement is a crucial legal tool in managing and transferring the risks associated with environmental contamination. It helps protect parties involved in transactions from unforeseen environmental liabilities and ensures responsible parties are held accountable for any problems discovered post-transaction.