ENVIRONMENTAL INDEMNITY AGREEMENT THIS ENVIRONMENTAL INDEMNITY AGREEMENT this Agreement made and entered into this date by and between Name of Borrower a c
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ENVIRONMENTAL INDEMNITY AGREEMENT THIS ENVIRONMENTAL INDEMNITY AGREEMENT this Agreement made and entered into this date by and between Name of Borrower a c Powered By Docstoc
					                        ENVIRONMENTAL INDEMNITY AGREEMENT

       THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this "Agreement") made and
entered into this (date), by and between (Name of Borrower), a corporation of the State of
(Name), having its principal office at (address), (hereinafter referred to as Indemnitor, and
(Name of Lender), a corporation of the State of (Name), having its principal office at (address),
(hereinafter referred to as Lender);

      Whereas, Lender is loaning to Indemnitor the sum of $______________, evidenced by a
Promissory Note; and

         Whereas. this Agreement is being executed and delivered in connection with the Note
and the following obligations (collectively, the "Indebtedness"): the full and prompt payment and
performance of all of the indebtedness, obligations, covenants, agreements and liabilities of
Indemnitor to Lender, together with all interest and other charges thereon, whether direct or
indirect, existing, future, contingent or otherwise, due or to become due, under or arising out of
or in connection with (1) the Note, this Agreement, the Deed of Trust (the “Deed of Trust”), the
Security Agreement, the Assignment of Leases and Rents from Indemnitor, as assignor, to
Lender, as assignee (the "Assignment"), and any other instrument now or hereafter given to
evidence, secure or guarantee Indemnitor's obligations hereunder or thereunder (the Note, the
Deed of Trust, the Assignment, the Security Agreement, this Agreement and such other
instruments are herein collectively called the "Loan Documents"), and (2) any and all modifica-
tions, extensions and renewals of any of the foregoing, and any and all expenses and costs
incurred by Lender in the collection or enforcement of any of the foregoing, or in the exercise of
any of the rights or remedies under the Loan Documents or applicable law, including, without
limitation, attorneys' fees; and

       Whereas, it is a condition precedent to, and a material inducement for, the making of the
Loan that Indemnitor shall have executed and delivered this Agreement.

        NOW, THEREFORE, in consideration of, and as a material inducement for, the making
of the Loan, and for other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the Indemnitor agrees as follows:

1.      Definitions. All capitalized terms used in this Agreement not otherwise defined herein
shall have the meanings ascribed to such terms in the Deed of Trust. The term "Lender" shall
include (Name) any other person or entity which holds or which may hereafter hold an interest in
any of the Loan Documents and any person or entity which acquires all or any part of the
Secured Property by purchasing the Secured Property at a foreclosure sale or by acceptance of
a deed in lieu of foreclosure. The Secured Property is described as follows: (Describe Real

2.      Indemnification. 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 (as defined in Subparagraph A of this
Paragraph 2) arising from the presence of Hazardous Materials (as defined in Subparagraph D
of this Paragraph 2) 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 (as defined in Subparagraph C of this Paragraph 2) 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, including, without limitation, the covenants and
warranties contained in Paragraphs 18 and 19 of the Deed of Trust. This obligation shall
include, but not be limi
Shared By:
Description: This agreement provides for indemnification of the lender should there be environmental problems on the property being taken as security for a loan.
PARTNER William Glover
I received my B.B.A. from the University of Mississippi in 1973 and my J.D. from the University of Mississippi School of Law in 1976. I joined the firm of Wells Marble & Hurst in May 1976 as an Associate and became a Partner in 1979. While at Wells, I supervised all major real estate commercial loan transactions as well as major employment law cases. My practice also involved estate administration and general commercial law. I joined the faculty of Belhaven College, in Jackson, MS, in 1996 as Assistant Professor of Business Administration and College Attorney. While at Belhaven I taught Business Law and Business Ethics in the BBA and MBA programs; Judicial Process and Constitutional Law History for Political Science Department); and Sports Law for the Department of Sports Administration. I am now on the staff of US Legal Forms, Inc., and drafts forms, legal digests, and legal summaries. I am a LTC and was Staff Judge Advocate for the Mississippi State Guard from 2004-2008. I now serve as the Commanding Officer of the 220th MP BN at Camp McCain near Grenada, MS. I served on active duty during Hurricanes Dennis (July, 2005), Katrina (August, 2005) and Gustav in 2008. I played football at the University of Mississippi in 1969-1971 under Coach John Vaught. I am the author of the Sports Law Book (For Coaches and Administrators) and the Sports Law Handbook for Coaches and Administrators (with Legal Forms),