Documents
Resources
Learning Center
Upload
Plans & pricing Sign in
Sign Out

USA Environmental Indemnity Agreement

VIEWS: 96 PAGES: 8

USA lenders, prepare an Environmental Indemnity Agreement for a corporate borrower with this fully editable template. - The Agreement is drawn up as part of the loan documents and covers property owned by the borrower which is mortgaged as security for repayment of the loan. - The borrower indemnifies the lender against any claims or losses arising from environmental contamination of or damage to the property or from any violation of environmental requirements of any governmental authority or other agencies. - The obligations of the borrower as indemnitor will survive the repayment of the loan, and will continue to be the borrower’s liability and obligation forever.This USA Environmental Indemnity Agreement template is available as a MS Word download.

More Info
									                 ENVIRONMENTAL INDEMNITY AGREEMENT
        THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) made and entered into
this _____ day of ______________, _______, by and between ____________________________ [NAME OF
INDEMNITOR],          a   ____________   [state]  corporation      having     its principal       office   at
______________________________ [address of indemnitor] (hereinafter referred to as Indemnitor), and
____________________________ [NAME OF LENDER], a _______________ [state] corporation having its
principal office at _____________________________ [address of lender] (hereinafter referred to as Lender);

                                               RECITALS:
A.      Lender is loaning to Indemnitor the sum of _______________________ Dollars ($____________)
        evidenced by a Promissory Note; and

B.      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:

        (i)     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

        (ii)    any and all modifications, 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

C.      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,
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
____________________________ and 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:

        [Give legal description of the property.]

2.      Indemnification.




                                                       1
(a)   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 (b) 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 limited to, the burden and expense of defending all claims, suits and
      administrative proceedings or investigations or any directives of any governmental or quasi-
      governmental agency, department, commission, board, bureau or instrumentality even if
      such claims, suits or proceedings are groundless, false or fraudulent and conducting all
      negotiations of any description, and paying and discharging, when and as the same become
      due, any and all judgments, penalties or other sums due against Lender.

(b)   “Environmental Damages” means all claims, judgments, damages (including, without
      limitation, punitive damages), losses, penalties, fines, liabilities (including strict liability),
      encumbrances, liens, costs and expenses, of whatever kind or nature, contingent or
      otherwise, matured or unmatured, foreseeable or unforeseeable, including, without
      limitation, attorneys’ fees and disbursements and consultants’ fees, which are incurred at any
      time as a result of the existence of any Hazardous Materials in, upon, about or beneath the
      Secured Property or migrating to or from the Secured Property, or the existence of a violation
      of Environmental Requirements pertaining to the Secured Property, and regardless of
      whether or not the existence of such Hazardous Materials or the violation of such
      Environmental Requirements arose prior to the present ownership or operation of the
      Secured Property or as a result of the acts or omissions of Indemnitor or any parties related
      to Indemnitor, including, without limitation:

      (i)     claims, judgments, damages, losses, penalties, fines, liabilities, encumbrances, liens,
              costs and expenses of any investigation or defense of any claim, suit or
              administrative proceeding or investigation or any directive of any governmental or
              quasi-governmental agency, department, commission, board, bureau or
              instrumentality, whether or not such is ultimately defeated, and of any settlement or
              judgment;

      (ii)    damages for personal injury, or injury to property or natural resources occurring in,
              upon, about or off of the Secured Property, foreseeable or unforeseeable, including,
              without limitation, lost profits, consequential damages, the cost of demolition and
              rebuilding of any improvements on real property, interest and penalties;

      (iii)   diminution in the value of the Secured Property, and damages for the loss of or
              restriction on the use of or adverse impact on the marketing of the Secured Property
              or any portion thereof;




                                             2
      (iv)    any loss resulting from a loss of priority of the Deed of Trust due to the imposition
              of a lien against the Secured Property;

      (v)     fees incurred for the services of attorneys, consultants, engineers, contractors,
              experts, laboratories and all other costs incurred in connection with the
              investigation, clean up or remediation of Hazardous Materials or any violation of
              Environmental Requirements including, but not limited to, the preparation of any
              feasibility studies or reports or the performance of any cleanup, remediation,
              removal, abatement, containment, closure, restoration or monitoring work required
              by any federal, state or local governmental agency or political subdivision, or
              reasonably necessary to make full economic use of the Secured Property or any other
              property or otherwise expended in connection with such conditions; and

      (vi)    liability to any person or entity to indemnify such person or entity for costs
              expended in connection with the items referenced in this subparagraph 2(b).

(c)   “Environmental Requirements” means all applicable statutes, regulations, rules, ordinances,
      codes, licenses, permits, orders, approvals, plans, authorizations, guidelines, concessions,
      franchises and similar items (whether now existing or hereafter enacted or promulgated), of
      all governmental or quasi-governmental agencies, departments, commissions, boards,
      bureaus or instrumentalities of the United States, states, municipalities and political
      subdivisions of any of them and all applicable judicial and administrative and regulatory
      decrees, judgments and orders relating to the protection of human health or the
      environment, including without limitation:

      (i)     all requirements, including, but not limited to, those pertaining to reporting,
              licensing, permitting, investigation, remediation and removal of emissions,
              discharges, releases or threatened releases of Hazardous Materials, chemical
              substances, pollutants, contaminants or hazardous or toxic substances, materials or
              wastes whether solid, liquid or gaseous in nature, into the air, surface water,
              groundwater or land, or relating to the manufacture, processing, distribution, use,
              treatment, storage, disposal, transport or handling of Hazardous Materials,
              pollutants, contaminants or hazardous or toxic substances, materials or wastes,
              whether solid, liquid or gaseous in nature; and

      (ii)    all requirements pertaining to the protection of the health and safety of employees or
              the public.

(d)   “Hazardous Materials” means any substance, the presence of which requires notification,
      investigation or remediation under any Environmental Requirement; or

      (i)     which is or becomes defined as “hazardous”, “toxic”, “noxious”, “waste”,
              “substance”, “material”, “pollutant” or “contaminant” or requires remediation
              under any present or future Environmental Requirement or amendments thereto
              including, without limitation, the Comprehensive Environmental Response,
              Compensation and Liability Act (42 U.S.C. Section 9601 et seq.), Resource
              Conservation and Recovery Act (42 U.S.C. Section 6901 et seq.), Federal Clean Air
              Act (42 U.S.C. Section 7401 et seq.), Federal Hazardous Materials Transportation Act
              (49 U.S.C. Section 1801 et seq.), Federal Clean Water Act of 1977 (33 U.S.C. Section
              1251 et seq.), Federal Insecticide, Fungicide, and Rodenticide Act, Federal Pesticide


                                           3
                     Act of 1978 (7 U.S.C. Section 136 et seq.), Federal Toxic Substances Control Act (15
                     U.S.C. Section 2601 et seq.), Federal Safe Drinking Water Act (42 U.S.C. Section
                     300(f) et seq.); and all regulations issued pursuant thereto and any so-called
                     “Superfund” or “Superlien” law, or any other federal, State or local statute, law,
                     ordinance, code, rule, regulation, order or decree regulating, relating to, or imposing
                     liability or standards of conduct concerning, any hazardous, toxic or dangerous
                     waste, substance or material, as now or at any time hereafter in effect; or

             (ii)    which is toxic, explosive, corrosive, flammable, infectious, radioactive, carcinogenic,
                     mutagenic or otherwise hazardous and is or becomes regulated by any
                     governmental authority, agency, department, commission, board, agency or
                     instrumentality of the United States, any state of the United States, or municipality
                     or any political subdivision of any of them; or

             (iii)   the presence of which on the Secured Property causes or threatens to cause a
                     nuisance upon the Secured Property or to adjacent properties or poses or threatens
                     to pose a hazard to the Secured Property or to the health or safety of Persons on or
                     about the Secured Property; or

             (iv)    which contains (a) asbestos; (b) gasoline, diesel fuel or other petroleum

								
To top