Section 1.53 IndemnificationFrom Seller to Buyer

• Library: Environmental Issues and Federal Regulations Affecting Real Estate 2011 Froms

This EnvironmentalIndemnity Agreement (Agreement) is made as of the ____ day of__________, 20__, by __________ (Seller or Indemnitor)in favor of __________ (Buyer). The following recitals form an integral part ofthis Agreement:

[Whereasclauses]

Nowtherefore, in consideration of the premises and othergood and valuable consideration, the receipt and sufficiency of which arehereby acknowledged by Seller, and intending to be legally bound, Seller herebycovenants, warrants, represents, and agrees as follows:

I. Definitions

For purposes of this Agreement, the followingterms have the following meanings:

1.1. “Property” means the real propertylocated at __________, described on Exhibit A.

1.2. “EnvironmentalLaws” means all federal, state, or local laws, regulations, statutes, codes, rules,ordinances, resolutions, directives, orders, consent orders or decrees,guidance documents or policy statements of governmental or regulatory agencies,judicial decrees, standards, permits and licenses, or any judicial oradministrative interpretation of any of the foregoing, pertaining to theprotection of land, water, air, health, safety, or the environment, whether nowin effect or hereinafter enacted, promulgated, or issued, including the laws ofthe state where the Property is located. This term is specifically intended toinclude the Comprehensive Environmental Response, Compensation, and LiabilityAct of 1980 (CERCLA), as amended, and any similar state statutes.

1.3. “Environment”means surface or subsurface soil or strata, surface waters and sediments,navigable waters, groundwater, drinking water supply, and ambient or indoorair.

1.4. “Regulated Materials” means anyhazardous, toxic, or dangerous...