This lease rider form may be used when you are involved in a lease transaction, and have made the decision to utilize the form of Oil and Gas Lease presented to you by the Lessee, and you want to include additional provisions to that Lease form to address specific concerns you may have, or place limitations on the rights granted the Lessee in the “standard” lease form.
Illinois Indemnification of Lessor
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US-OG-801
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How to fill out Indemnification Of Lessor?
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FAQ
The rule of indemnity, or the indemnity principle, says that an insurance policy should not confer a benefit that is greater in value than the loss suffered by the insured. Indemnities and insurance both guard against financial losses and aim to restore a party to the financial status held before an event occurred.
The Illinois Construction Contract Indemnification for Negligence Act (Anti?Indemnification Act) (740 ILCS 35/0.01 et seq. (West 2000), essentially voids any agreement in a construction contract to indemnify or hold harmless a person from that person's own negligence.
Indemnity is the obligation of a person to make good any loss or damage another has incurred or may incur by acting on the first person's behalf, or for the first person's benefit.
The main difference in this case is that ?hold harmless? may require a party to protect against actual losses as well as potential losses while indemnification protects against actual losses only. Certain states, including Ohio, Colorado, Louisiana and Delaware, hold that ?indemnify? and ?hold harmless? are synonymous.
Lessee shall indemnify Lessor against, and hold Lessor harmless from, any and all claims, actions, suits, proceedings, costs, expenses, damages, and liabilities, including attorneys fees, arising out of, connected with, or resulting from the equipment or the Lease, including without limitation, the manufacture, ...
The Illinois Construction Contract Indemnification for Negligence Act (Anti?Indemnification Act) (740 ILCS 35/0.01 et seq. (West 2000), essentially voids any agreement in a construction contract to indemnify or hold harmless a person from that person's own negligence.
The right to indemnification may be implied by obligation of law in vicarious liability situations or created by express contract. Implied (or common law) indemnification exists where ?the law imposes liability on a party who has committed no actual wrong but who is held responsible for a loss ... ?
Indemnification is the assumption of another party's liability under a contract, such as a lease. Therefore, under an indemnification clause, tenants typically agree to reimburse the landlord, or pay directly, ?all losses, claims, suits, liability, and expense? related to a liability situation.