Common use of California Provisions Clause in Contracts

California Provisions. (a) The purpose of this Indemnity Agreement is to protect Agent and Lenders against liability, loss, damage, cost or expense with respect to Hazardous Materials and Environmental Laws relating to the Property as provided in this Indemnity Agreement, and not as security for payment of the indebtedness of Borrowers to Lenders evidenced by the Notes or performance of the obligations under the Deed of Trust. The obligations of Indemnitors under this Indemnity Agreement are separate from, independent of and in addition to the indebtedness and obligations under the Notes and the Deed of Trust. The liability of Indemnitors under this Indemnity Agreement shall not be limited to or measured by the amount of the indebtedness owed under the Notes or the Deed of Trust or the value of the Property. This Indemnity Agreement is intended to be supplemental, and not in derogation of, Agents and Lenders’ rights under California Civil Code Section 2929.5 and California Code of Civil Procedure Sections 564, 726.5 and 736 and any successor sections thereof. This Indemnity Agreement is not, and shall not be deemed to be, secured by the Deed of Trust. Indemnitors shall be fully, personally, jointly, and severally liable for all obligations of Indemnitors under this Indemnity Agreement and a separate action may be brought and prosecuted against Indemnitors on this Indemnity Agreement.