An environmental indemnity agreement for commercial mortgage loans secured by New York real property, including loans characterized as nonrecourse debt. This Standard Document illustrates the standard agreements made by a loan borrower and one or more creditworthy persons or entities indemnifying the lender against environmental losses and liabilities associated with the mortgaged real property. This Standard Document represents an initial draft version of a lender's standardized environmental indemnity circulated for review, comment, and approval. It has integrated notes with important explanations and drafting and negotiating tips for the document parties.