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INDEMNIFICATION AND HOLD HARMLESS AGREEMENT <br />This Indemnification and Hold Harmless Agreement dated this J!j_ day of December, 2013, by <br />Chateau Development Group, LLC, a Florida limited liability company, f/k/a Abus, LLC ( "CDG "), and <br />Sunny Isles Property Venture LLC, a Delaware limited liability company ( "SIPV ") in favor of the City of <br />Sunny Isles Beach, Florida (the "City "), <br />WITNESSETH: <br />WHEREAS, CDG has assigned to SIPV the 76,232 sq. ft. of Transfer of Development Rights <br />( "TDRY') and 39 corresponding units held in an account designated and held for the benefit of CDG <br />with the City; and <br />WHEREAS, CDG and SIPV have agreed to indemnify and hold harmless the City as hereinafter <br />provided; <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for other <br />good and valuable consideration, the receipt of which is hereby acknowledged, the parties do hereby <br />agree as follows: <br />1. The above recitals are true and correct and are incorporated herein, <br />2. CDG has assigned to SIPV the 76,232 sq, ft. of TDR's and 39 corresponding units which <br />are held in an account for the benefit of CDG with the City. <br />3. CDG waives any claims against the City arising as a result of the transfer of the TDR's <br />from CDG to SIPV and SIPV agrees and does hereby indemnify and hold harmless the City from any <br />liability as to any claims that may arise between SIPV and CDG or any private parties as a result of the <br />transfer of the TDR's from CDG to SIPV. <br />IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year <br />First above written. <br />(See Separate Signature Pages) <br />80903.000002 EMF US 48645777v4 <br />