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INDEMNIFICATION AGEEMENT <br />This Indemnification Agreement dated this L day of Tv.�Z— , 2014, by PMG -S2 <br />Sunny Isles, LLC, a Delaware limited liability company ( "PMG "), and Sunny Isles Property <br />Venture LLC, a Delaware limited liability company ( "SIPV ") in favor of the City of Sunny Isles <br />Beach, Florida (the "City "). <br />WITNESSETH: <br />WHEREAS, PMG has assigned to SIPV Seven Thousand Two Hundred Thirteen (7,213) <br />square feet of development rights as defined in Section 265 -23 of the Land Development <br />Regulations of the City, which represents three (3) residential units ( "TDRs ") held in an account <br />designated and held for the benefit of PMG with the City; and <br />WHEREAS, SIPV and PMG have agreed to indemnify and hold harmless the City as <br />hereinafter provided; <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for <br />other good and valuable consideration, the receipt of which is hereby acknowledged, the parties <br />do hereby agree as follows: <br />1. The above recitals are true and correct and are incorporated herein. <br />2. PMG has assigned to SIPV 7,213 sq. ft. of TDRs and 3 corresponding units which are <br />held in an account for the benefit of PMG. <br />3. SIPV and PMG, agree and do hereby indemnify and hold harmless the City from any <br />liability as to any claims that may arise between them or any private parties as a result <br />of the transfer of the TDRs from PMG to SIPV, other than those arising out of the <br />gross negligence or willful misconduct of the City. <br />(SIGNATURES ARE ON THE FOLLOWING PAGE) <br />MIADOCS 9799333 1 <br />