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<br />INDEMNIFICATION AGREEM3NT <br /> <br />This Indemnification Agreement dated this I r! day of ,j c...-/7 2011, by <br /> <br />Plaza Isle, LLC, a Florida limited liability company ("Plaza Isle"), and Abus Sunny Isles, LLC, a . <br /> <br />Florida limited liability company ("Abus") in favor of the City of Sunny Isles Beach, Florida (the <br /> <br />"City"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, Plaza Isle has assigned to Abus the' 40,000 sq. ft. of Transfer of <br /> <br />Development Right') ("TDR's") held in an account d~signated and held for the benefit of Plaza <br /> <br />Isle with the City; and <br /> <br />WHEREAS, Plaza Isle and Abus have agreed to indemnify and hold harmless the City as <br /> <br />hereinafter provided; <br /> <br />NOW, THEREFORE, in consideration of the mutual covenants contained herein, and for <br /> <br />other good and valuable consideration, the receipt of which is hereby acknowledged, the parties <br /> <br />do hereby agree as follows: <br /> <br />I. The above recitals are true and correct and are incorporated herein. <br /> <br />2. Plaza Isle has assigned to Abus the 40,000 sq. ft. of TDR's which are held in an <br /> <br />account for the benefit of Plaza Isle with the City. <br /> <br />3. Plaza Isle and Abus agree and do hereby indemnify and hold harmless the City <br /> <br />from any liability as to any claims that may arise between them or any private parties as a result <br /> <br />o[the transfer of the TDR's from Plaza Isle to Abus. <br /> <br />IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day <br />and year first above written. <br /> <br />(See Separate Signature Pages) <br /> <br />1 <br />