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INDEMNIFICATION AGEEMENT <br /> <br />This Indemnification Agreement dated this ~ day of ~ . 2012, by Chateau Beach, <br />LLC, a Florida limited liability company ("Chateau"), and ABUS S~ LLC, a Florida limited liability <br />company ("ABUS") in favor of the City of Sunny Isles Beach, Florida (the "City"). <br /> <br />WITNESSETH: <br /> <br />WHEREAS, ABUS has assigned to Chateau 40,000 sq. ft. of the Transfer of Development Rights <br />("TORs") held in an account designated and held for the benefit of ABUS with the City; and <br /> <br />WHEREAS, ABUS and Chateau 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 other <br />good and valuable consideration, the receipt of which is hereby acknowledged, the parties do hereby <br />agree as follows: <br /> <br />1. The above recitals are true and correct and are incorporated herein. <br />2. ABUS has assigned to Chateau 40,000 sq. ft. of TORs which are held in an account for the <br />benefit of the ABUS. <br />3. Chateau and ABUS, 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 of <br />the transfer of the TORs from ABUS to Chateau. <br /> <br />IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day and year <br /> <br />first above written. <br /> <br />(See separate signature pages) <br /> <br />1 <br />