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INDEMNIFICATION & HOLD HARMLESS <br />This Indemnification and Hold Harmless Agreement dated this /,q day of #0 v, 2012 is <br />given by Palermo Beach LLC, a Florida limited liability company ( "Palermo ") in favor of the <br />City of Sunny Isles Beach, Florida (the "City "). <br />WHEREAS, Ranaan Katz and RK Associates VIII, Inc.( "RK "), have agreed to assign to <br />Palermo 58,500 sq. ft. and 30 corresponding units of Transfer Development Rights (the <br />"TDR's ") in an account designated and held for the benefit of RK with the City; and <br />WHEREAS, Palermo has agreed to indemnity and hold harmless the City as hereinafter <br />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, Palermo <br />and RK agree as follows: <br />1. The above recitals are true and correct and are incorporated herein. <br />2. RK has agreed to assign to Palermo the TDR's which are held in an account for the <br />benefit of RK with the City. <br />3. Palermo agrees and does hereby indemnify and hold harmless the City from any <br />liability as to any claims that may arise between Palermo and RK or between RK and the City or <br />any private parties as a result of the transfer of the TDR's from RK to Palermo. <br />IN WITNESS WHEREOF, the parties have hereunto set their hands and seals the day <br />and year first above written. <br />(See Separate Signature Pages) <br />