Reso 2004-681 - Laserfiche WebLink

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ENVIRONMENTAL INDEMNITY THIS ENVIRONMENTAL INDEMNITY (this "Indemnity"), dated as of ,2004, is made by , a Florida corporation, and , a Florida corporation,("Owner"), to and for the benefit of SUNNY ISLES BEACH, FLORIDA, a Florida municipal corporation ("City"), and City's successors, assigns. RECITALS A. Owner is the owner of the real property described on Exhibit A attached hereto (the "Property"), together with the improvements now or hereafter located thereon. B. City has agreed to allow the Owner to transfer the Property to the City for park purposes and park improvements in return for the City's approval of the transfer of certain development rights ("TOR's"), under and pursuant to Section 265-23 of the City Code and Resolution No. adopted by the City Commission on the _ day of , 2004. C. One of the conditions of Resolution No. is for the Owner to provide to the City an environmental indemnity and hold harmless agreement and this agreement is in fulfillment of said condition. As a result of the future transfer of ownership of the Property to the City, City may, thereafter, incur or suffer certain liabilities, costs, and expenses in connection with the Project relating to Hazardous Substances (as hereinafter defined). City has, therefore, made it a condition of approval of the transfer that this Indemnity be executed and delivered by Owner in order to protect the City from any such liabilities, costs, and expenses and all other Post- Transfer Environmental Losses (as hereinafter defined). D. Owner has had prepared technical reports investigating the present status of potential contamination of the Property prepared by EPAC Environmental Services, Inc. and entitled "Limited Site Assessment", and dated February 22,2002, "Phase One Environmental Assessment" dated March 19, 2004, "Phase II Subsurface Assessment" dated April 7, 2004, "Contamination Assessment Report dated October 4, 1996 and "Contamination Report/Conceptual Remediation Action Plan dated April 3, 1997 (the "Environmental Reports"), during the course of its investigation of the Property and Owner has provided City with copies of the Environmental Reports. NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Owner agrees as follows: 28520513.1 030902 0050P 95173993 Exhibit"B"