Indemnification from Third Parties Sample Clauses

Indemnification from Third Parties. ‌ 4 The City may seek indemnification or contribution from any third party that is not 5 a Party and is potentially liable for any Release that occurs prior to Final Completion. Any net 7 indemnification or contribution shall be used to reimburse any Project Costs used to pay for 8 Environmental Remediation Costs and the balance, if any, shall belong to the City. Accordingly, 9 for example, if the Environmental Remediation Costs are $700,000, and were paid as Project 10 Costs, and the City recovers a net amount of $1,000,000 from responsible third parties, $700,000 11 shall be used to repay Project Costs, and the balance of $300,000 shall belong to the City without 12 restriction. If ▇▇▇ believes that the City has a claim for indemnification or contribution from a 13 third party with respect to a Release that occurred prior to Final Completion, or if the City 14 believes that ▇▇▇ has a claim for indemnification or contribution from a third party with respect 15 to any such Release, and if after thirty (30) days following written demand to the Party that 16 would otherwise own the claim for indemnification or contribution, that Party declines or fails to 17 pursue such claim, then the other Party may demand, and the Party owning the claim shall not 18 unreasonably withhold or delay, an assignment to the other Party to pursue any such claim (to 19 the extent such assignment can be lawfully made). Any net recovery received by ▇▇▇ from 20 pursuing such claim with respect to a Release shall be applied first to repay PAM’s costs of 21 recovery and then to Project Costs. If ▇▇▇ receives a recovery after the Project Improvements, 22 including all Add/Alts, are complete, then the City’s Share of such net recovery shall be paid to 23 the City and PWH’s Share of such net recovery shall be paid to PWH.