Potential Payments for Real Property; Indemnification Clause Samples

Potential Payments for Real Property; Indemnification. All real property exchanged under this Agreement shall be valued on a square foot basis, and shall be deemed equal in value per square foot. If any real property exchange under this Agreement results in a net loss of acreage for the City, then Developer shall pay to the City the fair market value of the real property loss at the time of transfer based on the then-current use of the property so transferred. The City shall not be required to pay for any net gain in real property; provided, such gain can be applied against future real property transfers for purposes of determining whether there has been a net loss as described above. Notwithstanding any such credit against future transfers, the City will not be required to reimburse any payments made for real property in connection with a previous transfer. Developer shall indemnify the City against any and all Losses relating to real property conveyed by Developer to City under this Agreement, including but not limited to any Loss relating to the presence of hazardous materials in or on the real property at the time of transfer to the City.