Redeveloper Grant of Security for Excess Awards in Eminent Domain Proceedings Sample Clauses

Redeveloper Grant of Security for Excess Awards in Eminent Domain Proceedings. At the time that the City conveys to Redeveloper a parcel of Acquisition Property which has been acquired by it via the exercise of the power of eminent domain (such a parcel being called, for purposes of this Section, a “Condemned Parcel”), the eminent domain proceeding in which such Condemned Parcel was acquired still may be pending and the value of such Condemned Parcel established by the Agency in such proceeding (the “Agency’s Parcel Value”), which Agency’s Parcel Value will be equal in amount to the sum of money deposited by the Agency with the Clerk of the Court together with the Statement of Compensation relating to such Condemned Parcel (the “Deposited Funds”), still may be subject to appeal or, if approved by Redeveloper, to action by the Ombudsman for Property Rights pursuant to § 8-132 of the Statutes, and an award in excess of the amount of the Agency’s Parcel Value and the Deposited Funds (an “Excess Award”) may be made in such proceeding, or the Agency (with the approval of the Redeveloper) may agree to pay an amount in excess of such Deposited Funds (a “Settlement Amount”) to settle such proceeding (it being agreed that the Agency and City may not make any settlement of any eminent domain proceeding or appeal without the prior written consent of Redeveloper), which, in either case, may require the Agency to pay to the owner of such Condemned Parcel (the “Parcel Owner”) additional sums in excess of the Deposited Funds. Any such Excess Award or Settlement Amount shall constitute Acquisition Expenses under this Agreement and the Redeveloper will be required to pay the amount thereof to the Agency, in accordance with this Agreement, to enable the Agency to pay such Excess Award or Settlement Amount to the Clerk of the Court or the Parcel Owner. The amount of the Deposited Funds with respect to any Condemned Parcel shall not be the limit of Redeveloper’s obligation and liability with respect to Acquisition Expenses incurred by the City and/or the Agency with respect to such Condemned Parcel, and the Redeveloper hereby agrees to indemnify, defend and hold harmless the City and the Agency against and from any and all claims, suits, costs, expenses, losses, liabilities, and damages, including reasonable attorneys’ fees, asserted against and/or incurred by either of them arising out of an Excess Award or Settlement Amount. This indemnity shall survive termination of this Agreement and shall be separate and independent of any other provision of this ...
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Related to Redeveloper Grant of Security for Excess Awards in Eminent Domain Proceedings

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