RecD98 1998-190486 - Laserfiche WebLink

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fees, and expenses necessary or appropriate to complete acquisition of the Street Parcel. The parties acknowledge that, as of the date hereof, RIAB has deposited Fifty-five Thousand Dollars ($55,000) with City toward the Acquisition Costs. From time to time, upon request of City, RIAB shall deposit additional sums based upon reasonable estimated costs, which shall be agreed upon by the parties in advance of the deposit. In the event estimated costs approach or exceed amounts deposited, no services will be provided by, or under the direction of, City until additional funds have been deposited. Upon completion of all services to be provided by or through City for the acquisition of the Street Parcel, if any balance of funds remains on deposit, said balance shall be remitted to RIAB; provided, that said remittance shall not include interest. Upon billing for services rendered for acquisition of the Street Parcel, City shall pay all such invoices from the funds on deposit. City shall likewise pay from said deposit the fair market value of the property interests to be acquired, as determined by negotiation or by judgment in eminent domain; provided, that if the fair market value is to be determined by negotiation, the negotiated acquisition value shall be subject to the RIAB's approval. RIAB shall have the right to review and approve invoices submitted to, and paid by, City from the funds on deposit. RIAB shall have no recourse against City for such payments; provided, that upon request of RIAB, City may assign any rights it may have with respect to any disputed payment to RIAB. 3. Hold Harmless. RIAB shall defend, protect, indemnify, and hold harmless City, its Council, boards, commissions, officers, employees, agents, and consultants (collectively, the "Indemnitees"), against and from any and all liability, losses, damages, claims, causes of action, or actions arising out of the acquisition, or failure to acquire, property interests in the Street Parcel by City, the negligent or willful tortious performance of, or failure to perform, any duty or Agmt-147 -3- F /sh/sh/RC/Council DES: jg:rg 04/J0/98R;05/07/98RR