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07/27/2015 7.3.A. - Page 22 6.1 Borrower shall defend, indemnify and hold harmless City and its officers, employees, volunteers, agents and representatives from and against any and all present and future causes of action, claims, liabilities, obligations, damages, fines, penalties, judgments, actions or expenses (including attorney fees) (collectively, the "Claims"), arising out of or in any way connected with Borrower's obligation to comply with all Prevailing Wage Laws applicable to the Project. 6.2 Borrower hereby waives, releases and discharges forever City and its employees, officers, volunteers, agents and representatives, from any and all present and future Claims arising out of or in any way connected with Borrower's obligation to comply with all Prevailing Wage Laws in connection with the Project. 7. Insurance Proceeds and Condemnation Award. In the event the Property is destroyed and insurance proceeds are distributed to Borrower instead of being used to rebuild the Property, or in the event of condemnation if the proceeds thereof are distributed to Borrower, any surplus of proceeds remaining after payment of the senior liens and encumbrances on the Property shall be used to pay the balance of the Loan, and any remaining balance shall be distributed to Borrower. 8. Effective Date. The rights and obligations of the City and Borrower set forth in this Loan Agreement shall be effective as of the Effective Date. 9. Notices. Except as otherwise specified in this Loan Agreement, all notices to be sent pursuant to this Loan Agreement shall be made in writing, and sent to the Parties at their respective addresses specified below or to such other address as a Party may designate by written notice delivered to the other Party in accordance with this Section. All such notices shall be sent by: 9.1 personal delivery, in which case notice shall be deemed delivered upon receipt; 9.2 certified or registered mail, return receipt requested, in which case notice shall be deemed delivered three (3) business days following deposit in the mail; 9.3 nationally recognized overnight courier, in which case notice shall be deemed delivered one (1) day after deposit with such courier; or City: City of Redwood City 1017 Middlefield Road Redwood City, CA 94063 Attn: City Clerk Borrower: 10. Remedies Upon Breach. City shall have all of the remedies provided for at law or equity, including but not limited to all rights and remedies under the Deed of Trust. 11. General Provisions. ATTY/RES0.3085/CC RESO RWC FIRE SAFETY FIRST PILOT PROGRAM ATTACHMENT B-LOAN AGREEMENT REV:07-22-15 VR Page 7 of 12 OAK#4815-4791-7093 v1 16 RESO.#15428 MUFF#705