Ord 1985-051 - Laserfiche WebLink

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thereto by the Developer as provided in Section 5 above, pro- vided, howeve r, the Developer shall retain an equitable interest in said Facilities pending payment by the City of the Purchase Price for said Facilities as provided in Article II of this Agreement. During the term of the Reinvestment Zone, the City shall be responsible for ordinary maintenance and repair of the Facilities in the Project. In the event that all or part of such Facilities are damaged or destroyed by storm or other extraordi- nary occurrence, the maintenance or repair expenses shall be paid by the City. The City shall not be required to purchase insurance for the Project, but may do so at its option. Section 7: Indemnity. The Developer agrees that it will indemnify and hold harmless the City against all losses, costs, damage s, expenses, and liabilities (herein collectively referred to as "Losses") of whatsoever nature (including, but not limited to, attor:neys' fees, litigation and court costs, amounts paid in settlement and amounts paid to discharge judgments) directly or indirectly resulting from, arising out of, or relating to one or more Claims, as hereinafter defined. The term "Claims" as used herein shall mean all claims, lawsuits, causes of action, and other legal actions or proceedings brought against the City or to which the City is a party, even if groundless, false, or fraudu- lent, that directly or indirectly result from, arise out of or relate to the construction of the Project. The expiration of the term of this Agreement shall not relieve the Developer from lia- bility assumed hereunder and arising prior to the expiration of such term. In case any action shall be brought against the City in respect of which the indemnity of the Developer hereunder is applicable, the City shall promptly notify the Developer in writ- ing and the Developer shall assume the investigation and defense thereof, including the employment of co~nsel and the payment of all expenses. The City shall have the right to employ separate counsel in any such action and participate in the investigation and defense thereof at the City's expense. The Developer shall not be liable for any settlement of any such action without its consent, but if any such action is settled with the consent of the Developer or final judgment is rendered for the plaintiff in any such action, the Developer agrees to indemnify and hold harm- less the City from and against any Losses by reason of such set- tlement or judgment. To the extent provided above, the provi- sions of this Section shall survive the expiration or termination of this Agreement. In connection with such indemnity, Developer agrees to provide or have provided to the City by contractors involved in the construction of the Project surety bonds in the aggregate amount of at least $500,000.00 in form approved by the City Attorney. Each bond shall remain in effect for the duration -4-