Subdivision and Development Bonds. If and to the extent there exists in favor of governmental bodies or agencies or other third parties improvement bonds (“Bonds”) which insure the completion of off-site and on-site public improvements relating to the Premises, the payment of all labor and materials relating to such improvements or the performance of the parties constructing such improvements, Buyer shall, if permitted by such governmental body or agency or other third party, provide replacement bonds for the Bonds and Buyer shall, from and after the Closing, be obligated to perform as required by the Bonds and/or any replacement bonds and to perform any and all work required by the beneficiary(ies) thereunder, and shall indemnify and defend Seller for and against, and hold Seller harmless from, any claims which may be made by the beneficiary(ies) or the bonding company for recovery of the Bonds and/or any replacement bonds or the completion of such work.
Subdivision and Development Bonds. If and to the extent there exists in favor of governmental bodies or agencies or other third parties improvement bonds (“Bonds”) which are disclosed in public records or the Preliminary Report for a particular Constituent Property and insure the completion of off-site and on-site public improvements relating to a Constituent Property, the payment of all labor and materials relating to such improvements or the performance of the parties constructing such improvements, Buyer shall provide replacement bonds for the Bonds and Buyer shall be obligated to perform as required by the Bonds and/or any replacement bonds and to perform any and all work required to be performed by the obligee(s) thereunder on or after the Close of Escrow, and shall protect, indemnify, defend, and hold Sellers and Seller Parties harmless from and against, any claims which may be made by the obligee(s) or the bonding company for recovery of the Bonds and/or any replacement bonds or the completion of such work required to be performed on or after the Close of Escrow. Sellers shall protect, indemnify and defend and hold Buyer harmless from and against, any claims which may be made by the obligee(s) or the bonding company for recovery of the Bonds and/or any replacement bonds or the completion of work required to be performed prior to the Close of Escrow.
Subdivision and Development Bonds. If and to the extent there exists in favor of governmental bodies or agencies or other third parties improvement bonds (“Bonds") which insure the completion of off-site and on-site public improvements relating to the Property, the payment of all labor and materials relating to such improvements or the performance of the parties constructing such improvements, Buyer shall provide replacement bonds for the Bonds and Buyer shall be obligated to perform as required by the Bonds and/or any replacement bonds and to perform any and all work required to be performed by the obligee(s) thereunder on or after the Close of Escrow, and shall indemnify and defend Seller for and against, and hold Seller harmless from, any claims which may be made by the obligee(s) or the bonding company for recovery of the Bonds and/or any replacement bonds or the completion of such work required to be performed on or after the Close of Escrow. Seller shall indemnify and defend Buyer from and against and hold Buyer harmless from, any claims which may be made by the obligee(s) or the bonding company for recovery of the Bonds and/or any replacement bonds or the completion of work required to be performed prior to the Close of Escrow. October 31, 2003 Page 9 of 18 Table of Contents Purchase and Sale Agreement Pasadena Corporate Center Pasadena, California
