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INDEMNIFICATION AND INSURANCE AGREEMENT <br />BY AND BETWEEN <br />THE CITY OF NEWPORT BEACH AND <br />d� RENEWABLE FUNDING, LLC <br />1 <br />This Indemnification and Insurance Agreement (the "Agreement") is entered into by and <br />between the City of Newport Beach, a municipal corporation ("City') and Renewable <br />Funding, LLC, a California limited liability company (the "Administrator"), the <br />administrator of the CaliforniaFIRST Program, which is a program of the California <br />Statewide Communities Development Authority, a California joint exercise of powers <br />authority (the "Authority"). <br />RECITALS <br />WHEREAS, the Authority is a joint exercise of powers authority whose members <br />of which include the City in addition to other cities and counties in the State of <br />Califomia;and <br />WHEREAS, the Authority established the CaliforniaFIRST Program ("PACE <br />Program") to allow the financing of certain renewable energy, energy efficiency and <br />water efficiency improvements that are permanently affixed to real property through the <br />levy of assessments voluntarily agreed to by the participating property owners pursuant <br />to Chapter 29 of Division 7 of the Streets and Highways Code ("Chapter 29") and the <br />issuance of improvement bonds under the Improvement Bond Act of 1915 upon the <br />security of the unpaid assessments; and <br />WHEREAS, the Authority has conducted or will conduct proceedings required by <br />Chapter 29 with respect to the territory within the boundaries of the City; and <br />WHEREAS, the City Council of the City adopted a resolution authorizing the City <br />to join the PACE Program, authorizing the Authority to accept applications from eligible <br />property owners, conduct assessment proceedings and levy assessments within the <br />territory of the City and authorizing related actions; and <br />WHEREAS, the Authority is solely responsible for the formation, operation and <br />administration of the PACE Program as well as the sale and issuance of any bonds in <br />connection therewith, including the conduct of assessment proceedings, the levy and <br />collection of assessments and any remedial action in the case of such assessment <br />payments, and the offer, sale and administration of any bonds issued by the Authority <br />on behalf of the PACE Program; and <br />WHEREAS, the Administrator is the administrator of the PACE Program and <br />agrees to indemnify the City and provide insurance and add the City as an additional <br />insured on its insurance policy or policies in connection with the operations of the PACE <br />Program as set forth herein; and <br />