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SETTLEMENT AGREEMENT <br />• <br />THIS SETTLEMENT AGREEMENT (this "Agreement") is made as of the day of <br />2003, by and among the City of Falcon Heights, a Minnesota municipal <br />corporation (the "City"), JEMJAHS No. 3 Partnership, a Minnesota general partnership <br />("Landlord"), and Insty-Prints of St. Paul, Inc., a Minnesota corporation ("Tenant"). <br />RECITALS <br />A. Landlord and Tenant are parties to a lease dated January 21, 1998 (the "Lease"). The <br />Lease entitled Tenant to possession of certain premises in a shopping center located at 1552 <br />Larpenteur Avenue West in Falcon Heights, Minnesota, as more particularly described in the Lease <br />(the "Premises"). <br />B. In connection with the proposed redevelopment of the shopping center in which the <br />Premises are located, the City has initiated condemnation proceedings with respect to said property. <br />C. Tenant has terminated the Lease and vacated the Premises. Tenant has relocated its <br />business to a different location. <br />D. Tenant has asserted a claim against the City for relocation benefits associated with its <br />move from the Premises to a different location. <br />. E. The parties hereto have agreed to settle such claim in accordance with the terms and <br />conditions of this Agreement. <br />AGREEMENT <br />NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of <br />which is hereby acknowledged, the parties hereto do hereby agree as follows: <br />1. Tenant hereby agrees and acknowledges that as of the date of this Agreement the <br />Lease has terminated and Tenant has no right, title or interest in the Premises. <br />2. Upon the execution of this Agreement, the City shall pay to Tenant the amount of <br />Twenty-Five 'Thousand and no/100s Dollars ($25,000.00) (the "Settlement Amount") to reimburse <br />Tenant for certain relocation costs incurred by Tenant. <br />3. Tenant hereby accepts the Settlement Amount in full satisfaction of any claim (i) that <br />Tenant may have under the Lease, or (ii) that Tenant may otherwise have against the City, Landlord, <br />and/or any future developer or owner of the land upon which the Premises are located, either singly <br />or jointly, in connection with the termination of the Lease and Tenant's relocation from the Premises. <br />4. This Agreement may be executed in counterparts, each of which shall be deemed an <br />original and which together shall constitute a single instrument. <br /> <br />~1 <br />