09-12-2007 Council Agenda - Laserfiche WebLink

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SETTLEMENT AGREEMENT AND RELEASE This Settlement Agreement and Release (hereinafter "Agreement ") is entered into as of this 22nd day of August, 2007, by and among Dayspring Development, LLC ( "Dayspring ") and the City of Little Canada (the "City") (collectively referred to as the "Parties "). WITNESSETH WHEREAS, on May 24, 2002, the Parties entered into an Agreement Between Owner /Applicant and the City of Little Canada as to Costs ( "Application Agreement "), wherein, in relevant part, Dayspring agreed to pay all expenses incurred by the City relative to the application, including, but not limited to, expenses for planning, engineering, fiscal, legal, and other consulting services; and out -of- pocket costs incurred by the City, such as administrative, recording, and publication costs (collectively referred to as "Application Costs "); a copy of the Application Agreement is hereby attached as Exhibit A; and WHEREAS, said Application Agreement was incorporated into the Development Contract between the parties dated May 9 2006 ( "Development Contract "); and WHEREAS, Dayspring has paid the City a portion of the Application Costs; and WHEREAS, the City maintains that Dayspring still owes $84,597.42 in Application Costs; and WHEREAS, Dayspring disputes the amount of the outstanding Application Costs; and WHEREAS, to avoid further costs of litigation and in consideration of the covenants outlined below, the parties have agreed to resolve the dispute related to the Application Costs in accordance with the terms and conditions set forth below. NOW, THEREFORE, intending to be legally bound hereby and in consideration of the premises above and agreements set forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree and stipulate as follows: 1