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The total outstanding Application Costs owed to the City is $69,000.00.
<br />2. Dayspring will satisfy the outstanding Application Costs by remitting to the City a
<br />lump sum payment of $40,000.00 no later than August 27, 2007. Simultaneous with this
<br />payment, the City will execute and deliver to the financial institution that issued the Letter of
<br />Credit pursuant to the Development Contract dated May 9, 2006 a partial release in the amount
<br />of $40,000.00.
<br />3. The City may certify as unpaid the remaining Application Costs of $29,000.00
<br />against the respective Lots in the Preserve. Dayspring will satisfy this amount in equal
<br />installments as the Lots as identified in Exhibit B are sold in the Preserve. Interest will accrue on
<br />the unpaid Application Costs at 6.00 %. Dayspring will not challenge the certification of the
<br />outstanding Application Costs.
<br />4. Upon the execution of the Agreement, Dayspring, for and on behalf of itself and
<br />its parent, subsidiaries and affiliates, and its respective officers, directors, shareholders,
<br />members, managers, partners, employees, agents, and representatives, hereby release, acquit and
<br />forever discharge the City and its respective parent, subsidiaries and affiliates, and its respective
<br />officers, directors, shareholders, members, managers, partners, employees, agents, and
<br />representatives of and from any manner of action or actions, causes of action, claims, damages,
<br />debts, demands, executions, expenses, judgments, liabilities, or losses, whether known or
<br />unknown, liquidated or unliquidated, fixed, contingent, direct or indirect, legal or equitable, and
<br />whether sounding in tort, contract, equity or otherwise, arising from the Application Costs. This
<br />release does not extend to those claims Dayspring has asserted against the City in the Ramsey
<br />County District Court action (Case No. C9 -03 -1906) ( "District Court Action ").
<br />5. Upon receipt of $69,000.000 plus all accrued interest, the City, for and on
<br />behalf of itself and its parent, subsidiaries and affiliates, and its respective officers, directors,
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