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WHEREAS, Appellant commenced the above -entitled action against the City; <br />WHEREAS, City denies the material allegations herein and does not admit liability <br />thereon; <br />WHEREAS, Glamos and City participated in court-ordered mediation; <br />WHEREAS, the Settling Parties met in voluntary mediation on May 17,2006; and <br />WHEREAS, the Settling Parties believe that it is in their best interests to enter into this <br />Agreement; <br />NOW, THEREFORE, in consideration of the mutual promises and other good and <br />valuable consideration, the receipt and sufficiency of which are hereby acknowledged, it is <br />hereby stipulated and agreed by and among the Settling Parties as follows: <br />1. Consideration. <br />a. Settlement. Glamos and the City have fully agreed to completely and <br />finally settle all claims between or among them in this action. <br />b. Assessment Amount. Subject to approval by the City Council of the City <br />of Hugo, Glamos and the City agree that the value of the assessment as to <br />the Property shall be $128,000.00 ("Assessment Amount"). The <br />Assessment Amount shall be paid by Glamos to City within thirty (30) <br />days of City Council approval of this Agreement and written notice <br />thereof to Glamos, said notice to include a copy of a resolution of the <br />Council approving the Assessment Amount and the terms of this <br />9W763v32 <br />