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SETTLEMEN..T AGREEMENT AND MIJTUAL RE'L~ASE
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<br /> THIS AGREEi~,LENT dated .as of May 19. 1997, is made and emoted into by and
<br />be~'ee~ BLYTH]g CONSTRUCTION, IbtC. (formerly Bly~he I. ndustdes, Inc.) ("Blythe") and
<br />CABAII~US COUNTY, NORTH CAROLINA (~he "County"), ---
<br />
<br />Baek~round and Purooze
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<br /> A. Blythe is the plaintiff and counterdefendant, and the County is the defendant and
<br />coun~erplairrfiff, in a civil action pend~g in the General Court of Justice, Superior Court Division,
<br />Cabarrus Coumy, North Carolina~ 96.CVS-01355 (the "Anion").
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<br /> B. Thc Action arises out of mid relates to two contra¢~,s (the "Contraas") between
<br />the County, as owner, and Blyfl)e, as general contractor, for the construction of the Coddle Creek
<br />D~m and Reservoir in C~b~'m~ CounV/ (collectively, the "Project"), one dated December 27,
<br />I990, for constructing the embankment, dam and related improvemems, and the other dated
<br />November 20, 1992, for timbering~ cleating, grubbing and earthwork.
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<br /> C. The A~ion arises out of a dispute concerning the amount due Blylhe as final
<br />payment under each of the Comracts.
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<br /> D. Blythe and the County have now agreed on a lump sum amount payable as a
<br />compromise settlement of the Action and as tinal payment on account of both Contracts.
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<br />A~cee~nent and Releases
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<br /> In consideration of the premises and the mutual covenants and releases set forth herein
<br />and for other good and valuable consideration, the receipt and .sv~ciency of which are hereby
<br />acknowledged, the parties hereto, for themselves and their successors and assigns, agree as
<br />follows:
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<br /> 1. On or before May 26, 1997, the County shall pay Blythe the sum of one million,
<br />two hundred fifty thousand ~nd 00/100 dollars ($1,250,000,00), which sum shall constitute final
<br />paymem for all of the work performed by or through Blythe under or with respect to the
<br />Contracts. including all &the o}dginal, changed and extra work on the Project.
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<br /> 2. For and in consideration of the payment to be made pursuant to paragraph 1,
<br />Blythe releases and fury discharges the County and its commiasioners, officers, employees and
<br />agents, and their heirs, successors and assigns, from any and a[I claims, demands, liens, actions,
<br />liabilities, obligations, and causes of action, an~ing ou'~ of or relating to the Proje~ or the
<br />Contracts, whether known or unknown, contingent or not contingent, liquidated or unliquida~ed,
<br />excep~ claims for the enforcement of Blythe's fights hereunder.
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