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489 One Hundred Thousand Dollars ($100,000) was paid in earnest money to Cabarrus County by Marcus and Terri Philemon. Subsequent to execution of that Contract and payment of the earnest money, Concord Engineering performed certain surveying and engineering services on the real property that was the subject of that Agreement at the request of Lake Concord Venture. Concord Engineering complained that Lake Concord Venture did not pay for the survey and engineering services provided and instituted an action in Cabarrus County Superior Court which ultimately resulted in a Judgment in favor of Concord Engineering against Lake Concord Venture in the amount of Twenty-nine Thousand Eight Hundred Seventy-Nine and 50/100 ($29,879.50), plus interest from September 11, 1997 at the rate of eight percent (8%) and costs in the amount of Four Thousand Four Hundred Eighty-One and 92/100 ($4,481.92), said Judgment being dated September 11, 1997. (b) ~hilemons paid the One Hundred Thousand Dollars ($100,000) earnest money to Cabarrus County as specified in the Offer to Purchase and Contract between Lake Concord Venture and Cabarrus County. Philemons contend that pursuant to the terms of that Contract, they are entitled to a refund of the One Hundred Thousand Dollars ($100,000) earnest money because certain contingencies within the Contract never came about. Cabarrus County contends that it is entitled to keep the One Hundred Thousand Dollars ($100,000) pursuant to the specific terms of the ContraCt and maintains that no contingencies have occurred which would require a refund of the earnest money. Additionally, Concord Engineering maintains that the earnest money being held by Cabarrus County constitutes property of Lake Concord Venture which would be available to satisfy its judgment of September 11, 1997. On the other hand, Lake Concord Venture maintains that the One Hundred Thousand Dollars ($100,000) ernest (sic) money deposit should be returned to the Philemons. (c) In order to resolve the various claims of the parties and avoid the time, expenses and uncertainty of litigation of these claims, the parties have agreed to settle the issues and disputes between them pursuant to the terms set forth herein. 3. AGREEMENT. In exchange for the consideration and mutual covenants set forth herein, the parties agree as follows: (a) Within two (2) weeks of the execution of this Release and Settlement Agreement, Cabarrus County will pay the following sums as set forth: (i) A draft will be issued to MARCUS AND TERRI PHILEMON for SEVENTY THOUSAND DOLLARS ($70,000); (ii) A draft will be issued to CONCORD ENGINEERING SURVEYING, INC. for TWENTY THOUSAND DOLLARS ($20,000). (b) Upon payment and negotiation of the referenced draft, Concord Engineering will cancel the Judgment of September 11, 1997. (c) Philemons and Concord Engineering agree that if Concord Engineering is able to find a purchaser for any of the Engineering and Surveying Plans prepared pursuant to the Contract with Lake Concord Venture, the first Twelve Thousand Dollars ($12,000) received for such plans will belong exclusively to Concord Engineering, and any sums paid over and above Twelve Thousand Dollars ($12,000) will be split equally between Concord Engineering and Philemons. 4. RELEASE. Upon payment of the referenced sums set forth above, Concord Engineering, Lake Concord Venture and Philemons agree to release Cabarrus County from any and all claims that said parties may have in connection with the Offer to Purchase and Contract between Cabarrus County and Lake Concord Venture, the payment of the earnest money to Cabarrus County, any engineering and surveying work done on the property which was the subject of the Offer to Purchase and Contract, and any and all other claims that these parties may now have as against Cabarrus County relating in any manner to that real property which was the subject of the offer to Purchase and Contract between Cabarrus County and Lake Concord Venture dated September 10, 1996. With respect to Lake Concord Venture and Philemons, this release applies only to Cabarrus County, and is in no way intended to release any claims that either of these parties may have against any attorney who represented or advised them in connection with the Offer to Purchase and Contract between Lake Concord Venture and Cabarrus or in connection with the payment of the earnest money as set forth in said contract. 5. EFFECTIVE DATE. This effective date of this Agreement is January 20, 1998 (although signatures of the respective parties may be on a different date). ATTEST: /s/ Frankie F. Bonds CLERK CABARRUS COUNTY By: /s/ Sue S. Casper Printed Name: Sue B. Casper Title: Chairman, Board of Commissioners