BC 1991 12 16 - Laserfiche WebLink

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401 WHEREAS, Concord and Cabarrus County entered into an "Agreement Relative to the Construction, Operation and Maintenance of a Water Supply Reservoir," dated April 19, 1989 (hereinafter referred to as the "Coddle Creek Agreement"), in which Concord transferred certain real property to Cabarrus County and, in turn, Cabarrus County agreed to pay Concord certain consideration for such transfer; and WHEREAS, Concord and Cabarrus County entered into a "Recip¥ocal Agreement for Water and Sewer Connections and Related Matters" dated August 15, 1988 (hereinafter referred to as the "Reciprocal Agreement"); and WHEREAS, Concord and Cabarrus County entered into an "Agreement to Supply Treated Water" dated April 19, 1989 (hereinafter the "Treated Water Agreement"); and WHEREAS, the parties hereto desire to terminate the Litigation, to accelerate the payments by Cabarrus County to Concord under the Coddle Creek Agreement, to accelerate payments by Concord to Cabarrus County under the Airport Contract, to make certain amendments to the Water and Sewer Contract, the Reciprocal Agreement, and the Treated Water Agreement, and to enter into further arrangements regarding related matters. NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the respective parties do hereby agree as follows: AGREEMENT 1. Motion to Dismiss Appeal and Dismissal. Within fifteen (15) calendar days of the execution of this Settlement Agreement, Cabarrus County shall file with the North Carolina Court of Appeals a Motion to Dismiss its appeal in the Litigation. Concord shall endorse its name to such motion (by and through its counsel of record) so as to indicate its consent to the dismissal. Within ten (10) calendar days after an order of dismissal shall have been entered in the Court of Appeals and filed in the Office of the Clerk of the Cabarrus County Superior Court, (a) Concord shall dismiss its Complaint in the Litigation with prejudice; and (b) Cabarrus County shall dismiss its Counterclaim in the Litigation with prejudice; and (c) Cabarrus County shall cause its Notice of Lis Pendens filed in the Cabarrus County Registry to be cancelled of record; and (d) Neither dismissal with prejudice shall be effective to: (i) compromise any claims or defenses of Concord or Cabarrus County as to any third party, or (ii) compromise any claim or any defense thereto not expressly asserted in the Complaint, Answer and Counterclaim and Reply to Counterclaim filed in the Litigation (for example, any claim based on breach of a contractual obligation which, as of December 31, 1990, was still executory), or (iii) compromise any right to assert a crossclaim for indemnity or contribution in the event of the institution of a third party action against either Concord or Cabarrus County relating to the same transactions, events or occurrences as are involved in the Litigation. 2. Funds Transfers. Within three (3) business days after the filing of the dismissals and the procurement of the cancellation called for in Paragraph l(a)-(c), (a) Concord shall release to Cabarrus County the sum of Fifteen Thousand One Hundred Dollars Eighty-Six Cents ($15,100.86), together with accrued interest thereon from the separate investment account established and held by Cabarrus pursuant to the Litigation, which sum represents Concord~s November 30, 1990, payment under the Airport Contract; (b) Concord shall release to Cabarrus County the sum of Six Hundred Thirty Thousand and No/lO0 Dollars ($630,000.00), together with accrued interest thereon, from the separate investment account which was established pursuant to the Litigation, which sum represents Concord~s January 1, 1991, payment under the Airport Contract; (c) Concord shall pay to Cabarrus County the sum of Two Million Five Hundred Twenty Thousand and No/100 Dollars ($2,520,000.00), which sum represents full and final payment of all