10-2132 Settlement Agreement with Southern Landscaping & Irrigation

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SETTLEMENT AGREEMENT AND RELEASE THIS SETTLEMENT AGREEMENT AND RELEASE ("Agreement") is made and entered into as of the ~{,,}~ day of IJ ~ ~vr ~ , 2010, by and between SOUTHERN LANDSCAPING & IRRIGATION SYSTEMS, INC., a Florida corporation, ("SOUTHERN"), and the CITY OF CASSELBERRY, a Florida municipal corporation ("CITY"). WITNESSETH: WHEREAS, this Agreement arises out of that certain lawsuit filed in the Circuit Court in and for Seminole County, Florida, styled Czty of Casselberry v. Garden World, et al., Case No. 2009-CA-004595, and in the federal bankruptcy court cases filed in the U.S. Bankruptcy Court, Middle District of Florida as follows: Chapter 11 Case No. 08:09-bk-20492-CED; Adversary Proceeding cases filed by FTrans, Case Nos. 8:09-ap-00690-CED; 8:09-ap-00765, and Adversary Proceeding case filed. by Garden World, Case No. 8:10-ap-00045-CED; (hereinafter "Lawsuit"), against GARDEN WORLD OF HOLIDAY, INC., d/b/a GARDEN WORLD NURSERY AND LANDSCAPING SERVICES ("Contractor") and all of Contractor's subcontractors, to place the remainder of contract funds from a project involving intersection median improvements along U.S. 17-92 (the "Project") into the Court Registry; and WHEREAS, SOUTHERN is one of Contractor's subcontractors and was a defendant named in the Lawsuit; and WHEREAS, SOUTHERN filed a counterclaim against the CITY seeking recovery of $66,160.00, which is the amount which SOUTHERN alleges remains due to SOUTHERN from Contractor; and WHEREAS, the CITY and SOUTHERN have agreed to resolve all issues between them and avoid the additional expense and uncertainty of litigation. NOW THEREFORE, for and in consideration of the promises contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: