12-2348 Settlement Agreement - Central Florida Environmental Corporation (CFE)

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SETTLEMENT AGREEMENT AND RELEASE THIS SETTLEMENT AGREEMENT AND RELEASE ("Agreement") is made and entered into as of the —) 7441 day of February, 2012, by and between C.F.E., LLC, a Florida limited liability company, ("CFE"), and the CITY OF CASSELBERRY, a Florida municipal corporation ("CITY"). WITNESSETH: WHEREAS, this Agreement arises out of that certain Land Swap and Credit Agreement dated June 27, 2005 and that certain First Amendment to Land Swap and Credit Agreement dated June 26, 2006, between the CITY and CFE (hereinafter "Land Swap"); and WHEREAS, under the terms of the Land Swap, CFE conveyed 6,307.7 square feet to the City to facilitate construction of North Winter Park Drive, and, in return, CFE was to receive credit against the purchase of an industrial lot owned by the City, which is no longer of interest to CFE; and WHEREAS, CFE claims the City is in breach of the Land Swap, and the parties entered into a Tolling Agreement to toll the statute of limitations from running on CFE's claim, and that Tolling Agreement expires on March 19, 2012; and WHEREAS, the CITY and CFE have agreed to resolve all issues between them regarding the Land Swap to 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: 1. The recitals set forth herein form a material part of this Agreement. This Agreement does not constitute an admission of fact or liability by any of the parties hereto.