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MUTUAL RELEASE AND SETTLEMENT AGREEMENT <br />This Mutual Release and Settlement Agreement (the "Agreement") is made and <br />entered into as of `) , 2007, (the "Effective Date"), by and between: (i) the <br />City of La Porte, Texas, ("La Porte"), a municipal corporation, on the one hand; and, (ii) <br />200 Garfield, LLC, a Texas limited liability company, ("Garfield"), on the other hand. La <br />Porte and Garfield may be referred to herein individually as a "Party" and, collectively, as <br />the "Parties". <br />Recitals <br />A.. A lawsuit (Cause No. 2006-15608) is pending between the parties in the 113th <br />District Court, Harris County, Texas (the "lawsuit") <br />B. Without admitting any liability or fault, the Parties have agreed to settle all <br />disputes they have relating to the lawsuit or the facts underlying the lawsuit. <br />The terms of the Agreement are as follows: <br />1. Within 21 days after execution of this Agreement 200 Garfield, LLC shall <br />purchase from the City of La Porte all necessary demolition permits for the removal of all <br />existing structural improvements ("old" apartment buildings) located on its real estate <br />located at 200 Garfield Street in La Porte, Texas. If 200 Garfield, LLC should fail to <br />purchase said demolition permits within 21 days after execution of this Agreement, absent <br />cause for delay without fault and beyond the control of 200 Garfield, LLC, and which <br />cause for delay is communicated by written notice to the City stating the reason for the <br />delay and the expected date of the purchase of the permits, City of La Porte shall have the <br />