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SETTLEMENT AGREEMENT, RECEIPT AND RELEASE <br />THE STATE OF TEXAS <br />COUNTY OF HARRIS <br />WHEREAS, The City of La Porte, Texas (City) and Southern <br />Ionics, Inc. (SI) are parties to an Industrial District Agreement <br />dated August 1, 1986 (IDA). <br />WHEREAS, for valuable consideration the IDA provides that SI <br />pay City taxes and in -lieu -of taxes. <br />WHEREAS, the validity of the IDA has been the subject of <br />litigation between SI and City since 1989, such litigation being <br />settled in November, 1994. <br />WHEREAS, SI has not paid the taxes and in -lieu -of taxes to <br />City during the pendency of the litigation, and City has, since the <br />settlement, made demand that SI pay City $71,078.19 for taxes and <br />in -lieu -of taxes allegedly due for the period of January 1, 1989 <br />through December 31, 1994. <br />WHEREAS, there is disagreement, dispute and controversy with <br />reference to the validity of City's claim and the amount thereof <br />against SI. <br />WHEREAS, City and SI have concluded that it is not in any <br />party's interest for these claims to continue. <br />THEREFORE, the parties have agreed to settle such claims on <br />the following terms and conditions: <br />Subject to the satisfaction of two conditions precedent, SI <br />agrees to pay City SEVENTY-ONE THOUSAND SEVENTY-EIGHT AND 19/100 <br />DOLLARS ($71,078.19), representing payment in full of all taxes and <br />in -lieu -of taxes, interest,- penalties and costs that City has <br />asserted or could assert for the period beginning January 1, 1989 <br />