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SETTLEMENT AGREEMENT <br />THIS SETTLEMENT AGREEMENT (the "Agreement") is made and entered into on this <br />day of June, 2012, by and between the LAKEWOOD CITY SCHOOL DISTRICT BOARD <br />OF EDUCATION ("Lakewood"), THE CITY OF LAKEWOOD ("City"), and ICE LAND USA - <br />LAKEWOOD, LLC ("Ice Land"). <br />WHEREAS, City is the owner of certain property known as the Serpentini Arena at Winterhurst <br />Ice Skating Rink located at 14740 Lakewood Heights Boulevard, Lakewood, Ohio 44107 and further <br />identified as Permanent Parcel Number 314-13-022 ("Property"); for purposes of this Agreement, the <br />term Property consists of both the land and improvements contained on the Property; <br />WHEREAS, Ice Land and the City entered into a Lease Agreement, dated June 16, 2008, <br />regarding the Property whereby Ice Land has continued the operation of the Property as an ice rink <br />facility; <br />WHEREAS, a real estate tax complaint was filed with the Cuyahoga County Board of Revision <br />(the "BOR") for tax year 2009, with the complaint incorrectly specifying 2010, seeking a decrease in the <br />Fiscal Officer's fair-market value of the Property from $3,369,200 to $1,040,000, which was assigned <br />BOR Case Number 201104220069 ("2009 Complaint"); <br />WHEREAS, Lakewood filed acounter-complaint to the 2009 Complaint with the BOR seeking to <br />maintain the Fiscal Officer's fair-market value of the Property of $3,369,200, which was assigned BOR <br />Case Number 201106070420 (the "2009 Counter-Complaint"); <br />WHEREAS, City filed a real estate tax complaint with the BOR for tax year 2011 seeking a <br />decrease in the Fiscal Officer's fair-market value of the Property from $3,369,200 to $1,400,000 which <br />was assigned BOR Case Number 201204190888 (the "2011 Complaint"); <br />~,<`, S ct~ v `~ t [7 ~J <br />EXHIBIT <br />113628 <br />