1992 035 Resolution - Laserfiche WebLink

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7. The Village is willing to permit Plaintiffs (a) to continue their current use of the Property as a public commercial golf course, and related uses,' pursuant to their special use permit, and (b) to alter, modify or construct or. reconstruct improvements on the Property pertaining to its use as a public commercial golf course. The Village is willing to permit Plain- tiffs to make improvements to the Property, or otherwise alter, modify, or reconstruct current improvements, as specified herein, without concern for forfeiture of their special use permit. 8. The parties now desire to resolve their disputes and differences and have concluded that it is in their best interests to amicably resolve their differences in a manner which provides for the orderly use of the Property and the dismissal of the Federal Litigation. NOW, THEREFORE, the parties hereto, for themselves and their successors and permitted assigns, heirs and personal representa- tives, as applicable, in consideration of the mutual covenants herein contained, agree as follows: l. The parties will dismiss the Federal Litigation, with prejudice, by means of a Stipulated Entry to-be filed with the Court as promptly as possible after final passage of the authoriz- ing legislation by the Village, full execution of this Agreement by the Village and full payment of all sums required by the Option Agreement, insubstantially the form attached hereto as Exhibit "B". Upon filing the Stipulated Entry, the Plaintiffs on one hand, and the Village and Individual Defendants on the other hand, and their respective heirs, personal representatives, successors and assigns, as applicable, expressly release the other group, and their or its respective heirs, personal representatives, successors and assigns, from all liability for claims, demands, actions, causes of action, judgments and executions arising out of the transactions or occurrences alleged in the pleadings of the respective parties of the Federal Litigation. 2. The parties will immediately enter into an Option Agreement with respect to the purchase of the Property, a copy of which is attached hereto as Exhibit "C" (the "Option Agreement") thereby providing the Village with an option to purchase the Property upon terms and for consideration specified in the Option Agreement, during a period of time which will commence on the lst day of September, 1992, and terminate upon the earlier of (a) the 31st day of August, 1997 or (b) the date that title to the Property is conveyed to the Village pursuant to the Option Agreement (the "Option Period"). 3. The Village will (a) forgive the past-due balances of the amusement tax currently due and owing with respect to the golf course operation on the Property, and (b) abate the amusement tax as to the said golf course operation, and shall not impose any such tax, during the Option Period. -2-