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f`lav 12 99 02:57p Diemert & Associates (4401442-0825 p.5 <br />WHEREAS, the parties have agreed to settle both of the above captioned <br />matters, specifiically the Appropriation Proceeding, and the Civil Litigation as provided <br />more fully below. <br />Now, therefore, in consideration of the mutual promises as stated below and <br />other good and valuable consideration, receipt and sufficiency of which are hereby <br />acknowledged, the parties agree as follows: <br />1. The Village, has already paid into the Probate Court escrow account the sum of <br />One Hundred And Ten Thousand Dollars ($110,000.00) as full and final <br />compensation for the Quick Take Property described above, transferred to the <br />Village on July 22, 1998, which sum Midvale has taken out of escrow. <br />2. Further, the Village shall purchase from Midvale all property owned by Midvale <br />Associates that is east of the now existing ~!orth Commons Boulevard far the <br />purchase price of Two Hundred and Fifty-Five Thousand Dollars ($255,000.00) <br />which shall be paid according to the following payment structure; ~~ <br />a. The first a ment of One Hundred Thirt Thousand Dollars $130 000.00) ~~ <br />shall be paid on or before. 3+ ~a~~af, 1999,~and upon ~~~ ~ ~_. <br />ufri r.C./) <br />receipt from Midvale of a`~Narranty Deed, free and clear of all liens; and ~~- <br />r~~iJL <br />b. One Hundred Twenty-Five Thousand Dollars ($125,000.00) to be paid c~ <br />6L~/~.,f.i,~ C-.G~~ ~'~~n..~~t c~-/~ :~~ ~...iii5,° i~~yrz,e.c.Tj 6'.~r~i.~c-T G~~k'2 T~Ci!-.~C. <br />e~-a~e-the end of the calendar year, 2D00. <br />3. Upon the first payment of $130,000.00, the Village shall also deliver to Midvale a <br />cognovit promissory note for the balance of the purchase price and a first <br />position purchase money mortgage on the easterly property, securing payment <br />2 <br />