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HomeMy WebLinkAboutRES 06-382 RESOLUTION NO. 06 - 382 BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF BEAUMONT: THAT the City Manager be and he is hereby authorized to execute a Settlement Agreement and Release with Mr. Weldon Green for a small business loan debt in the amount of $9,000 for Granny's Old-Fashioned Pies. The agreement and release are substantially in the form attached hereto as Exhibit "A" and made a part hereof for all purposes. PASSED BY THE CITY COUNCIL of the City of Beaumont this the 19th day of December, 2006. �X r - 1�1a - Mayor Guy N. Goodson - N1 W AV i l� i SETTLEMENT AGREEMENT AND RELEASE 1. There is a dispute between the parties arising out of a no interest loan agreement between Mr. Weldon Green, on behalf of Granny's Old-Fashioned pies and the City of Beaumont, in the total amount of$26,350.63. Mr. Green assumed a loan given to his mother-in-law by the City. After she was disabled and unable to pay, he refinanced said loan, making regular payments. Under the unique circumstances of this note, the City has agreed to a lump-sum settlement of the loan. 2. Both parties agree and concede that bona fide controversies and disputes exist as to the amount due and owing on the above-referenced loan. 3. Both parties desire to dispose of the entire controversy and dispute between them both as to liability and the amount of damages, including all claims and causes of actions of any kind that could exist arising out of the loan transaction. The parties recognize that there may be claims or damages arising from the transaction that are unknown to the parties at the time of execution of the agreement or that may arise in the future. However, the parties have negotiated this agreement in full knowledge of the possibility of additional claims or injuries, and intend this agreement to settle and finally dispose of all such claim or injuries arising our of the described transaction or occurrence, whether known or unknown. 4. THEREFORE, IN CONSIDERATION OF THE mutual promises and agreements contained in this agreement, including the recitals set forth above, the parties agree as follows: MR. WELDON GREEN agrees to pay to THE CITY OF BEAUMONT, the sum of $9,000.00 (NINE THOUSAND AND NO/100THS DOLLARS) in full and final settlement of the loan agreement. THE CITY OF BEAUMONT agrees to execute this Settlement and Release Agreement, hereby releasing any and all further claims it may have against Mr. Green pursuant to said loan agreement. 5. This agreement is a compromise of doubtful and disputed claims. Nothing in this agreement is an admission of liability on the part of any party, and nothing in this agreement may be interpreted as an admission of liability. Each party to this agreement expressly denies liability to every other party to this agreement. 6. This agreement is made according to the laws of the State of Texas. The parties expressly agree that this agreement is governed by and will be construed and enforced in accordance with Texas law. 7. This agreement is binding on and inures to the benefit of the parties and their respective heirs, representatives, successors, and assigns. EXHIBIT `A' 1 8. This agreement contains the entire agreement between the parties. It supercedes any and all prior agreements, arrangements,or understandings between the parties on all subjects in any way related to the transaction or occurrences described in this agreement. No oral understandings, statements, promises, or inducements contrary or inconsistent with the terms of this agreement exist. The agreement is not subject to waiver, modification, or addition made orally. This agreement is subject to modification, waiver, or addition only by means of a writing signed by all parties. 9. This agreement may be executed in a number of identical counterparts, each of which shall be deemed as original for all purposes. EXECUTED ON THIS THE 13TH DAY OF OCTOBER, 2006. COPY WELDON GREEN BEFORE ME, the undersigned Notary Public, on this day personally appeared Weldon Green, who being known to me to be the person whose name is subscribed to the attached agreement, did upon his oath state that he has executed the attached agreement for purposes and consideration attached in the said agreement. NOTARY PUBLIC in and for the State of Texas REPRESENTATIVE OF THE CITY OF BEAUMONT BEFORE ME, the undersigned Notary Public, on this day personally appeared , who being known to me to be the person whose name is subscribed to the attached agreement, did upon his oath state that he has executed the attached agreement on behalf of the City of Beaumont, for purposes and consideration attached in the said agreement. NOTARY PUBLIC in and for the State of Texas