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SETTLEMENT AGREEMENT SAO THIS AGREEMENT is entered into as of the 29 `" day of April , 2010 , as follows : 1 . Parties/Definitions . "Grove Isle" shall mean Grove Isle at Vero Beach Condominium Association , Inc . , a Florida non -profit corporation . "River Shores " shall mean the owners of Lots 1. through 16 , River Shores , Unit 3 , Plat Book 7 , Page 55 , Public Records of Indian ��\ oTHFBo River County , Florida . w �� r . ) Q "County" shall mean Indian River County , a political subdivision 2010 of the State of Florida . " Canal " shall mean that certain canal which is adjacent to and southerly of River Shores , and is adjacent to and northerly of Grove Isle , in Indian River County , Florida . 2. Background . The Canal is located adjacent to and in between River Shores and Grove Isle . In 1989 , Grove Isle agreed to a covenant to maintain the Canal , which covenant is recorded at Official Records Book 830 , Page 2954 , Public Records of Indian River County , Florida (" Covenant" ) . Prior to the date of this Agreement , River Shores undertook certain dredging of the Canal at an approximate cost of $ 215 , 000 . Grove Isle is willing to pay a portion of such costs . River Shores agrees with the County to release and terminate the Covenant . 3 . Agreement. (i ) Grove Isle shall pay to River Shores the sum of $ 75 , 000 , in a check made payable to "Mike Bentley . " Payment shall be made within thirty ( 30) days from the date hereof; provided , however, that if the conditions set forth in paragraph 5 below have not been satisfied within such thirty (30 ) day period, the check shall be delivered to Indian River County Attorney , Alan S . Polackwich , Sr. , to be held in escrow and delivered to River Shores upon satisfaction of the conditions set forth in paragraph 5 below . Each owner of River Shores agrees that the check from Grove Isle may be payable to and delivered to Mike Bentley for distribution to River Shores owners ; (ii ) River Shores agrees to maintain the Canal in the future to standards acceptable to River Shores . Grove Isle shall have no responsibility for maintenance of the Canal in the future . Grove Isle shall be permitted to use the Canal ; (iii ) River Shores and Grove Isle acknowledge and agree that the County shall have no responsibility for maintenance of the Canal , in the past or in the future . Any dispute in the future relating to maintenance of the Canal shall be considered a private contractual matter between River Shores and Grove Isle ;