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connection with Pelican Pointe ; and <br /> WHEREAS , based upon the unique and peculiar circumstances set forth above, it is <br /> appropriate that County consider the remaining 19 ERUs to be abandoned or redeemed, in <br /> accordance with the terms and conditions set forth herein, <br /> NOW, THEREFORE, in consideration of the mutual terms, conditions, promises, covenants <br /> and premises hereinafter, County and Association agree as follows : <br /> 1 Recitals. The above recitals are affirmed as being true and correct and are <br /> incorporated herein. <br /> 2 Abandonment by Developer. Developer has been dissolved and has not existed as a <br /> valid legal entity since October 4, 2002 . Neither Developer' s final directors nor its <br /> officers have never contacted County concerning the remaining ERUs . Under these <br /> circumstances, County considers the ERUs to have been abandoned by Developer. <br /> 3 Association ' s Interest in ERUs . To the extent that Association owns any right, title <br /> or interest in or to the 19 remaining ERUs, Association hereby transfers and delivers such <br /> right title and interest to County with the knowledge that (a) a portion of the value of the <br /> ERUs equal to (i) the amount due on County' s outstanding lien, and (ii) any other <br /> charges outstanding with respect to the ERUs, will be applied in satisfaction of the lien <br /> and charges, and (2) Association will - receive no other payment or consideration for the <br /> transfer of its right, title and interest to County . County accepts the ERUs on such terms, <br /> will promptly record a satisfaction of the lien and reflect a zero balance due with respect <br /> to the ERUs, and will stop accruing any further charges with respect to the ERUs . <br /> 4 Future Development. Association acknowledges and agrees that if, despite the <br /> environmental, conservation and other factors referenced above, it somehow becomes <br /> possible in the future to develop additional units or structures within Pelican Pointe <br /> requiring sewer ERUs, Association will have to purchase new sewer ERUs in accordance <br /> with then existing County ordinances . <br /> 5 Release . Each party releases, satisfies and discharges the other parry with respect to <br /> any claims, charges or other liabilities relating to the 19 remaining ERUs, as well as the 3 <br /> ERUs redeemed in 2007 . <br /> 6 Litization . In the event of any litigation arising out of this Agreement, each party <br /> C Oocurnents and SettingsUackie\Local Settingffemporary Internet FilcrLK39\Pelican Pointe ERU return agreernent.doc <br />