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SETTLEMENT AGREEMENT THIS AGREEMENT is entered into as of the 29th 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 River County, Florida. "County" shall mean Indian River County, a political subdivision 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. BackLyround. 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. Aereement. (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;