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<�00 ? - 35fit <br /> SETTLEMENT AGREEMENT AND RELEASE <br /> THIS AGREEMENT ("Agreement"), having an effective date of October 16 2007 <br /> (the "Effective Date"), is entered into by and between MHC COUNTRYSIDE AT VERO <br /> BEACH, L.L.C., an Illinois limited liability corporation authorized to transact business in the <br /> State of Florida ("MHC") and INDIAN RIVER COUNTY, a political subdivision of the State <br /> of Florida ("IRC") . <br /> RECITALS <br /> A. MHC is the owner of Countryside of Vero, a manufactured housing community <br /> located in Indian River County ("Countryside"), formerly known as "Village Green, Phase IV <br /> (West)" and "Countryside North". <br /> B . Based upon various franchise agreements, other agreements and ordinances, <br /> MHC and/or the previous owners of Countryside were granted a franchise to supply water and <br /> sewer services to the residents of Countryside. IRC retained the right to require Countryside to <br /> connect to IRC ' s water and sewer systems , at the discretion of IRC . <br /> C . IRC required Countryside to connect to its sewer system and pay sewer impact <br /> fees for each equivalent residential unit ("ERU") within Countryside. Thereafter, MHC and the <br /> previous owners of Countryside entered into various agreements with IRC relating to the <br /> payment and schedule of payments for sewer impact fees. <br /> D . Disputes developed between MHC and IRC concerning the sewer impact fees. <br /> As a result, IRC filed an action against MHC styled, Indian River County v . MHC Count side <br /> at Vero Beach, L. L . C . , Case No. 2006-0114-CA-09 in the Circuit Court of Indian River County, <br /> Florida (the "Action") . <br /> E. The parties have negotiated a full and final resolution of all claims, actions or <br /> causes of action relating to the Action and the payment of sewer impact fees for 649 ERUs <br /> presently within Countryside, which is conditioned only upon IRC Commission approval . <br /> WHEREFORE, in consideration of the foregoing Recitals, which are hereby <br /> incorporated into and made a part of this Agreement, the mutual promises and covenants herein <br /> set forth, and other good and valuable consideration, the receipt and sufficiency of which are <br /> hereby acknowledged, the parties hereto agree as follows : <br /> 1 . Payment for Sewer Impact Fees. Within 30 days of IRC Commission approval , <br /> MHC shall pay to IRC the sum of Three Hundred Fifty- Six Thousand Four Hundred Ninety <br /> Dollars and 00/ 100 ($356,490. 00) representing 150 ERUs at Two Thousand Three Hundred <br /> Seventy-Six Dollars and 60/ 100 ($2 , 376 . 60) per ERU . The foregoing payment satisfies and <br /> forever discharges all sewer impact fees payable to IRC for the 649 ERUs presently within <br /> Countryside. <br />