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Home My WebLink About2010-149 (5)SETTLEMENT AGREEMENT THIS AGREEMENT is entered into as of the 291h day of April, 2010, as follows: 1. Parties/DeBnitions. "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. 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; (iv) Within ten (10) days from the date hereof, Grove Isle will file an Administrative Approval Site Plan Application ("Site Plan Application") with the County, requesting that the County release and terminate the Covenant. County staff will recommend approval of the Site Plan Application to the Board of County Commissioners, which will have final authority with respect to approval and disapproval of the Site Plan Application; and (v) River Shores and Grove Isle shall each pay one-half of the invoice presented by Gene Roddenberry, mediator. Payment shall be due within five (5) days of receipt of such invoice, and shall not be contingent upon satisfaction of the conditions set forth in paragraph 5 below. 4. Release. Upon the effective date of this Agreement, each party releases, satisfies and discharges each other party from all claims, liabilities and causes of action arising out of or relating to the Canal and the Covenant. 5. Effective Date. This Agreement shall become effective upon satisfaction of the following conditions: (i) the consent and joinder to this Agreement by all owners of River Shores, which consent or joinder may be by original or fax signature to Exhibit "A" attached hereto, or by email or other written communication indicating such consent or joinder; (ii) approval of this Settlement Agreement, and release and termination of the Covenant, by the Board of County Commissioners of Indian River County, Florida; and (iii) approval of this Agreement by Grove Isle's attorney, Charles W. McKinnon. If attorney McKinnon does not deliver written objection to Alan S. Polackwich, Sr. within ten (10) days from the date first set forth above, attorney McKinnon shall be deemed to have approved this Agreement. 6. Successors and Assigns. This Agreement shall be binding upon the parties hereto, their heirs, successors and assigns. Grove Isle at Vero Beach Condominium Association, Inc. By: . Steph n M. Carey, President Indian River County, Florida By: Alan S. Polackwich, Sr., County Attorney ill Beiiley River Shores — Lot 8 William E. Hayhurst River Shores — Lot 10 gvev aur Rocco Cerro Annette Cerro EXHIBIT "A" TO SETTLEMENT AGREEMENT CONSENT AND JOINDER TO SETTLEMENT AGREEMENT By signing below (original or fax signature acceptable), or otherwise providing written consent to the Settlement Agreement, each River Shores owner: (i) agrees to the Settlement Agreement, (ii) agrees that the settlement funds paid by Grove Isle may be made payable to and delivered to Mike Bentley, for subsequent distribution to River Shores owners, and (iii) represents that he/she is authorized to sign on behalf of any other owners of his/her lot who have not signed this consent and joinder. Lot 1 Lot 2 Lot 3 Lot 4 Lot 5 �� s Lot 6 Lot 7 Lot 8 Lot 9 Lot 10 Lot 11 Lot 12 Lot 13 Lot 14 9,79 ALot 15Z -' Lot 16 1111? 1, 11: CONSENT AND JOHOM TO S8',tt rLEbIM i AGUSUOM By sipins bdow► (06gnat or fax dpatiwe accBPU"), ar offiwwias pMiftS waum cm m tv the SemkmW Armomw, eAmh River Shorn owner. (i) spa m tw.svw=3m Apmmik (W Ow Ow dm sWdement fmxis paid by C,e+m Lie may be made pay9 to to and drli"md to >V Mw 8entky, far =WOROW dian ibutm to River 9hom owneM and NO eta that he/she is utbudzed to si$n .on behalf of my other own= of hiWW lot wbo bm not sipw this consent attd jaimdor. Lot I Lot 2 Lot 3 Lot 4 Lot S Lot 6 Lot 7 Lot 8 Lot 9 Lot IQ Lot 11 Lot 12 Lot 13 Lot 14 AM -15 'Lot 10 - �Z"� ;�i *� � ��'�r .s a _ Sr ', i �'��-- ' r i�� _ F'S.:.l, �a y r :'r`'2 : yaA n � � . i t eK a �`' r' t .f � f � m•�� y,��li{tet x -i4 4t r 4? •. da'..}s ^t ,,, r > ' 1;. 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