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NOW, THEREFORE, <br />in consideration of the promises and covenants <br />hereinafter contained, and intending to be legally bound thereby, the parties agree as <br />follows: <br /> 1. Settlement. Within ten (10) days of the execution of this Settlement <br />Agreement, the City shall release and distribute to AEON by check or wire transfer <br />$75,000.00 plus interest accrued on the entire deposited amount since the date of deposit. <br /> 2. Donation. AEON and the City agree that the remaining $75,000 on <br />deposit shall constitute an unrestricted cash donation to the City. The City acknowledges <br />that AEON has no legal obligation to make a park dedication payment in any amount as a <br />condition of approval of the Project. <br /> 3. Release/Waiver of Rights. In exchange for the above-described settlement <br />and consideration, the sufficiency of which is hereby acknowledged, the parties and their <br />agents covenant not to bring any grievance, claim, demand, action, or suit of any kind or <br />nature, for any legal, equitable, or other cause of action, known or unknown, which exists <br />to date arising out of the Dispute that is the subject matter of this Settlement Agreement. <br /> 4. Assignment. The parties agree that neither may assign this Settlement <br />Agreement, in whole or in part, without the express written consent of the other party. <br /> 5. Severability. The parties agree that if any provision or portion of this <br />Settlement Agreement is deemed to be unenforceable by a court of competent jurisdiction <br />the remaining portions shall remain unaffected and enforceable as against and amongst <br />the parties. <br /> 6. Governing Law and Interpretation. This Settlement Agreement represents <br />the complete understanding of the parties and shall be interpreted in accordance with the <br />laws of the State of Minnesota without regard to its conflict of laws provisions. <br /> 7. Amendment. This Settlement Agreement may not be modified, altered, or <br />changed except upon express written consent of all parties wherein specific reference is <br />made to this Settlement Agreement. <br /> 8. Counterparts. This Settlement Agreement may be executed in any number <br />of counterparts, each of which shall be deemed an original, but all of which shall <br />constitute one and the same instrument. <br />2 <br /> <br />