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11 s II 11 fflhI IHI 11 Boulder County Clerk CO AG 2773464 Page: 1 of 43 05/02/2006 02:0BP R 216.00 0 0.00 • MUTUAL RELEASE AND SETTLEMENT AGREEMENT This Mutual Release and Settlement Agreement (the "Agreement ") is made and entered into effective the last date of execution as set forth below (the "Agreement Effective Date "), by and between Kenneth E. Sawyer and Bernadine M. Sawyer. (the "Sawyers ") and Philip J. Ehrmann and Denise L. Ehrmann (the "Ehrmanns "), on the first part, and the City of Louisville (the "City "), on the second part. The Sawyers, the Ehrmanns, and the City are sometimes collectively referred to herein as the "Parties." WHEREAS, by the plat of the Murphy Place Subdivision, recorded in 1907 as Reception No. 57381, Plat Book 3, Page 28, Boulder County Records, there was dedicated for public use a right -of -way sixty (60) feet wide and fifty (50) feet in length (the "Old Right of Way") located between Lots 10-ai d 11, Block 9 (which Lots are owned by the Sawyers and known as 224 Front Street) and Lots 16 and 17, Block 8 (which Lots are owned by Ehrmanns and known as 221 Front Street); and WHEREAS, ownership of the Old Right of Way is the subject of pending litigation between the Sawyers and the Ehrmanns, on the first part, and the City, on the second part, which litigation is styled as Kenneth E. Sawyer, Bernadine M Sawyer, Philip J. Ehrmann, and Denise L. Ehrmann v. The City of Louisville, Case No. 2005CV52, Boulder County District Court (the "Civil Action "); and WHEREAS, this Agreement relates to the Civil Action and the Parties' dispute regarding ownership of the Old Right of Way; and WHEREAS, to avoid the continuation of expensive and time - consuming litigation, and to avoid the uncertainties of trial, the Parties desire mutually to resolve amicably the disputes expressed or implied in the Civil Action, and the disputes relating to ownership of the Old Right of Way and the City's right to use the Old Right of Way; NOW, THEREFORE, in consideration of the above recitals, each of which is incorporated herein by this reference, and in consideration of the following terms, covenants, representations, and undertakings herein, and other good and valuable consideration, the receipt, adequacy, and sufficiency of which are hereby acknowledged, it is agreed as. follows: 1. Payment of Settlement Amount. The Parties agree that the City shall pay to the Sawyers and the Ehrmanns, collectively, ten . thousand dollars ($10,000); which settlement payment shall be due and payable within five (5) days of the effective date of the Vacation Ordinance (the "Ordinance Effective Date "). The settlement amount will be made payable to Denise and Philip Ehrmann. 2. Creation of a New Right of Way. The Parties agree that there shall be created and the City shall own a fifteen (15) foot wide and fifty (50) foot long strip of land within the Old Right of Way which will be a straight corridor over the existing concrete vault (hereinafter referred to as the "New Right of Way "), sufficient to connect