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SETTLEMENT AGREEMENT AND RELEASE <br /> THIS SETTLEMENT AGREEMENT AND RELEASE is made and entered into <br /> by and between City of Batesville, Arkansas("City") and Harry B. Stokes Post No. 4501, <br /> Veterans of Foreign Wars("VFW"). <br /> WITNESSETH: <br /> WHEREAS, on or about May 31, 2024 the City, Arkansas initiated condemnation <br /> proceeding located at 1680 Chaney Drive, Batesville ("property")owned by the VFW. <br /> WHEREAS, that the City paid the VFW $610,000 in the Summer of 2024 for <br /> ownership of said property. <br /> WHEREAS, the VFW contested that this payment was not a fair and just <br /> compensation ("Dispute"), and the condemnation proceeding in Independence County <br /> Circuit Court Case No. 32CV-24-171 is still pending as to total fair and just <br /> compensation due. <br /> WHEREAS, City and VFW desire to settle fully and finally all differences <br /> between them arising from the Dispute. <br /> NOW, THEREFORE, in consideration of the premises and mutual promises <br /> herein contained,IT IS AGREED as follows: <br /> FIRST: City agrees that they pay to VFW an additional $268,750 (the <br /> "Settlement Amount"), due to be paid to VFW upon both parties executing this <br /> agreement. This additional compensation means that the City will have paid the sum <br /> total of$878,750 for the VFW property located at 1680 Chaney Drive. <br /> Page 1 of 3 <br />