HomeMy WebLinkAboutRiver Race
Augusta Richmond GA
DOCUMENT NAME: \Z-. \'-,Je.>( ~Q~
DOCUMENTTYPE:~~~~~
YEAR: ~\
BOX NUMBER: 03
FILE NUMBER: \~0\()
NUMBER OF PAGES: :;J
~..
I ,
\' ,'.i
.~;.
SETTLEMENT AGREEMENT
WHEREAS, Augusta-Richmond County issued a check in the
amount of $50,000,00 on or about December 3, 1996, to River Race
Augusta; and
WHEREAS, a dispute has arisen between the Augusta-Richmond
County Commission and officials of River Race Augusta concerning .the
approval for such funding and the purpose for which such funding was
to be used; and
WHEREAS, the Augusta-Richmond County Commission and River
Race Augusta, Inc. desire to settle this dispute;
NOW, THEREFORE, for and in consideration of the mutual
promises and covenants herein contained, the parties agree as follows:
1, River Race Augusta, Inc, shall pay to Augusta-Richmond
County the sum of $50,000,00 from net proceeds collected by River Race
Augusta in connection with any future races held by River Race Augusta
in Richmond County, Georgia; provided, however, River Race Augusta
shall be allowed to accumulate a reserve not to exceed $7,500.00,
until such time as the said $50,000,00 has been repaid,
2. The Augusta-'Richmond County Commission hereby covenants
and agrees not to sue River Race of Augusta, Inc" or any of its
officials or to institute any action for the collection of the
$50,000.00 other than to enforce the terms of this settlement
agreement,
It is further agreed that Augusta-Richmond County
Commission hereby releases any and all persons that have served on the
Board of Directors of River Race of Augusta, Inc" and any and all
individuals that have served on River Race of Augusta, or other
committees that have been associated with River Race of Augusta and/or
it ~~
-. .-::" '..... ....
River Race of Augusta, Inc., or any of the organizations previously
in existence that have promoted or conducted River Race of Augusta
from individual liability for the payment of any of the amounts set
forth in this agreement or any and all other claims arising from the
distribution of the payment of said $50,000.00 to River Race of
Augusta,
3. The parties hereto enter into this agreement to avoid
the cost of prosecuting and defending any possible lawsuit. By
entering and making this agreement, neither party admits that it has
done anything wrong,
4, This agreement lS entered into by River Race Augusta,
Inc" as successor to an unincorporated association of individuals
doing business as River Race Augusta. This agreement shall be binding
upon the respective parties' successors and assigns.
Executed this ~tt day of If IUlFm~Et
, 1997,
tpJ,
ATT
INC,
2