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HomeMy WebLinkAboutC2008-307 - 8/26/2008 - Approveda CAUSE NUMBER 04-4001-B TUFTS COVE INVESTMENT § IN THE DISTRICT COURT CORPORATION, N.V. § VS. § 117 NDICIAL DISTRICT CITY OF CORPUS CHRISTI § NUECES COUNTY, TEXAS RELEASE. SETTLEMENT AND INDEMNIFICATION AGREEMENT 1. Parties to this Agreement are Tufts Cove Investment Corporation, Inc. formerly known as Tufts Cove Investment Corporation, N. V. ("Plaintiff'), and the City of Corpus Christi ("City" or "Defendant"). 2. Plaintiff in this action alleges various causes of action against the City of Corpus Christi relating to title to land and Park dedication contracts entered into between Terramaz Corporation, Plaiatifl's predecessor in interest, as more fully described in Plaintiffs pleadings herein. i. 3. The Defendant denies the allegations of the Plaintiff and Plaintiff denies the allegations,of the Defendant. Each of the parties is entering in this Agreement for the purpose. ofsnding the expense and uncertainty attendant to this litigation, and in wnsideration for the termination and finality of this litigation under the terms, representations, promises, and releases hereinafter set out. 4. The settlement consideration herein made is as follows: A) Out of Tracts of Land described as: Mustang Island Section 1, containing 280.605 acres, as shown on map or plat thereof recorded in Volume 38, page 130, of the map records of Nueces County; Mustang Island Section 2, containing 473.43 acres, as 2008-307 M2008-233 08/26/08 Tufts Cove Investment Corp. shown on map or plat thereof recorded in Volume 38, page 183, of the map records of Nueces County and Mustang Island Section 3, containing 193.23 acres, as shown on map or plat thereof recorded in Volume 39, page 78, of the map records of Nueces County; (also described as W.M. Little Survey 593, 594 and 595; (Hereinafter described as "Plaintiff s Propert}~~: 1. Tufts Cove Investment Corporation, Inc. agrees to promptly deed to a public entity, designated by the City of Corpus Cbristi, title to tracts of land described as follows: a) A 45 acre tract of land, adjacent to the south boundary of the W.M. Little Survey 595 with approximately 1,048 feet of frontage on State Highway 361, running approximately 1860 feet west to the Western Boundary of "Plaintiffs Property" as shown on the map attached as Exhibit B; b) A 50 foot wide tract of land running from the northwest property line of "Plaintiffs Property", north parallel and adjacent to the west property line of Plaintiffs properly to Wilson's Cut, as shown on the map attached as Exhibit B. 2. Tufts Cove Investment Corporation, Inc. agrees to deed to the City of Corpus Christi an underground drainage easement 50 feet wide from State Highway 361 to Wilson's Cut. This easement will be located within the 200 foot wide corridor described in the survey attached as Exhibit A. The exact location within the corridor will be determined by Tufts Cove Investment Corporation, Inc., but will be a straight line with parallel sides. No building or permits for same will be allowed within the corridor until the easement has been deeded to the City, or in the sole discretion of the City, Tufts Cove Investment Corporation, Inc. has provided a satisfactory alternative drainage easement. Tufts Cove Investment Corporation, Inc. will designate the exact location of said easement within 60 days after the date of this agreement. If the City does not receive a deed for same within 90 days of the date or this agreement, it may choose the location of the easement, and Tufts Cove Investment Corporation will within 30 days of receipt of a survey of such chosen easement, deed same to the City of Corpus Christi. B) Tufts Cove Investment Corporation, Inc. and its assigns in interest agree to cooperate with the City of Corpus Christi in future efforts to dredge and maintain Wilson's Cut to allow small boat access throughout Wilson's Cut. However, Plaintiff or its assigns are not required to expend any funds or allow any additional use of its property as a result of this provision. C) Tufts Cove Investment Corporation, Inc. and its successors and assigns in interest agree to support and cooperate with the City of Corpus Christi should it request in the future from the General Land Office (GLO) to provide lease land to the City of Corpus Christi on the South Side of Wilson's Cut for a boat launching facility and associated parking. However, Plaintiff or its assigns are not required to expend any funds or allow the use of any additional property as a result of this provision. D) The City agrees that the conditions described herein above will comply in full with the requirements for park dedication contained in the following Agreements: 1) "Agreement for Park"between developer Great Western Corporation and the City of Corpus Christi, dated April 1972; 2) "Agreement for Park" between Terramar Corporation and the City of Corpus Christi, Sled of record July 26,1973, and 3) "Amendment ofAgreement for Park" between Terramar Corporation and the City of Corpus Christi, signed on July 31, 1974 and filed of record on September 10, 1974„ and that all claims which the City may otherwise have or had as a result of these Agreements are released and dischazged by this Agreement. E) The deeds described above shall be Special Warranty Deeds. Tufts Cove Investment Corporation, Inc. shall provide good and valid title to the property such title only subject to standard title exceptic•ns. 5. The parties shall cooperate in obtaining an order and judgment dismissing the above numbered civil action with prejudice to refiling same. The parties shall cooperate in obtaining the necessary legal documents indicating that the Park dedication requirements have been fulfilled. 6. The parties agree that all wurt vests shall be taxed by the Court to the parties incurring same. 7. Tuffs Cove Investment Corporation, Inc. hereby remises and releases absolutely and unconditionally, and agrees to defend and hold harmless the City of Corpus Christi and its respective officials, officers, employees, attorneys, agent, successor, assigns, and heirs, both current and former, ("the released parties") from all claims, causes, and rights of action of every nature, including, but not limited to attorney's fees and costs, or requests for injunctive relief, which it may have against any of such released parties, arising from or relating to all claims or grievances relating to the allegations mentioned above and specifically including, but not limited to, every allegation and claim, or grievance which has been asserted, or which could have been asserted, in the above numbered civil action. 8. As further consideration, Tufts Cove Investment Corporation, Inc. expressly stipulates, warrants and agrees that it has made no previous assignment of any claim hereby released. 9. Tufts Cove Investment Corporation, Inc. and the City of Corpus Christi agree that TffiS AGREEMENT SHALL BE BINDING ON ITS SUCCESSORS AND ASSIGNS. TUFTS COVE INVESTMENT CORPORATION, INC. COVENANTS TO COMPLY WITH THE TERMS OF TffiS AGREEMENT, AND AGREES THAT THIS COVENANT SHALL BE A COVENANT RUNNING WITH THE LAND DESCRIIiED IN PARAGR,~PH 4, AND IS BINDING ON ITS SUCCESSORS AND ASSIGNS. Tufts Cove Investment Corporation, Inc. agrees to indemnify and hold harmless the released parties from any further claim or suit by or on behalf of Plaintiff, its assigns or any other person or entity in privity with it concerning any matter encompassed by this Agreement. 10. The undersigned parties hereto each expressly represents and states that: (A) Before executing and delivering this Agreement in making this settlement, the undersigned has had the opportunity to obtain the advise of its attorney and other advisors of its own choesing, including wnsulting and expert witnesses, and is fully satisfied with their advice; (B) The undersigned acknowledges that the consideration to made herein is good and adequate consideration; (C) No promise or representation of any kind has been made to Plaintiff or Defendant by any of the parties released or by anyone acting for them as the basis for entering into this Agreement, except as is expressly stated in this Agreement; 11. All parties acknowledge that this Agreement contains the entire agreement between the parties with regard to the matters set forth in it. This Agreement is entered into in the State of Texas and shall bE construed and interpreted in accordance with its laws. No oral representations of any person shall operate to vary the terms of this Agreement. 12. All parties acknowledge that tse terms of this Agreement are contractual and not mere recitals and shall be binding open each party, its agents, executors, administrators, personal representatives, heirs, successors, and assigns. 13. The parties hereby agree and .Mate that all parties have had an opportunity to review and comment on the form, substance and contents of the Agreement and that the final form of the Agreement is a result of the parties' joint effort. It is therefore agreed that the Agreement shall not be construed against any party as drafter. 14. The undersigned warrants that he or she is of legal age and legally competent to execute this Agreement. 15. The City of Corpus Christi, at its sole option and det ,nation, shall have the option of canceling this agreement if ~e encumbrance or title shown are not acceptable to it, such determination to be made solely at its discretion. The City of Corpus Christi must do so within thirty (30) days of receipt of title commitment. 16. Notices under this agreement are to be sent to the following: City of Corpus Christi Sally Gavlik, Director of Park ~ and Recreation P.O. Box 9277 Corpus Christi, Texas 78469-9277 Tufts Cove Investment Corporation, Inc. c/o Deecorp Properties Ltd. Suite 201, 388 West 8th Avenue Vancouver, BC VSY 3X2 Canada ~ o ~© ~,AUTFKiR12Eu n t~u~ca...Q.~{.~~ !q$~Lne.. SECREfART ~1~ GPw~da 'tLe ~rad~. &ttu4G4au~ F~7£~3" Cr+y off' Vcwcawa t;e Tufts Cove Investment Corporation, Inc, By: staKler ?.'pee - Viu.Pw,-:da+k City of Corpus Christi sy: orge K. Noe City Manager ~- .,~ arrESr. apMavoo cw,nn -- crtr sECaErrutu . This instrument was acknowledged before me on ~uG, ~ ~. 2Afrp , 2008 by 5tn„ lw 3. loo.. , of Tufts Cove estments Corporation, Inc., a DelawarL corporation, on behalf of said corwration. Y•{.~ Sul~~Ot.~~Og1 Vr1001NKa~x ~~ ~~ THE STATE OF TBXAS § ,,, Notary ublic ~ ~~ a~.(~.Nle PrwiNC~ pf'BYititt. CuluM+dia COUNTY OF NUECES § Tlris instrument was acknowledged before me on ~, 2008 by George K Nce, City Manager of the City of Corpus Christi, a mumcrpality, on behalf of said City. r Notary lic -State of Texas €'N~e CONNIEPARKS "P MY COMMISSION EXPIRES ''~'„~~•e~ Novercder 8, 2011 Attorney for'I~fts Cove Investment Corporation, Inc. Cazol Estes Bray Attorney for City of Corpus Cluisti Y RBAN ENGINEERING November 2, 2006 Job No.37186.A6.05 Eahibit A 200.00 Foot Wide Easement Corridor for a 50.00 Foot Wide Underground Drainage Easement State of Teaas County of Nueces Field Notes fora 200.00 foot wide easement corridor fora 50.00 foot wide underground drainage easement out of the William Little Survey 594, Abstract 210, Land Scrip 59, Mustang Island, Nueces County, Texas, said easement corridor being more fully described by metes and bounds as follows: Beginning at a point on the northwest boundary of State Highway 361, a 120.00 foot wide public roadway, from which Ore intersection of the northwest boundary of said State Highway 361, and thecommon boundary of the William Little Survey 595, Abstract 213, Land Scrip 66, Mustang Island, Nueces County, Texas, and said William Little Survey 594, bears South 30°18'49" West, a distance of 673.43 feet; Thence, North 59°41' 11" West, a distance of 1050.00 feet for the west corner of this easement; Thence, NorOr 30° 18'49" East, a distance of 200.00 feet for the north comer of this easement; Thence, South 59°41' 11" East, a distance of 1050.00 feet to a point on the northwest boundary of said State Highway 361, for the east comer of this easement; Thence, South 30°18'49" West, along Ore northwest boundary of said State Highway 361, a distance of 200.00 feet to the Point of Beginning and containing 4.821 acres (210,000 Square Feet) of land. Bearings based on the North Right-of--way of State Highway 361, as recorded in deed recorded in Volume 620, Page 582, Deed Records of Nueces County, Texas. Unless this Fieldnotes Description, including preamble, seal and signature, appears in its entirety, in its original foan, surveyor assumes no responsibility for its accuracy. Urban Enaineer~s Urban, RP.L.S. License No. 4710 (361)8543101 2725 SWAMNER DR. • CORiRISTI,TEXAS 78404 FAX (361)854L001 a:\Surveyingn71B6W605UNaaamenrCortidordoc ngll®urbaneng.com yC ~_ tl_ W Q C ~o1oM ~o o6P3 ~ ~f.8 rs$ M~j^~mp~ . 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