HomeMy WebLinkAboutAmarjit Sandhar & RDA 203 Jackson St & 707 S Main St October 2007SETTLEMENT AND MUTUAL RELEASE
In return for the consideration described herein, and in full satisfaction of all claims by
each party, the parties agree to the following terms of settlement and mutual release.
The parties to this Agreement, Amarjit Sandhar and the Oshkosh Redevelopment
Authority, entered into an agreement in October 2007 in which Amar it Sandhar sold real
properties commonly identified as 203 Jackson Street and 707 South Main Street, Oshkosh, to
the Oshkosh Redevelopment Authority.
Specific terms of this real estate sale required that the Seller deposit $50,000.00 into an
escrow account, from which the buyer could make claims in the event certain environmental -
related expenses were incurred, pursuant to specific terms described in the parties' agreement.
Subsequent to the sale of this real property, a dispute has arisen between the parties
regarding the disbursement of the escrow funds, to -wit:
a. The Buyer, Oshkosh Redevelopment Authority, believes that certain eligible
environmental expenses were incurred and addressed in a manner consistent with the
terms of the escrow agreement and, as a result, believes that it is entitled to receive a
disbursement from the escrow account in the amount of $17,445.22.
b. The Seller, Amarjit Sandhar, disputes the Buyer's claim to escrow funds for reasons
including his belief that required notices of expenditures was not provided.
C. Both parties acknowledge that the dispute as described in this document is in
summary form only, and both parties further acknowledge that all claims, defenses,
and factual assertions between them are not identified herein but nevertheless are
included within the parties' settlement and mutual release.
THEREFORE, because each party wishes to avoid the cost and expense of litigation
related to this dispute, each agrees to the terms herein for the purpose of resolving all
disputes, and releasing the other from all other claims related to the sale of the real property.
Sufficient consideration has been received by each party, including the following specific
terms as well as all terms identified in this Agreement:
1. The Oshkosh Redevelopment Authority shall submit a request for
disbursement from the escrow account the total amount of $8,722.61. The
Oshkosh Redevelopment Authority consents to the disbursement of the
remaining balance of the escrow account as directed by Amarjit Sandhar.
2. Amarjit Sandhar shall not object to the disbursement of $8,722.61 to the
Oshkosh Redevelopment Authority from the escrow account. In the event the
escrow agent seeks an affirmative position regarding this disbursement to the
Oshkosh Redevelopment Authority, he shall provide the same in a timely
mariner.
1
I , ,.
3. Each party releases the other from all claims against the other related to this
sale of real property, whether known or unknown, liquidated or unliquidated.,
as of the date the Oshkosh Redevelopment Authority receives $8,722.61, and
Amarjit Sandhar receives the balance of the escrow account, whichever is
later.
4. The Oshkosh Redevelopment Authority and Amadit Sandhar each agree that
they will not institute any suit or action in law or equity against the other for
any reason it may have relating to the sale of these properties, with the
aforementioned covenant taking effect the date the Oshkosh Redevelopment
Authority receives $8,722.61, and Am ujit Sandhar receives the balance of the
escrow account, whichever is later.
This Settlement and Mutual Release not only applies to the parties identified
herein, but also to their respective representatives, agents, employees, spouses, personal
representatives, heirs, and successors in interest. The signing of this release does not
constitute an admission of wrongdoing or liability by any party hereto.
This Agreement shall be construed and interpreted in accordance with the laws of
the State of Wisconsin. Any dispute relating to this Agreement or the interpretation
thereof shall have a venue of Winnebago County Circuit Court. In the event a court of
competent jurisdiction determines that any part of this agreement is unenforceable, the
unenforceable term(s) shall be severed from the agreement and the remaining terms shall
remain in effect.
Facsimile of this document and signatures thereon shall be treated in all respects
as originals.
Dated this of January, 2009. Dated this day of Ja�uary, 2009
OSHKOSH RED
AUTHORITY/
By:
Amad it Sandhar J o
W' n s Witne
J J. G rmanotta L ore:
torney'for Am ujit Sandhar City Attorney
CITY OF OSHKOSH
By: 4 .--- - --------
mark A. RohToff, City Manager
2