SIGN CO, LP (2) - Laserfiche WebLink

Home Browse Search

WHEREAS,the Parties desire to resolve matters related to the 2025 Annual Operating Fee, the Reimbursement Amount, and the Penalty and Interest Amount, without resorting to pursuit of remedies in the Billboard Operating Agreement and/or litigation and, therefore, the Parties have agreed to enter into a complete and final settlement as delineated herein. NOW, THEREFORE, in consideration of the mutual covenants and promises herein contained and other good and valuable consideration, receipt and sufficiency of which is hereby acknowledged, it is hereby agreed by and between the Parties as follows: 1. Terms. The Parties agree as follows: a. Upon execution of this Agreement, Billboard Operator shall pay to the City the Reimbursement Amount, via cashier's check. b. No later than December 15, 2025, Billboard Operator shall pay to the City the 2025 Annual Operating Fee, via cashier's check. c. City agrees to waive the Penalty and Interest Amount specified herein so long as Billboard Operator meets its obligations pursuant to Section 1(a) and (b) above. d. Billboard Operator acknowledges that payment for the annual operating fee due in 2026 in the amount of forty-five thousand dollars($45,000)("2026 Annual Operating Fee") is due on January 5, 2026. If the 2026 Annual Operating Fee is not paid by January 31, 2026, penalties and interest will accrue as specified in Section 6(A) of the Billboard Operating Agreement, Billboard Operator further agrees that, should any penalties or interest be assessed pursuant to said Section, it will not seek waiver or reduction in annual operating fees for 2026 or any year thereafter for the term of the Billboard Operating Agreement. e. The City retains the right to pursue any and all remedies available to it for violation of any and all provisions of the Billboard Operating Agreement, except as to the payments made pursuant to this Agreement, and does not waive any provision of the Billboard Operating Agreement, which continues to be in full force and effect unless amended. 2. Predecessors, Successors and Assigis.This Agreement and all terms,conditions,and obligations contained herein are binding upon all persons having or acquiring any right or title in the Digital Billboard on the Subject Property, including any leasehold interest, or any part thereof,-and-any assigns and successors-in-interest of the Parties. 3. Representation, The Parties hereto represent and acknowledge that, in executing this Agreement, they do not rely and have not relied upon any representation or statement made by any of the Parties or by any of the Parties' agents, attorneys, or representatives with regard to the subject matter, basis, or effect of this Agreement or otherwise, other than those specifically stated in this Agreement.