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for the cross - defendant(s) in each of their respective cross - complaints, Requests for Dismissal, <br />with prejudice, as to their cross - complaints, dismissing all named and unnamed cross - defendants, <br />and thereby releasing all of their claims as against all named and unnamed cross - defendants. <br />1.5 The Parties hereby acknowledge and agree that the settlement contemplated by <br />this Agreement is subject to, and conditioned upon, the Court's approval of the Petition for the <br />Court's Approval of the Minor's Compromise. <br />1.6 The Parties hereby acknowledge and agree that the settlement contemplated by <br />this Agreement is further subject to, and conditioned upon, approval and ratification of this <br />Agreement by the Board of Directors of EL SOL. <br />1.7 The Parties hereby acknowledge and agree that the settlement contemplated by <br />this Agreement is also subject to, and conditioned upon, approval and ratification of this <br />Agreement by the City Council of the CITY. <br />2. Settlement Amount: <br />2.1 In consideration of the statements, covenants, promises, obligations, undertakings, <br />releases, and dismissals set forth in this Agreement, payment in the total sum of $375,000.00 <br />(Three Hundred Seventy Five Thousand Dollars), present value, with the following breakdown: <br />$250,000.00 (Two Hundred Fifty Thousand Dollars) on behalf of EL SOL, $100,000.00 (One <br />Hundred Thousand Dollars) on behalf of CITY, and $25,000.00 (Twenty Five Thousand Dollars) <br />on behalf of RODRIGUEZ, (hereinafter collectively referred to as the "Settlement Amount ") <br />will be made to CORTEZ according to the specifications set forth in subsection 2.2, below. <br />2.2 Payments <br />In consideration of the release set forth in Section 5 below, the Defendants' <br />insurers, and, in the event a Defendant is not insured, that Defendant (collectively <br />referred to as "the Payors ") agree to pay to Melissa Cortez (the "Payee ") the sums <br />outlined in this Section as follows: <br />(a) Payments due at the time of settlement as follows: <br />See Exhibit "A" <br />(b) Periodic payments made according to the schedule as follows (the <br />"Periodic Payments "): <br />Payable to Melissa Cortez <br />$25,000 annually, guaranteed 5 years, beginning on September 20, 2022. <br />The last payment will be made on September 20, 2026. <br />$40,000 guaranteed lump sum payable at age 25 (on September 20, 2029). <br />[31 <br />