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<br /> ,- <br /> 54 <br /> COMPROMISE AND SETTLEMENT AGREEMENT AND MUTUAL RELEASE -~- <br /> <br /> This Compromise and Settlement Agreement and Mutual Release ("Agree- <br /> ment") is entered into effective as of the date entered on the execution page, <br /> by and among Jon N. Coffee, Coffee Equipment, Inc., aka Coffee Excavation <br /> ("CEI"), the City of San Marcos, Texas (the "City"), International Fidelity Insur- <br /> ance Company ("International"), Liberty National Bank ("Liberty") and Bank One, <br /> Texas, N.A. ("Bank One"), and is entered into by the parties hereto as a settle- <br /> ment of the following cause of action: Cause No. 92-0112, Coffee Equipment, <br /> Inc. u. City of San lvIarcas, et al., in the District Court of Hays County, Texas, <br /> 274th Judicial District (the "Lawsuit"). All of the parties herein are collectively <br /> referred to as the "Parties." <br /> Reci tals <br /> WHEREAS, on or about December 8, 1989, CEI and the ~ City entered in to <br /> a wri t ten contract in connection with the cons tructiOri of the Thorpe Lane <br /> Reconstruction-Phase I Project (the "Project"); and <br /> WHEREAS, on or about December 15, 1989, International, as surety, issued <br /> a Performance Bond, No. 000842955 (the "Performance Bond"), with CEI, as prin- <br /> - cipal, and the City as the obligee, in connection with the construction of the <br /> I <br /> the Project; and <br /> WHEREAS, as collateral for any claim against the Performance Bond, CEI <br /> pledged to In terna tional a $90,000 letter of credit issued by Capital National <br /> Bank ("CNB"), predecessor- in - in teres t to Liberty (the "CNB Letter of Credit") <br /> which was to be drawn on by International; and <br /> WHEREAS, in connection with the $90,000 letter of credit issued by CNB, <br /> Jon N. Coffee ("Coffee"), President of CEl, executed a Promissory Note dated <br /> COMPROMISE AND SETTLEMENT AGREEMENT /\ND MUTUAL RELEASE PaRe 1 <br />