1995 - 05-01-95 Regular Meeting - Laserfiche WebLink

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BOOK 16 PnE 12 STATE OF NORTH CAROLINA ) COUNTY OF LEE ) 0 RELEASE THI AGREEMENT, made and entered into this ' U day of Y3 r , 1995, by and between LEE PAVING COMPANY, a North Carolina corporation with its principal office and place of business in Lee County, North Carolina, hereinafter called the "Developer", and the COUNTY OF LEE, one of the counties of the State of North Carolina and a body both politic and corporate, hereinafter called the "County"; WITNESSETH: WHEREAS, the County and Developer entered into a reimbursement contract in accordance with the policy established by the County for waterline extensions with respect to a six-inch waterline extending from U.S. No. 1 along Rocky Fork Church Road (SR 1179) approximately 1.2 miles to the Developer's property; and WHEREAS, under the terms of said contract, County has the duty to collect and remit to Developer the sum of $4,176.32 if the Henry Frank McIver heirs tap on to said six-inch waterline prior to July 1, 1998, or before the total payments from the County to the Developer amount to $47,139.00 for the reimbursable cost from fees, whichever first occurs; and WHEREAS, Developer is willing to forego collection of any assessment fees from the Henry Frank McIver heirs with respect to a parcel of land identified as tax parcel number 9539-49-1509-00 which has a front footage of 992 feet on said waterline and pursuant to said contract, said reimbursement cost would amount to $4,176.32; and NOW, THEREFORE, Developer, in consideration of $10.00 and other valuable considerations to it in hand paid, the receipt of which is hereby acknowledged, does hereby release and forever discharge County from that part of the contract which obligates and requires County to collect $4.21 for each foot of the 992 feet of frontage which the Henry Frank McIver heirs have along said waterline hereinbefore referred or the total of $4,176.32 and it agrees for the purposes of said contract the amount of $4,176.32 shall be treated as if received by Developer in ascertaining the balance due of the reimbursable cost of said waterline. But it is expressly understood and agreed that said contract as to each and all other terms, stipulations, and conditions thereof shall be and remain in full force and effect. 10 IN TESTIMONY WHEREOF, said Lee Paving Company has caused this instrument to be executed in its corporate name by its President and attested by its Secretary and its corporate seal to be hereunto affixed, all by authority of its Board of Directors duly and