HomeMy WebLinkAboutRESOLUTION - 39-98 - 8/25/1998 - GENERAL RELEASE/VIDEO UPDATERESOLUTION NO. 39-98
A RESOLUTION AUTHORIZING THE VILLAGE PRESIDENT AND VILLAGE
CLERK TO EXECUTE A GENERAL RELEASE BETWEEN THE VILLAGE OF
ELK GROVE VILLAGE AND VIDEO UPDATE, INC.
NOW, THEREFORE, BE IT RESOLVED by the President and Board of
Trustees of the Village of Elk Grove Village, Counties of Cook and
DUPage, State of Illinois as follows:
Section 1: That the Village President be and is hereby
authorized to sign the attached documents marked:
GENERAL RELEASE
a copy of which is attached hereto and made a part hereof as if fully
set forth and the Village Clerk is authorized to attest said
documents upon the signature of the Village President.
Section 2: That this Resolution shall be in full force and
effect from and after its passage and approval according to law.
VOTE: AYES 6 NAYS 0 ABSENT 0
PASSED this 25th day of August , 1998.
APPROVED this 25th day of
ATTEST:
Patricia S. Smith
Village Clerk
reso602n.doc
1998.
Craig B. Johnson
Village President
GENERAL RELEASE
KNOW ALL MEN BY THESE PRESENTS, that ELK GROVE VILLAGE located
In the County of Cook, State of Illinois, for and in consideration of Three Thousand Eight
Hundred Thirty Seven and 50/100 ($3,837,50) Dollars, paid to it by VIDEO UPDATE, INC.
(hereinafter referred to as "Video Update"), and other good and valuable considerations,
including the dismissal by Video Update of that certain lawsuit entitled Video Update, Inc. v.
Elk Grove Village, Case No. 96 CH 13928, the receipt, adequacy and sufficiency of which are
hereby acknowledged, does, for itself, its corporate authorities and authorized representatives,
hereby remise, release and forever discharge Video Update and its respective shareholders,
directors, officers, employees, agents, legal representatives, successors and assigns, of and
from all manner of actions, cause and causes of action, suits, debts, sums of money, accounts,
reckonings, bonds, bills, specialties, covenants, controversies, agreements, promises, variances,
damages, judgments, executions, claims and demands, whatsoever, at law or in equity, arising
out of or raised, or that could have been raised in those certain lawsuits entitled, Elk Grove
G'illage v. Video Update, Inc. which lawsuits are listed on Exhibit No. 1 attached hereto and
incorporated by reference as though set forth verbatim.
The undersigned hereby acknowledges that this General Release has been knowingly
and voluntarily executed after discussion with and upon the advice and recommendation of
its legal counsel. The terms of this General Release are contractual and reflect a full and final
settlement of all claims as stated herein. The undersigned hereby acknowledges that they have
read and understand the contents hereof and that they intend to be legally bound by the same.
Notwithstanding the payment made and the other consideration provided by Video
Update to obtain this General Release, Elk Grove Village understands that Video Update
denies liability and asserts that payment has been ;made and other consideration furnished
hereunder to settle and compromise various disputed claims in order to avoid the cost and
expense of litigation.
Elk Grove Village agrees that if any lawsuits remain pending which are not listed
on Exhibit No. 1, but which could or may hereafter be discovered at some indeterminate
time in the future, it will dismiss same with prejudice and without costs to Video Update
within thirty (30) days after notice of the pendency of said lawsuits(s).
IN WITTINESS WHEREOF, this agreement has been executed as of this 25thday of
August , 1998.
ELK GROVE VILLAGE
BY: Craig B. Johnson
Its Village President
ATTEST:
Patricia S. Smith
Village Clerk
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