HomeMy WebLinkAbout0394 party defendant, C& L Steel Construction, Inc., associated with this
lawsuit.
The plaintiff, Turtle Reef Condominiums I, Inc., and third party
defendants, Raul Puig and Alejandro Robles, have mare specifically
amicably resolved their differences as follows:
1. Raul Puig ("Puig") and Alejandro Robles ("Robles") will be
individually and jointly liable to Turtle Reef Condominiums I, Inc.,
("Turtle Reef") for the principal sum of $35,000.00 together with
interest at the rate of 12$ upon the unpaid balance. Monthly payments
will be in the amount of $3,109.71 over a 12 month period. The first
monthly payment shall be made upon the execution of this settlement
stipulation and consecutive monthly payments shall be made on the same
_ day of each month thereafter until the total amount of interest and
principal is paid in full.
2. Puig and Robles will place a certificate of deposit in the amount
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of $35,000.00, in a form reasonably acceptable to Turtle Reef, in trust
at the Florida National Bank of Martin County, East Ocean Blvd., Stuart,
~ Florida. The certificate of deposit shall be free and clear of all
pledges, assignments and claims, and shall be held in trust as collateral
! for payment of the settlement proceeds described above. In the event
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~ that any monthly payment is not paid within five (5) days from the date
e due, Turtle Reef may file an affidavit of nonpayment. Upon filing of tine
~ affidavit and after a hearing, the Court shall order the certificate of
E deposit to be transferred to Turtle Reef. To the extent that the
t certificate of deposit exceeds the total sum of principal and interest
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~ due Turtle Reef, that balance shall be refunded within five (5) days to
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~ Puig and Robles.
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~ 3. Turtle Reef, Puig and Robles, agree to execute any additional
~ documents necessary to carry out the terms and intent of this
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~ stipulation.
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4. The Court will retafn jurisdiction in this matter over Puig and
Robles for the enforcement of the terms of the stipulation.
5. The parties hereto agree to exchange general releases, exceptinq
only the obligations indicated in this stipulation.
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k 6. Turtle Reef represents that it is entering into this s8ttlement
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~ stipulation in good faith.
BOOltU74 PAGE J9~
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