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AGREEMENT <br />THIS AGREEMENT ("Agreement") is entered into effective October 17, 2022, by and <br />between the CITY OF ELK RIVER (the "City") and CHOW MIXED GRILL & BBQ, LLC, d/b/a <br />SERRANO BROTHERS CATERING ("SBC"). <br />RECITALS <br />1. On January 4, 2021, the City and SBC entered into a Concession and Catering <br />Services Management Agreement ("Management Agreement") pursuant to which SBC would <br />provide concession, catering and related services to the City's Multi -Purpose Facility ("MPF"), <br />now known as the City of Elk River Furniture and Things Community Event Center. <br />2. The parties have mutually agreed that it is in the best interest of both parties and <br />the MPF to terminate the Management Agreement. <br />THEREFORE, in consideration of the mutual promises set forth herein, it is agreed by and <br />between the City and SBC as follows: <br />A. The Management Agreement shall be terminated effective October 17, 2022. <br />B. In consideration for improvements made to the MPF by SBC, and for food service <br />equipment provided to the MPF by SBC, which improvements and equipment SBC estimates to <br />have cost it in excess of $150,000, the City shall pay to SBC, within 30 days of the City's execution <br />of this Agreement, the sum of Forty Thousand Dollars ($40,000). SBC represents and warrants <br />that all of said improvements and equipment have been fully paid for by SBC and that no third <br />party has any claim or claims against SBC, the MPF or the City for services or equipment provided <br />to the MPF at SBC's request. <br />C. In consideration for the payment to be made by the City as provided in paragraph B <br />above, SBC relinquishes all claims against the City related in any way to the Management <br />Agreement including, without limitation: <br />All claims related to improvements made to the MPF by SBC at SBC's cost; <br />2. All claims for food service equipment provided to the MPF by SBC, all of <br />which food service equipment located within the MPF as of the effective date of this <br />Agreement shall remain at the MPF and become the property of the City; and <br />3. All claims for damages to SBC related in any way to the Management <br />Agreement or the parties' relationship and communications related to the Management <br />Agreement. <br />D. In consideration of SBC's agreement to relinquish all claims against the City related <br />to the Management Agreement, the City agrees to relinquish all claims against SBC related in any <br />way to the Management Agreement including, without limitation: <br />