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WHEREAS, the parties hereto desire to finally and permanently <br />close the Facility on or before December 31, 1993 for all active <br />landfill operations an~ to terminate all other uses of the Facility. <br />presently existing such as the operation of a waste tire proces~.ing <br /> <br />~facility; and <br /> <br /> WHEREAS, WMMI and the City have agreed to compromise and <br /> settle their dispute about the manner in which the monthly payments <br /> are to be calculated, to amend the Agreement and to otherwise <br /> settle certain matters at issue in said dispute between themselves, <br /> subject to the terms set forth hereinbelow. <br /> <br /> NOW, THEREFORE, in consideration of the foregoing recitals and <br /> other good and valuable consideration, WM/~I and the City agree as <br /> <br />follows: <br /> 1. <br /> <br />Cash Payment. Following execution of this Settlement <br />Agreement, WMMI shall pay to the City the sum of <br />$112,647.50, which sum is equal to one-half (1/2) of the <br />amount deducted from monthly payments to the City as a <br />tax, fee or surcharge imposed as financial assurance <br />specifically for closure or post-closure through December <br />31, 1991, together with interest thereon at the annual <br />rate of eight percent (8%) compound interest per annum <br />thereon calculated for each payment from the date that <br />each payment was payable pursuant to the Agreement <br />through January 31, 1993. commencing February 1, 1993 <br />and for a period not to exceed 60 days thereafter, the <br /> <br />interest rate shall be reduced to the annual rate of five <br /> <br /> <br />