MUTUAL RELEASE AGREEMENT
THIS MUTUAL RELEASE AGREEMENT (“Agreement”) is entered into on this December 13, 2005 between SRI/Surgical Express, Inc. f/k/a Sterile Recoveries, Inc. (“SRI”) and Coastal Hillsborough Partners, LLP (“Coastal”), individually and on behalf of their agents, representatives and attorneys, who shall collectively be referred to from time to time herein as the “Parties” and who may individually be referred to from time to time as a “Party,” as the context indicates.
WHEREAS the Parties are currently engaged in a lawsuit pending in the Circuit Court of the Thirteenth Judicial Circuit in and for Hillsborough County, Florida styled as SRI/Surgical Express, Inc. f/k/a Sterile Recoveries, Inc. v. Coastal Hillsborough Partners, LLP (Case No. 04-04193-H), which shall hereinafter be referred to as the “Litigation;”
WHEREAS the Parties agreed at a Court ordered mediation held on October 14, 2005 to terms settling all aspects of the Litigation as well as all other claims and disputes existing between the Parties including, but not limited to, all disputes related to the leased property that is the subject of the Litigation located at 12425 Race Track Road, Tampa, Florida, and which shall hereinafter be referred to as the “Property;” and
WHEREAS, pursuant to the mediation settlement and a Purchase and Sale Agreement dated December 13, 2005 (the “Purchase Agreement”), SRI is purchasing the Property from Coastal and this Agreement shall be executed and effective as of the closing of the conveyance.
NOW THEREFORE, in consideration of the above recitals, the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged as in hand paid, the Parties, intending to be legally bound, agree as follows:
1. The Parties acknowledge and agree that the above recitals are true and correct and are a material part hereof.
2. SRI, for itself and its successors, assigns, representatives, personal representatives, estates, partners, shareholders, subsidiaries, members, affiliates, parent companies, related companies, predecessors, assignors, assignees, principals, attorneys, employees, officers, directors and agents of any and all kind (“SRI Releasing Party”), does hereby, now and forever, fully and finally release, acquit and discharge Coastal and its successors, assigns, partners, members, representatives, attorneys, employees, former employees, present and former officers, present and former directors, principals, present and former shareholders, subsidiaries, affiliates, parent companies, predecessors, assignors, assignees, predecessors, tenants, related companies and agents of any and all kind (“SRI Released Party”) from any and claims, damages, demands, actions, liabilities, responsibilities, causes of action, rents, covenants, suits, and any and all liability of any nature, known and unknown which the SRI Releasing P