IN CONSIDERATION OF the payment by THE CITY OF TORONTO, (the “Releasee”) to MFP FINANCIAL SERVICES LTD. (“MFP”) and AZTEC LIMITED PARTNERSHIP (collectively the “Releasor”) of the sum of Nine Million, Fifty Four Thousand, Nine Hundred and Seventy dollars, ($9,054,970.00), and other good and valuable consideration, the receipt whereof is hereby acknowledged, the Releasor hereby releases and forever discharges the Releasee, its successors and assigns from any and all actions, causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, claims and demands whatsoever, which against the Releasee the said Releasor, its successors, administrators or assigns, or any of them ever had, now have or may hereafter have for or by reason of any cause, matter or thing whatsoever existing up to the present time, and in particular without limiting the generality of the foregoing generally release the said Releasee from all claims which relate to lease payments (including interest payments) owing to the Releasor by the Releasee under Master Equipment Lease No. 838 dated as of July 30, 1999 and all Equipment Schedules executed between the Releasee and Releasor thereunder (“Leases”).
PROVIDED THAT the continuing obligations of the parties to the Leases, as set forth in the Leases and as modified by the Minutes of Settlement, are not hereby released.
It is acknowledged that the Releasee does not admit any liabilities or obligations whatsoever to the Releasor and such liabilities and obligations are in fact denied.
The Releasor further agrees and undertakes not to make any claim or take any proceedings against any other person or entity which might be entitled to claim contribution or indemnity from the Releasee.