Exhibit
10.1


 


SETTLEMENT
AGREEMENT


 


Lake
Ozark Construction Industries, Inc. (“LOCI”), Everett Holding Company, Inc.
(“Everett”), and Golf Trust of America, L.P. (“Golf Trust”) enter into this
Settlement Agreement (“Agreement”) as of September 5, 2008.  In addition to the issues addressed in this
Agreement, Golf Trust, LOCI, and Everett warrant that they are not aware of any
current claims they or others may have against each other, and each of them
agrees to release the other from any claims whether known or unknown at this
time.


 


1.                                       Golf Trust, in consideration of LOCI’s and
Everett’s agreements set forth in paragraph 2 below, agrees as follows:


 


(a)                                  Golf Trust shall pay or cause to be paid to
LOCI and Everett $140,000.00.


(b)                                 Golf Trust shall, not later than ten days
after receipt of written proof of both the dismissal referred to in
subparagraph 2(a) below and the acknowledgment referred to in subparagraph
2(b) below, dismiss with prejudice Golf Trust’s Cross-Claim in the case
pending in Circuit Court of Miller County, Missouri, styled and numbered Lake
Ozark Construction Industries, Inc. and Everett Holding Company, Inc.
v. Osage Land Company, L.L.C., et al, Case No. CV599-366CC (“Case No. CV599-366CC”),
each party to bear its own costs and attorney fees.


 


2.                                       LOCI and Everett, in consideration of Golf
Trust’s agreements set forth in paragraph 1 above, agree as follows:


 


(a)                                  LOCI and Everett shall, not later than ten
days after receipt of the payment provided for in subparagraph 1(a) above,
dismiss with prejudice all counts of LOCI’s and Everett’s Third Amended
Petition in Case No. CV599-366CC, each party to bear its own costs and
attorney fees.


 


(b)                                 LOCI and Everett shall, not later than ten
days after receipt of the payment provided for in subparagraph 1(a) above,
file with the Clerk of the Circuit Court of Miller County, Missouri, and
acknowledgment of complete satisfaction, in accordance with RSMo 429.120, of
the mechanic’s lien in the principal amount of $1,276,122.58 that LOCI and
Everett filed on May 27, 1999, with the Clerk of the Circuit Court of
Miller County.


 

















 


3.                                       LOCI, Everett, and Golf Trust agree that no
promise or agreement not expressed in this Agreement has been made, that this
Agreement is not executed in reliance upon any statement or representation made
by LOCI, Everett, or Golf Trust or any representative or agent of any of them
concerning any thing or matter, and that the terms of this Agreement are
contractual and not mere recitals and are binding upon LOCI, Everett, and Golf
Trust and their successors and assigns.


 


4.                                       This Agreement may be executed in any one or
more counterparts, each of which shall be deemed an original and all of which
together shall constitute one and the same document.


 


 


	
   

  	
   

  	
  Lake Ozark Construction Company, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
    /s/ Eldon Eikenbary

  
	
   

  	
   

  	
  By:

  	
   

  	
  Eldon
  Eikenbary

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Everett Holding Company, Inc.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Eldon Eikenbary

  
	
   

  	
   

  	
  By:

  	
   

  	
  Eldon
  Eikenbary

  
	
   

  	
   

  	
  Title:

  	
   

  	
  Assistant
  Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Golf Trust of America, L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Michael C. Pearce

  
	
   

  	
   

  	
  By:

  	
   

  	
  Michael
  C. Pearce

  
	
   

  	
   

  	
  Title:

  	
   

  	
  President
  and Chief Executive Officer