in Nashville faced by the right hand of Metric, which problems only surfaced in California two weeks after the settlement and were reflected in the April 7, 1993 Fister letter.
THE COURT: THANK YOU. WE'VE BEEN IN SETTLEMENT DISCUSSIONS SINCE YESTERDAY, AND I UNDERSTAND FROM COUNSEL THAT THERE IS A SETTLEMENT THAT YOU HAVE ALL REACHED. MR. REUBEN: THAT'S CORRECT, YOUR HONOR. JAMES REUBEN SPEAKING. WE DO HAVE THE OUTLINE OF A SETTLEMENT. WE'RE CERTAINLY GOING TO HAVE TO PUT TOGETHER RATHER EXTENSIVE DOCUMENTATION TO FINALIZE THE DEAL, BUT WE ARE PREPARED TO PUT THE PRINCIPAL POINTS OF THAT SETTLEMENT ON THE RECORD SO THAT EVERYONE HAS A RECORD, INCLUDING THE COURT, OF WHAT WE AGREED TO TODAY. THE COURT: I WANT THIS IN SUCH A FORM SO THAT THE SETTLEMENT CAN BE ENFORCED IF YOU CANNOT AGREE ON SOME OF THE TERMS OF THE MINUTIAE OF THE SETTLEMENT AGREEMENT. WE WANT SOMETHING THAT CAN BE ENFORCED BECAUSE THIS ISN'T WORTH THE EFFORT OR THE COURT REPORTER PAPER IF IT ISN'T ENFORCEABLE. MR. REUBEN: IT'S BEEN OUR EFFORT - - WE HAVE BEEN WORKING TOWARD GETTING IT TO THAT POINT, AND WE DO THINK WHEN WE OUTLINE THE PRINCIPAL POINTS THAT WE WILL HAVE AN ENFORCEABLE DOCUMENT OR ENFORCEABLE AGREEMENT AMONG THE PARTIES THAT THEN HAS TO BE REDUCED TO WRITING. THE COURT: BUT I WANT IT UNDERSTOOD THAT UNDER CCP 664.6, WHEN YOU HAVE AN ORAL AGREEMENT BEFORE THE COURT, IT'S GOING TO BE ENFORCEABLE AND THAT'S WHAT WE HAVE BY THE TIME WE'RE DONE HERE. THAT'S WHAT THE COURT WANTS. IS THAT WHAT WE'RE GOING TO GET? MR. REUBEN: YES, YOUR HONOR. THE WAY IN WHICH WE'RE GOING TO TRY TO PROCEED IS TO HAVE ME READ INTO THE RECORD A POINT, AND THEN IF THERE ARE COMMENTS FROM THE DEFENDANTS' SIDE, THEY WILL MAKE THOSE COMMENTS. I WILL TRY TO BE AS THOROUGH AS I CAN ON EACH POINT.
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THE DEAL IS AS FOLLOWS: LAND IN NASHVILLE WHICH IS PRESENTLY LEASED FROM NASHVILLE LODGING COMPANY TO THE PLAINTIFF, WILL BE SOLD FROM NASHVILLE LODGING COMPANY TO THE PLAINTIFF, AND THE LEASE, THE EXISTING LEASE, WILL BE SIMULTANEOUSLY TERMINATED. THE LAND WILL BE SOLD ON THE FOLLOWING TERMS AND CONDITIONS:
ONE, $1.7 MILLION PURCHASE PRICE TO BE EVIDENCED BY A NOTE AND DEED OF TRUST THAT WILL BE EITHER IN A SECOND OR THIRD POSITION TO BE DETERMINED BY THE PARTIES. TWO, THE NOTE WILL BE NON-RECOURSE TO THE BUYER. THREE, THE INTEREST RATE WILL BE AN AMOUNT CALCULATED SO THAT INTEREST-ONLY PAYMENTS WILL EQUAL $100,000 PER YEAR. WE BELIEVE THAT'S ABOUT 5.8%, BUT WE'LL DO THAT CALCULATION. MS. SCHLICHT: YOUR HONOR, SO IT'S CLEAR, I WAS GOING TO ADDRESS A POINT AS IT AROSE. IT'S CLEAR THAT THE INTEREST PAYMENT SHALL BE MADE IN CASH TO NELSON LODGING. MR. REUBEN: I THINK THAT GOES WITHOUT SAYING. MR. LONG: YES. MR. REUBEN: YES. THE COURT: "CASH" MEANS - - MR. REUBEN: READILY AVAILABLE FUNDS. I'M NOT SURE