Document:

<PAGE>

Exhibit 10.48

                              SETTLEMENT AGREEMENT
                               AND MUTUAL RELEASE

THIS AGREEMENT is entered into by and between NORTHGATE SQUARE CINCINNATI, LLC,
an Ohio limited liability company ("LANDLORD"), and SHELL'S SEAFOOD RESTAURANTS,
INC. ("TENANT"), a Delaware corporation.

RECITALS

A.   LANDLORD is the owner of the real property and improvements located at 9540
Colerain Avenue, Cincinnati, Hamilton County, Ohio (hereafter referred to as the
"Leased Premises").

B.   Pursuant to a lease agreement dated May 28, 1997 (the "Lease") with
LANDLORD's predecessor-in-interest, Ewing Industries, Inc., TENANT leased Leased
Premises for the operation of TENANT's restaurant business.

C.   TENANT vacated the Leased Premises on or about April 18, 2001.

D.   LANDLORD  has alleged  that TENANT  breached the Lease by failing to pay
base rent and other amounts due as provided  therein,  and by  abandoning  the
Leased Premises.

E.   On or about May 8, 2001, LANDLORD filed a Complaint for Breach of Contract
against TENANT in the Common Pleas Court of Hamilton County, Ohio, Case No.
A0102926 (the "Lawsuit").

F.   LANDLORD and TENANT (hereinafter collectively referred to as the "Settling
Parties") wish to terminate the Lease and TENANT's tenancy thereunder; avoid the
risk and expense of continued dispute; and settle and resolve all claims or
potential claims between them-including, but not limited to, those claims or
potential claims arising out of the Lease, TENANT's rental and occupation of the
Leased Premises, and all claims asserted in the Lawsuit-pursuant to the terms of
this Agreement.

NOW, THEREFORE, in consideration of the mutual promises made herein and the
exchange of other valuable consideration as described below, the Settling
Parties agree as follows:

1.   Concurrently with the execution of this Agreement, TENANT will pay LANDLORD
the sum of NINETY-EIGHT THOUSAND ONE HUNDRED SIXTY-FIVE AND 60/100 DOLLARS
($98,165.60), by certified or cashier's check, in full and complete satisfaction
of all amounts due LANDLORD for base rent, common area maintenance and utilities
charges through and including November 30, 2001.

2.   Concurrently with the execution of this Agreement, TENANT will pay LANDLORD
the sum of SIX THOUSAND DOLLARS ($6,000.00), by certified or cashier's check, in
reimbursement of attorney fees and court costs incurred by LANDLORD in
connection with the Lawsuit, the underlying dispute between LANDLORD and TENANT,
and the preparation, negotiation and execution of this Agreement.

3.   TENANT will also pay LANDLORD the sum of ONE HUNDRED TWENTY-TWO THOUSAND
EIGHT HUNDRED NINETY-ONE DOLLARS ($122,891.00) plus interest at the rate of ten
percent (10%) per annum (hereafter referred to as the "Indebtedness"), in eight
(8) consecutive quarterly payments of SEVENTEEN THOUSAND ONE HUNDRED SIXTY-EIGHT
AND 65/100 DOLLARS

                                                   Settlement Agreement - Page 1
<PAGE>

($17,168.65), commencing on January 1, 2002 and continuing on the first day of
each third month thereafter until October 1, 2003, whereupon all amounts of
unpaid principal and accrued but unpaid interest will be due and payable in
full. TENANT's obligations under this Section will be evidenced by TENANT's
execution and delivery to LANDLORD, concurrently with the execution of this
Agreement, of a promissory note substantially in the form attached hereto as
Exhibit A (the "Note"). The Settling Parties agree that TENANT's default under
the Note will also constitute a breach of this Agreement.

4.   Concurrently with the execution of this Agreement, in order to secure the
payment of the Indebtedness, TENANT will execute and deliver to LANDLORD a
security agreement (the "Security Agreement") substantially in the form attached
hereto as Exhibit B, granting LANDLORD a first priority security interest in all
of the assets (hereafter referred to as the "Collateral") of TENANT's restaurant
located at 7390 SW 117th Avenue, Miami, Miami-Dade County, Florida, 33183
(hereafter referred to as the "Kendall Unit"). In connection therewith, TENANT
hereby represents and warrants to LANDLORD that TENANT is the owner of the
Collateral, free from any prior lien, security interest or encumbrance. TENANT
further represents and warrants to LANDLORD that the balance sheet attached
hereto as Exhibit C fairly presents the financial position of the Kendall Unit
as of August 26, 2001 in conformity with generally accepted accounting
principles consistently applied. The Settling Parties agree that a breach of the
Security Agreement by TENANT will also constitute a breach of this Agreement.

5.   The Settling Parties acknowledge that TENANT is the holder of a liquor
permit (the "Permit") for the Leased Premises issued by the Ohio Department of
Liquor Control. TENANT agrees to transfer the Permit to LANDLORD's successor
tenant, The Moose is Loose on Colerain, LLC ("MLC"), an Ohio limited liability
company, in full force and effect. MLC will be responsible for preparing and
submitting an application to transfer the Permit to the Ohio Department of
Liquor Control. TENANT represents and warrants that, as of the date of this
Agreement, the Permit is in good standing with the Ohio Department of Liquor
Control. TENANT agrees that, from the date of this Agreement until the transfer
of the Permit to MLC is consummated, TENANT (i) will keep the Permit in full
force and effect; (ii) will not commit any act that would constitute a violation
of Title 4301 of the Ohio Revised Code or Titles 4301 or 4301:1 of the Ohio
Administrative Code, or that would cause the Ohio Department of Liquor Control
to suspend, revoke or cancel the Permit; (iii) will not grant or permit the
attachment of any lien, security interest, or other encumbrance upon or to the
Permit or TENANT's interest therein; and (iv) will use its best efforts and will
cooperate with MLC to transfer the Permit.

6.   Within fourteen (14) days after the execution and delivery of this
Agreement by both Settling Parties, the Settling Parties will execute and file a
Stipulation of Conditional Dismissal in the Lawsuit, a copy of which is attached
hereto as Exhibit D.

7.   The Settling Parties further agree as follows:

     (a)  Effective upon the execution and delivery of this Agreement by both
     Settling Parties, the Lease shall be terminated and canceled.

     (b)  Effective upon the execution and delivery of this Agreement by both
     Settling Parties, each Settling Party, for itself and its respective
     shareholders, members, directors, officers, employees, agents, servants,
     representatives, attorneys, successors and assigns, releases, acquits and
     forever discharges the other Settling Party, its shareholders, members,
     directors, officers, employees, agents, servants, representatives,
     attorneys, successors and assigns, from any and all obligations,
     liabilities, claims, demands and causes of action that such party ever had,
     now has or may have, now or in the future, arising out of any circumstance
     related to the Lease and any other business and/or relationship between the
     Settling Parties (excluding rights

                                                   Settlement Agreement - Page 2
<PAGE>

     and obligations preserved or created by this Agreement, the Note, or the
     Security Agreement, or claims for the enforcement of this Agreement, the
     Note, or the Security Agreement).

     (c)  The Settling Parties specifically preserve the provisions of Article 9
     of the Lease relating to Insurance and Indemnification, which provisions
     shall survive the termination of the Lease.

8.   The Settling Parties' mutual releases are freely and voluntarily executed
by the parties whose signatures are affixed hereto after having been apprised of
the relevant information and data. Each party in executing this Agreement has
not relied on any inducements, promises or representations made by any party
hereto or their employees or agents except as expressly set forth in this
Agreement.

9.   Nothing  contained in this  Agreement  will be construed as an admission
of any liability on the part of either Settling Party.

10.  No representation or warranty made by TENANT in this Agreement, the Note,
the Security Agreement, or any exhibit or attachment to any of them, and no
statement or certificate furnished or to be furnished by or on behalf of TENANT
pursuant to or in connection with this Agreement, the Note, the Security
Agreement, or any exhibit or attachment to any of them, contains or will contain
any untrue statement of a material fact, or omits or will omit to state a
material fact necessary to make the statements herein or therein not misleading.

11.  The Settling Parties each represent that they have had the advice of
independent counsel in connection with this Agreement and that no promise,
inducement or agreement not herein expressed in writing has been made to either
of them. They further represent that the meaning of this Agreement has been
explained to them by their own counsel, that they have read and have understood
each provision of this Agreement, and that they understand and agree to perform
each of their respective obligations as provided therein.

12.  In the event that any dispute, litigation or other action arises from this
Agreement including, but not limited to, the interpretation or enforcement
hereof, the prevailing party will be entitled to reimbursement for its
reasonable costs and expenses, including, by way of illustration and not
limitation, attorney fees and court costs, in addition to any other relief that
may be granted by a court of competent jurisdiction.

13.  This Agreement may be executed in one or more counterparts, including
facsimile copies, and each counterpart will be deemed an original for all
purposes.

14.  If any provision of this Agreement requires judicial interpretation, the
court or tribunal interpreting or construing the Agreement will not construe the
Agreement more strictly against one party by reason of the rule of
interpretation that a document is to be construed more strictly against the
party who itself or through its agent created the same, it being acknowledged
and agreed that the agents or representatives of each party have participated in
the preparation of this Agreement and that each of the Settling Parties
consulted with independent legal counsel of its own selection prior to its
execution of this Agreement.

15.  If any provision of this Agreement, in whole or in part (or the application
of any provision to a specific situation), is held to be invalid or
unenforceable by the final judgment of a court of competent jurisdiction after
appeal or the time for appeal has expired, such invalidity or unenforceability
will be limited to such specific provision or portion thereof (or to such
situation), and this Agreement will be construed and applied in such manner as
to minimize such invalidity or unenforceability. This Agreement and all other
provisions hereof will otherwise remain in full force and effect.

                                                   Settlement Agreement - Page 3
<PAGE>

16.  Time is expressly  declared to be of the essence in this  Agreement  and
of every provision hereof in which time is an element.

17.  This Agreement, and each and every provision herein contained, will bind
and inure to the benefit of the parties, for themselves and for their
shareholders, members, directors, officers, employees, agents, servants,
representatives, attorneys, insurers, successors and assigns.

18.  No breach of any provision hereof can be waived unless in writing and
signed by the party waiving such breach. A waiver of any one breach of any
provision hereof will not be deemed to be a waiver of any other breach of the
same or any other provision of this Agreement.

19.  No purported modification or amendment to this Agreement will be effective
or enforceable unless it is evidenced by a written instrument signed by each of
the Settling Parties.

20.  Each party hereto agrees to execute, acknowledge, deliver, file and/or
record such further documents and instruments and do all such further acts and
things as may be necessary to carry out the intent and purpose of this
Agreement.

21.  This Agreement has been executed and delivered in the State of Ohio, and
will be governed by, construed and enforced in accordance with the laws of the
State of Ohio. The parties agree that any action brought by either party against
the other in any court, whether federal or state, may be brought within Hamilton
County, Ohio, and do hereby consent to the exercise of personal jurisdiction by
any such court and waive any defense of lack of personal jurisdiction or
improper venue for the purpose of carrying out this provision.

22.  All notices, demands and other communications between the Settling Parties
must be in writing, must be addressed as provided in this Section, must be made
by personal delivery, by certified mail, postage prepaid, return receipt
requested, or by overnight delivery service with proof of delivery, and will be
effective upon receipt or refusal thereof. All such notices, demands and other
communications must be addressed as follows:

            If to TENANT:

            Shell's Seafood Restaurants, Inc.
            16313 North Dale Mabry Highway, Suite 100
            Tampa, Florida 33618

or to such other person or address as TENANT may from time to time furnish to
LANDLORD in the manner described in this Section.

            If to LANDLORD:

            Northgate Square Cincinnati, LLC
            c/o North American Properties
            212 East Third Street, Suite 300
            Cincinnati, Ohio 45202

or to such other person or address as LANDLORD may from time to time furnish to
TENANT in the manner described in this Section.

                                                   Settlement Agreement - Page 4
<PAGE>

23.  Except as otherwise specifically provided herein, this Agreement will
become effective as of the last date set forth below.

IN WITNESS WHEREOF, the Settling Parties have caused this Agreement to be
executed by their duly authorized representatives as of the dates indicated
below.

SHELL'S SEAFOOD RESTAURANTS, INC.

By: /s/ Warren R. Nelson                        Date:        12/3       , 2001
   ---------------------------------                 -------------------
   Its: Executive Vice President

NORTHGATE SQUARE CINCINNATI, LLC

By: /s/ Kevin P. Riley                          Date: December 6        , 2001
   ---------------------------------                 -------------------
   Its: Treasurer
       -----------------------------

11/16/2001

                                                   Settlement Agreement - Page 5<PAGE>

                                                                   EXHIBIT 10.49

                               Installment Note

$122,891.00                                                     Cincinnati, Ohio
                                                                Dec 3     , 2001
                                                                ----------

FOR VALUE RECEIVED, SHELL'S SEAFOOD RESTAURANTS, INC. ("Maker"), a Delaware
                                                        -----
corporation, promises to pay to the order of NORTHGATE SQUARE CINCINNATI, LLC
("Payee"), an Ohio limited liability company, upon the terms and conditions set
  -----
forth herein, the principal sum of ONE HUNDRED TWENTY-TWO THOUSAND EIGHT HUNDRED
NINETY-ONE DOLLARS ($122,891.00) plus interest on the unpaid principal balance
at the rate of Ten Percent (10%) per annum, in eight (8) consecutive quarterly
payments of SEVENTEEN THOUSAND ONE HUNDRED SIXTY-EIGHT AND 65/100 DOLLARS
($17,168.65) each, commencing on January 1, 2002 and continuing on the first day
of each third month thereafter until October 1, 2003, whereupon all amounts of
unpaid principal and all unpaid interest accrued thereon will be due and payable
in full.

Late Fee. Maker agrees to pay a late fee in the amount of Two Percent (2%) of
--------
each payment due hereunder that is not received by the holder hereof within Ten
(10) days after such payment becomes due.

Acceleration Upon Default. Upon the occurrence of any one or more of the
-------------------------
following events ("Events of Default"), the holder hereof may, at its option,
                   -----------------
declare the entire unpaid principal of this Note and any unpaid interest accrued
hereon immediately due and payable: (i) Maker fails to make any payment due
hereunder within thirty (30) days after the same becomes due; (ii) Maker fails
to perform or breaches any provision of this Note, or the Settlement Agreement
and Mutual Release (the "Settlement Agreement") or the Security Agreement (the
"Security Agreement") executed by Maker and Payee concurrently herewith, and
Maker fails to cure such failure or breach within thirty (30) days after Maker
receives notice thereof; or (iii) the insolvency of, appointment of a receiver
of any of the property of, assignment for the benefit of creditors by, or
commencement of any proceedings under any bankruptcy or insolvency laws by or
against, Maker.

Maximum Interest. Notwithstanding any provision to the contrary contained
----------------
herein, in no event shall the total of (i) the aggregate amount of interest
accrued or paid hereon through the date of any calculation of interest and (ii)
the aggregate amount of any other sums accrued or paid which, under applicable
law, are deemed to constitute interest hereon or the loan evidenced hereby
through the date of any such calculation of interest, ever exceed the maximum
contract rate of interest which could be lawfully charged under the law
applicable to this Note on the principal balance of this Note from time to time
remaining unpaid. It is the intention of Maker and Payee in connection with the
making, delivery and acceptance of this Note to contract in strict compliance
with the usury laws of the United States of America and the laws of the State of
Ohio. In furtherance of such intention, none of the terms of this Note shall
ever create or be construed to create a contract to pay interest at a rate in
excess of the maximum contract rate of interest permitted to be charged on this
Note under applicable law. The Maker, and any endorsers, guarantors, sureties,
or other parties now or hereafter becoming liable for the payment of this Note,
shall never be liable for interest in excess of the maximum contract rate of
interest that may be lawfully charged under the law applicable to this Note;
and, in the event the holder hereof ever receives or collects any such excess,
such amount which would be excessive interest shall be applied to the reduction
of the principal amount of this Note until the
<PAGE>

                                                                   EXHIBIT 10.49

principal of this Note and all lawful interest are paid in full, and any
remaining excess shall be paid to the Maker or any endorsers, guarantors,
sureties, or other parties, as the case may be. The provisions of this paragraph
shall control over all other provisions of this Note which may be or be deemed
to be in conflict herewith.

Method and Application of Payments; Prepayment. All payments made hereunder
----------------------------------------------
shall be made in lawful currency of the United States, by check or bank draft,
at 212 East Third Street, Suite 300, Cincinnati, Ohio, 45202, c/o North American
Properties, or at such other address as the holder hereof may designate in
writing from time to time. This Note may be prepaid in whole or in part at any
time without penalty. All payments of principal and interest shall be applied by
the holder hereof to the indebtedness evidenced hereby in the following order:

     (a)  repayment of any amounts advanced by the holder hereof for collection
          costs;

     (b)  repayment of any amounts advanced by the holder hereof for the
          protection or maintenance of any collateral securing this Note;

     (c)  interest on this Note; and

     (d)  reduction of the principal of this Note.

Waiver of Notice. Maker hereby waives presentment and demand for payment, notice
----------------
of dishonor, protest and notice of protest, and other demands and notices in
connection with the delivery, acceptance, performance and enforcement of this
Note, and consents and assents to extensions of time of payment or forbearance
or other indulgences without notice.

Collection Costs. Maker agrees to pay any and all collection costs (including
----------------
reasonable attorney fees and court costs) incurred by the holder hereof in
connection with the collection of the debt evidenced by this Note or the
enforcement of any provision hereof.

Failure to Exercise Right No waiver. No delay or omission of Payee in
-----------------------------------
exercising, or failure of Payee to exercise, any right hereunder shall operate
as a waiver of such right or of any other right hereunder. A waiver on any one
occasion shall not be construed as a bar to or a waiver of any such right on any
future occasion.

Governing Law. This Note was accepted by and delivered to Payee in the State of
-------------
Ohio, and shall be construed and enforced in accordance with, and governed by,
the laws of the State of Ohio.

Jurisdiction and Venue. Maker hereby irrevocably agrees that, subject to Payee's
----------------------
sole and absolute election, any and all suits, actions or other proceedings
with respect to, arising out of or in connection with this Note shall be
litigated in courts having suits within Hamilton County, Ohio. Maker hereby
consents and agrees that the following courts shall have personal jurisdiction
over Maker in all lawsuits relating to or arising out of this Note, and hereby
submits to the jurisdiction of the following courts and irrevocably waives any
defense Maker may have of lack of personal jurisdiction in any such lawsuits
filed in these courts: (a) all courts included within the state court system of
the State of Ohio; and (b) all courts of the United States of America sitting
within the State of Ohio, including, without limitation, all United States
District Courts within the State of Ohio. Maker hereby consents and agrees that
venue shall be proper in any of the following courts in all lawsuits relating to
or arising out of this Note and hereby irrevocably waives any right Maker may
have to transfer or change the venue in any such lawsuits filed in these courts:
(a) the state court of the county where Payee has its principal place of
business (presently Hamilton County, Ohio); and (b) the United States District
Court for

                                      -2-
<PAGE>

                                                                   EXHIBIT 10.49

the Southern District of Ohio, Western Division.  In the event any of these
courts are abolished, Maker agrees that venue shall be proper in the state or
federal court in Ohio which most closely approximates the subject matter
jurisdiction of the abolished court as well as any of these courts which are not
so abolished. Any and all lawsuits filed by Maker against Payee relating to or
arising out of this Note shall be required to be filed in one of these courts.
Any and all lawsuits filed by Payee against Maker may be filed in any of these
courts or in any court in which jurisdiction and venue are proper. In all
lawsuits relating to or arising out of this Note, Maker consents and agrees that
Maker may be served with process outside the State of Ohio in the same manner of
service that may be made within the State of Ohio by any person authorized to
make service by the laws of the state, territory, possession or country in which
service is made or by any duly qualified attorney in such jurisdiction.  Maker
hereby waives any defense it may have of insufficiency of service of process
relating to such service.  This method of service shall not be the exclusive
method of service available in such lawsuits and shall be available in addition
to any other method of service allowed by law.

Severability. In the event that any provision of this Note, in whole or in part
------------
(or the application of any provision to a specific situation), is held to be
invalid or unenforceable by the final judgment of a court of competent
jurisdiction after appeal or the time for appeal has expired, such invalidity
shall be limited to such specific provision or portion thereof (or to such
situation), and this Note shall be construed and applied in such manner as to
minimize such unenforceability.  The Note shall otherwise remain in full force
and effect.

Holder. As used in this Note, "Payee" includes the original payee of this Note
------
or an endorsee or assignee of this Note who is in possession of it.

Conditional Settlement. This Note is delivered by Maker to Payee as a
----------------------
conditional settlement of a disputed debt. Nothing contained herein shall be
construed as an admission of liability or fault on the part of Maker with
respect to such debt.

Security Interest. This Note is secured by a security interest in all of the
-----------------
assets of Maker's restaurant located at 7390 SW 117th Avenue, Miami, Miami-Dade
County, Florida, 33183, as evidenced by a Security Agreement dated evenly
herewith between Maker and Payee, to which reference is made for a complete
description of the collateral and Payee's rights thereunder.

Documentary Stamp Tax. Maker will pay any documentary stamp tax which may be due
---------------------
with respect to this Note, the Security Agreement or any financing statement
filed to perfect the security interest granted thereunder.

IN WITNESS WHEREOF, Maker has caused this Note to be executed by its duly
authorized officer as of the date set forth above.

WITNESSES:                                     SHELL'S SEAFOOD RESTAURANTS, INC.

/s/ Laurie Crickenberger                        By: /s/ Warren R. Nelson
-------------------------                         -----------------------------
                                                  Its: Executive Vice President
                                                       ------------------------
                                                       WARREN R. NELSON
/s/ Kerry Danko
-------------------------

                                      -3-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00037-of-00352.parquet"}]]