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SETTLEMENT AGREEMENT
THIS SETTLEMENT AGREEMENT (this “Agreement”), dated as of ____________
____, 2025, by and between STREAMCO PROPERTY RESOLUTIONS, LLC, a Virginia
limited liability company, as Receiver pursuant to Order of the Circuit Court of the City of
Newport News, Virginia, dated February 11, 2025 (the “Receiver”), and CYCLONE
INVESTMENT GROUP, LLC, a New York limited liability company (“Cyclone”), recites and
provides:
Recitals
A.
Pursuant to an Order Appointing Special Receiver entered on February 11, 2025
(the “Receivership Order”), the Circuit Court of the City of Newport News, Virginia (the
“Circuit Court”), in Case No. CL24-5300T-00 (the “Receivership Proceeding”) appointed the
Receiver to have complete and exclusive control and possession of improved real property
commonly known as “2 28th Street (also known as 90 28th Street), Newport News, Virginia” (the
“Property”). The Receiver was also authorized and empowered to market and sell the Property.
B.
The Receiver and Cyclone are parties to a now-terminated Purchase and Sale
Agreement dated June 6, 2025 (as amended, the “Purchase Agreement”), as amended by an
Amendment to Purchase and Sale Agreement dated July 2, 2025. Capitalized but undefined
terms herein shall have the meanings giving them in the Purchase Agreement.
C.
Pursuant to the Purchase Agreement, Cyclone deposited $500,000 (the “Deposit”)
into Escrow by wire transfer to NexGen Title Agency, LLC (the “Escrow Agent”). The Escrow
Agent is currently holding the Deposit in escrow.
D.
By a Notice of Termination and Forfeiture of Initial Deposit dated August 4,
2025, the Receiver terminated the Purchase Agreement.
E.
The Receiver and Cyclone wish to resolve all issues between them and to instruct
the Escrow Agent to disburse the Deposit in accordance with the terms hereof.
F.
The Escrow Agent is entitled to a fee of $500.00 for its duties serving as escrow
agent (the “Escrow Fee”).
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereby
agree as follows:
Agreements
1.
Court Approval; Closing. The Receivership Order authorizes the Receiver to
enter into certain settlements, and the Receiver believes it should have authority to enter into a
settlement of a dispute relating to a type of agreement specifically authorized by the
Receivership Order; nevertheless, out of an abundance of caution, both of the parties hereto wish
Case 25-23251-MEH Doc 18-19 Filed 12/22/25 Entered 12/22/25 20:08:18 Desc
Exhibit 6 Page 8 of 19
December
8
EXHIBIT 1
ANN public excerpt | ECF 18-19, pages 8-19 | combined source PDF 444/478
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