4/8/08 - SETTLEMENT AGREEMENT ISSUED. SETTLING PARTIES: ESTATE OF PAUL P. PIPER, SR.; PAUL P PIPER, JR, AS ESECUTOR OF THE ESTATE OF PAUL P PIPER, SR.; CLAUDIA B. PIPER, AS TRUSTEE OF SIX TRUSTS ESTABLISHED FOR THE BENEFIT OF RONALD K. PIPER, JR.; ANNETTE A PIPER, AND PAUL G. PIPER; RONALD K. PIPER, JR.; PAUL G. PIPER; AND PIPER INDUSTRIAL COATINGS, INC.
WITHIN 30 DAYS THE ESTATE SHALL PAY $170,108.90. WITHIN 30 DAYS, RONALD K. PIPER, JR., SHALL PAY $10,000. WITHIN 30 DAYS, TRUSTEE SHALL OBTAIN AN ACCURATE, COMPLETE, AND IMPARTIAL APPRAISAL OF THE PROPERTY'S FAIR MARKET VALUE AS CLEAN. THE APPRAISAL SHALL BE PREPARED BY A TENNESSEE LICENSED AND CERTIFIED COMMERCIAL REAL ESTATE APPRAISER IN COMPLIANCE WITH THE UNIFORM STANDARDS OF PROFESSIONAL APPRAISAL PRACTICE AS PROMULGATED BY THE APPRAISAL STANDARDS BOARD WHO HAS NO AFFILIATION WITH OR ANY RELATION TO ANY SETTLING PARTY. THE APPRAISAL SHALL BE SUBJECT TO APPROVAL BY EPA. TRUSTEE SHALL UNDERTAKE BEST EFFORTS TO SEE THE PROPERTY WITHIN 3 YRS OF THE EFFECTIVE DATE OF THIS AGMT AND SHALL PAY THE NET SALES PROCEEDS TO EPA. IF THE PROPERTY IS NOT SOLD WITHIN 3 YRS, TRUSTEE SHALL SELL THE PROPERTY AT A PUBLIC AUCTION.