The Todd Education Foundation of Hagerstown has agreed to pay $150,000 to the Washington County Gaming Commission after two years of legal wranging over control of tip jar proceeds.
Both sides said they were happy with the settlement, which was announced on Thursday morning in Washington County Circuit Court.
The gaming commission, which distributes tip jar gambling profits to local charities, will get the money it has always claimed the nonprofit Todd Educational Foundation owed from its tip jar proceeds two years ago.
Settlement terms are:
Within 10 days of the written agreement, the foundation will pay $25,000 cash to the gaming fund.
Todd will pay $125,000, in 10 equal semiannual installments beginning in June 1999. There is a discount provision for early payment.
The $125,000 note is to be personally guaranteed by Robert and Roberta Lauver, B&B Games.
Indemnity mortgages will be placed on 1249 Ravenwood Heights, the Lauver's primary residence; a rental property at 119-120 N. Conococheague St., Williamsport, and conditional assignments of future rents on that property.