Development company sues to recover $90,000 settlement
A Jefferson County company has filed suit against the gym it claims has failed to honor payments arranged in a settlement agreement.
International Property Development, doing business as the Signature Group, claims it and defendant Powerhouse Gym agreed to a settlement on April 19, 2011, after Powerhouse defaulted on construction payments owed to Signature.
As part of the settlement agreement, Powerhouse promised to pay Signature $95,304.09, according to the complaint filed June 4 in Jefferson County District Court. The payments would be made in monthly installments of $8,000, the suit states.
For the first two months following the settlement, Powerhouse made payments of $2,000, but ceased its repayment after May 2011, the complaint says.
Although Signature has demanded repayment, Powerhouse has ignored its requests, according to the complaint.
"After application of all credits and offsets, the principal amount of approximately $91,304.09, plus applicable interest, attorney's fees, costs and expenses are due," the suit states.
Signature alleges breach of contract against Powerhouse.
In addition to the money it says it is owed, Signature is seeking pre- and post-judgment interest at the highest rate allowed by law, attorneys' fees, costs and other relief the court deems just.
Rocky Lawdermilk of Beaumont and Mark W. Frasher of Beaumont will be representing it.
The case has been assigned to Judge Donald Floyd, 172nd District Court.
Case No. E192-526