Woodco, Inc. v. B & H Realty Corp.

The parties entered into a settlement agreement intended to resolve a dispute arising out of a lease of commercial property. Appellants, Woodco, Inc. and its president, Nagib Fares, as the lessee and the lease guarantor respectively, commenced this action, claiming damages based on negligent maintenance of the leased warehouse premises. B & H Realty Corporation (B & H) counterclaimed for rent and waste. An oral settlement was reached and stipulated to in open court at the time of trial. The settlement terms were later reduced to a written agreement which was approved by an order of the court…