Section 835-RICR-30-00-2.6 - Settlement Procedures (Completion of Negotiations)A. When negotiations are successfully completed, a written agreement must be prepared to the effect that this agreement embodies all consideration agreed upon between the Commission and the property owner(s). This written statement will take the form of a Release. 1. Full Release: When an offer is accepted by a property owner as full and just compensation, a Full Release must be signed by the property owner witnessed by a third party and dated. In doing so, the property owner received payment of 100% of the offer of just compensation and releases all rights to file a petition in court for the assessment of damages.2. Advance Payment Release: When an offer is not accepted by a property owner as full and just compensation, the property owner may choose to sign an Advance Payment Release. The signature(s) must be witnessed by a third party. In doing so, the property owner receives payment of 100% of the offer of just compensation and retains the right to petition the court for assessment of damages with one (1) year from the date of condemnation.B. Corporately Owned Property: When property to be acquired is held in title of a corporation, the Commission will require a letter of corporate authority from the property owner. This letter shall verify the fact that the officer executing the release is a duly authorized officer of the corporation and is the party authorized by the corporation to execute the release form.C. Vouchering: Upon receipt of the executed full or advance release form, the Commission shall prepare a voucher for payment to the property owner.D. Escrow (Registry of the R.I. Superior Court): In the event the property owner does not wish to sign either an Advance Payment Release or a Full Release, 100% of the offer of just compensation will be deposited in the registry of the Rhode Island Superior Court for their benefit. It shall be held by the Court in an escrow account while compounding interest. The property owner retains the right to petition the Court for assessment of damages within one (1) year from the date of condemnation. 1. Escrow Procedures: The payment shall be vouchered in the name of the "Registry of the Superior Court or the property owner." The property owner may execute a Full or Advance Payment Release at any time prior to the deposit of the just compensation in the Registry of the Rhode Island Superior Court.835 R.I. Code R. 835-RICR-30-00-2.6