TXAirLots, LLC (Kean & Luster, 50/50 members) acquired this 6.72-acre parcel at Spicewood Airport and financed it with a $625,000 promissory note to Val-Chris Investments, Inc., secured by a Deed of Trust (Instrument No. 202501463). The note was subsequently assigned to Southern California Seconds, Inc. and ultimately to EUROPAXS HOLDINGS, LLC. Following Luster's breach of a December 2025 payment agreement, the parties resolved all claims through the two instruments below.
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Instrument 1 of 2
Settlement Agreement
DatedMarch 2026 (effective date)PartiesStephen Kean · James Michael Luster · EUROPAXS HOLDINGS, LLCRelated ActionKean v. Luster, Cause No. D-1-GN-25-011005, 353rd District Court, Travis County
Resolves all disputes arising from the formation and operation of Spicewood Air Lots, LLC and TXAirLots, LLC, the $625,000 Note, and the Deed of Trust. Luster had breached a December 8, 2025 agreement under which he was to service the Note and pay Kean $913,520.
Kean & Luster execute the Deed in Lieu of Foreclosure (Exhibit 1) simultaneously with this agreement.
Kean to dismiss the Travis County lawsuit with prejudice within 10 days of execution.
Kean (personally or through counsel) to dissolve both AL LLCs; Luster to cooperate or bear extra dissolution costs.
Mutual access to all plans and specifications owned by the AL LLCs.
Broad mutual releases among Kean, Luster, and EUROPAXS HOLDINGS, LLC covering all claims related to the LLCs, Note, Deed of Trust, and Property.
DatedMarch 30, 2026Filed & RecordedApril 6, 2026, 10:48 AM — Instrument No. 202603520, Burnet CountyGrantorTXAirLots, LLC (Stephen Kean & James Michael Luster, 50% members each)GranteeEUROPAXS HOLDINGS, LLC (Steve Kean, Member)Consideration$10.00 + release of Grantor's personal liability under the NoteRecording Fees$61.00 — Vicinta Stafford, Burnet County Clerk
Conveys absolute title to the 6.72-acre Spicewood Airport parcel from TXAirLots, LLC to EUROPAXS HOLDINGS, LLC in lieu of foreclosure. Title passes free of any equity of redemption. The underlying $625,000 indebtedness and Deed of Trust lien are not extinguished — they remain in force unless separately released in writing by the lienholder.
Conveyance in Lieu of Foreclosure: treated as absolute foreclosure; no equity of redemption retained by Grantor.
Continuing Lien: Deed of Trust obligations survive the deed and remain valid until expressly released.
Nonmerger: Deed of Trust lien and fee simple title remain legally separate and distinct.
Grantee reserves all statutory rights under §51.006, Texas Property Code.
Grantor releases all claims against Grantee arising from the Note, Deed of Trust, or this Deed.
Legal description (Willis & Associates, RPLS 1877): 7 tracts including the 6.715-acre main parcel plus sewer, access, and utility easements in the Maria Salinas Survey No. 17, Abstract No. 776.