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<br />Case #21-2-00611-31 Page 1 of 4 Settlement Agreement
<br />SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS
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<br />This Settlement Agreement and Mutual Release of All Claims (“Settlement Agreement”),
<br />is by and between the parties, on the one hand Ultraflote, LLC (“Defendant”), and on the other
<br />the City of Everett, Lexington Insurance Company, Allied World Assurance Company (U.S.),
<br />Inc., Certain Underwriters at Lloyds of London subscribing to policy Nos.
<br />B0750RNAFG1803649, RNAFG1803649, and PD-11055-00, and Ace American Insurance
<br />Company (“Plaintiffs”). Collectively, Defendant and Plaintiffs are called “the Parties” herein.
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<br />As set forth herein, this Settlement Agreement is a compromise, settlement and mutual
<br />release whereby the Parties, by this Settlement Agreement, will be, to the extent of the terms and
<br />conditions stated herein, extinguishing all rights, claims and actions that they have against each
<br />other as of the date of the execution of the last signature to this Settlement Agreement.
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<br />The term “Project” means the East Clearwell Roof Replacement Project undertaken by
<br />the City of Everett by contract with T. Bailey, Inc. dated September 13, 2017.
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<br />The term “Claims” as used in this Settlement Agreement means all suits, liens, debts,
<br />damage claims, counterclaims, judgments, costs, expenses, obligations, demands and causes of
<br />action, whether by statute, in law or in equity, of every nature, known or unknown, which the
<br />Parties have or may have against each other which relates to or arises out of the subject matter of
<br />the lawsuit pending in the Superior Court of Snohomish County, Cause No. 21-2-00611-31
<br />(“Lawsuit”), entitled City of Everett, et al. v. T. Bailey, et al., which resulted from a roof
<br />collapse at the East Clearwell facility located in Sultan / Monroe Washington on, or about,
<br />February 13, 2019. This Settlement Agreement is a settlement of the Claims and is not an
<br />admission of liability by any party.
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<br />RECITALS
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<br />WHEREFORE, Plaintiffs filed a Complaint to initiate the Lawsuit on February 11, 2021
<br />alleging that Defendant owed Plaintiffs damages in the sum of $3,676,957.82, plus interest and
<br />costs. Defendant has yet to file a responsive pleading. The Parties understand that Plaintiffs will
<br />receive certain funding from T. Bailey, Inc. which will cause Plaintiffs to dismiss their claims
<br />from the Lawsuit. It is also understood between the Parties that this Settlement Agreement is not
<br />to be construed as an admission of liability by any party, and this Settlement Agreement arises
<br />from a compromise of disputed claims, and that this Settlement Agreement is made solely to
<br />avoid the inconvenience and expense of litigation.
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<br />TERMS
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<br />THEREFORE, in consideration of the terms herein, including the foregoing recitals, the
<br />parties hereby agree as follows:
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