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SETTLEMENT AGREEMENT AND MUTUAL RELEASE OF ALL CLAIMS
<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.
<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.
<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.
<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.
<br /> RECITALS
<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.
<br /> TERMS
<br /> THEREFORE, in consideration of the terms herein, including the foregoing recitals, the
<br /> parties hereby agree as follows:
<br /> Case#21-2-00611-31 Page 1 of 4 Settlement Agreement
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