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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 T. Bailey, Inc. and its insurer Westchester Surplus
<br /> Lines Insurance Company ("Defendant"), and on the other the City of Everett and its insurers
<br /> Lexington Insurance Company, Allied World Assurance Company (U.S.), Inc., Certain
<br /> Underwriters at Lloyds of London subscribing to policy Nos. B075ORNAFG1803649,
<br /> RNAFG1803649, and PD-I 1055-00, and Ace American Insurance Company ("Plaintiffs").
<br /> Collectively, Defendant and Plaintiffs are called "the Parties"herein.
<br /> DEFINITIONS
<br /> "Parties" means Plaintiffs and Defendant and their respective heirs, successors,
<br /> predecessors, agents, employees, owners, members, shareholders, attorneys, administrators,
<br /> officers, insurers and assigns.
<br /> The term "Project"means the East Clearwell Roof Replacement Project undertaken by the
<br /> City of Everett by contract with T. Bailey, Inc. dated September 13, 2017.
<br /> "Lawsuit" means the civil action in Snohomish County Superior Court, Cause No. 21-2-
<br /> 00611-31, known as City of Everett, et al. v. T. Bailey, et al. which resulted from a roof collapse
<br /> at the East Clearwell facility located in Sultan/Monroe Washington on, or about, February 13,
<br /> 2019.
<br /> "Claims" means any and all past, present, or future claims for loss, defect, deficiency, or
<br /> damage, known or unknown, latent or patent, hidden or unhidden, which have allegedly occurred
<br /> and/or which may occur in the future, including but not limited to causes of actions, or rights of any
<br /> nature,which were or could have been brought by the Plaintiffs against any defendant named, or not
<br /> named, which relates to or arises out of the subject matter of the Lawsuit(the roof'collapse)..
<br /> RECITALS
<br /> WHEREFORE, Plaintiffs filed a Complaint to initiate the Lawsuit on February 1 I, 2021,
<br /> alleging that Defendant and Ultraflote, LLC ("Ultraflote") owed Plaintiffs damages in the sum of
<br /> $3,676,957.82, plus interest and costs. Defendant and Ultraflote have yet to file a responsive
<br /> pleading. Plaintiffs will receive, per the terms and conditions described herein, a combined
<br /> $2,900,000.00 from T. Bailey, Inc.'s insurer on its behalf, which will cause Plaintiffs to dismiss
<br /> with prejudice their Claims alleged in the Lawsuit, including those against Ultraflote and John
<br /> Does 1 through 20. 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 avoid
<br /> the inconvenience and expense of litigation.
<br /> Case#21-2-0061 1-31 Page 1 of 5 Settlement Agreement
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