Laserfiche WebLink
4 <br /> <br />III. AGREEMENT <br /> <br />3.1 Payment. For and in consideration of the covenants and releases stated in this <br />Settlement Agreement, Safety agrees to pay to City the sum of $270,000.00 (the Settlement <br />Amount) within thirty (30) days after the mutual execution of this Settlement Agreement by the <br />Parties, and approval by the Everett City Council, all of which are requirements for the 30-day <br />period to begin. <br /> <br />3.2 Allocation. City and Safety agree that Safety has the right to allocate the <br />Settlement Amount amongst its own Safety Policies in its discretion. City and Safety further <br />agree that the Settlement Amount shall erode the limits of liability of the Safety Policies. <br /> <br />3.3 Release. For and in consideration of the payment of the Settlement Amount and <br />the mutual covenants stated in this Settlement Agreement, City unqualifiedly releases and forever <br />discharges the Safety Insurers from and against any past, present or future claims, obligations or <br />liability, known or unknown, existing or hereafter arising, for insurance coverage under the Safety <br />Policies, including defense or indemnity, arising out of, relating to or in any way connected to the <br />Environmental Claims. The Parties agree that this release constitutes a complete and unqualified <br />release by City of insurance coverage under the Safety Policies for past, present or future <br />insurance coverage claims, known or unknown, of whatsoever kind or nature, in connection with <br />or arising out of the Environmental Claims and that the Safety Insurers shall have no further <br />liability or obligation whatsoever to City in connection with the Environmental Claims at the <br />Site except for the duties and obligations imposed by this Settlement Agreement. <br /> <br />3.4 General Release and Release of Potential Future Claims. City understands and <br />agrees that the releases set forth in paragraph 3.3 in this Settlement Agreement are general <br />releases of the matters described in that paragraph. City further understands and agrees that, in <br />regard to the matters released as set forth in this Settlement Agreement, it may have sustained <br />injuries or damages that have not yet manifested and that are presently unknown but, nevertheless, <br />it deliberately intends to and hereby does release these possible future claims against Safety <br />Insurers to the extent they arise out of or are based on acts or omissions occurring prior to the <br />date of this Settlement Agreement that relate to the Environmental Claims. <br /> <br />3.5 Satisfaction of the Safety Insurers’ Obligations. For and in consideration of the <br />payment of the Settlement Amount and the mutual covenants stated in this Settlement <br />Agreement, City and Safety agree that, upon execution of this Settlement Agreement, except <br />with respect to the payments specified herein, the Safety Insurers shall have no further duties or <br />obligations to City based upon, arising out of or related in any way to the Environmental Claims. <br />The Parties stipulate and agree that payment of the Settlement Amount constitutes a full and