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D/7-%7 <br /> RELEASE CT <br /> This RELEASE is entered into between AXIS SPECIALITY INSURANCE,subrogee for <br /> Sound Equipment Rentals and Sales Inc. ("AXIS")and the CITY OF EVERETT(the"City"), <br /> Both of these persons are collectively referred to in this Release as the"Parties"and each is <br /> individually a"Party." <br /> RECITALS <br /> A. On or about September 12,2013,a 2008 Kobelco SK260LC Excavator(SN: <br /> LL10U 1640) (the"Excavator")owned by Sound Equipment Rentals and Sales Inc. ("Sound <br /> Equipment")and leased to the City was damaged by water. This damage is referred to in this <br /> Release as the"Excavator Damage." A claim has been filed with the City relating to the <br /> Excavator damage(the"Claim"). <br /> B. AXIS is Sound Equipment's insurer for the Excavator Damage. York Risk <br /> Services Group,Inc.is the third party administrator for AXIS. The AXIS claim number for the <br /> Excavator Damage is YKRE-017078. <br /> AGREEMENT <br /> In consideration of the mutual promises and covenants contained in this Release,the <br /> Parties agree as follows: <br /> 1 Release. Except for the settlement payment obligation as set forth in Section 2 <br /> below,AXIS,on behalf of AXIS and on behalf of its subrogee Sound Equipment,hereby <br /> releases and fully and forever discharges the City and its officers, employees and agents from <br /> any and all claims, demands,debts,guarantees,liabilities, obligations,liens, general,special or <br /> consequential damages,losses, or potential losses,through any and all actions or causes of action <br /> of any nature whatsoever,whether known or unknown, foreseen or unforeseen,at law or in <br /> equity or by statute,that AXIS or its subrogee Sound Equipment may now have or that may <br /> subsequently accrue to AXIS or its subrogee Sound Equipment,that are based upon, arise out of <br /> or in any way relate to the Excavator Damage or the Claim. <br /> 2. Settlement Payment. Within 30 days after full execution of this Release,the <br /> City will deliver a payment in the amount of$46,500 to the trust account of BUTLER <br /> WEIHMULLER KATZ CRAIG LLP,400 N. Ashley Drive, Suite 2300, Tampa,FL 33602. <br /> 3. Authority.The undersigned have full authority to enter into this Release. AXIS <br /> warrants that it is the sole holder of all claims of Sound Equipment related to the Excavator <br /> 1 <br />