Public Utility District No 1 of Snohomish Co 12/20/2018

SETTLEMENT AGREEMENT Thisettlement Agreement and Release of Claims ("Agreement") is made and entered into this a0 day of LW/y1/fj,[/L , 201 Z , by and among the City of Everett("the City") and Public Utility District No. 1 of Snohomish County ("Snohomish PUD"). Each of the above is a"Party," and they are collectively referred to herein as the "Parties." RECITALS WHEREAS,the Parties are involved in litigation in the Superior Court for the State of Washington in and for the Snohomish County, Cause No. 15-2-06894-4 (the "Lawsuit"); AND WHEREAS, the Parties wish to compromise and settle all claims between them as set forth herein; • NOW, THEREFORE, in consideration of the mutual promises contained herein, and in light of the foregoing recitals, the Parties hereby covenant and agree as follows: COVENANTS 1. In consideration of the release set forth in paragraph 3 of this Agreement, the City shall pay Snohomish PUD $260,000.00, inclusive of any and all expenses, costs, and attorneys' fees (the "Settlement Amount"), no later than twenty days after mutual execution of this Agreement. 2. The Parties understand and agree that that this Agreement is a compromise of disputed allegations, and neither this Agreement nor the Settlement Amount paid hereunder is to be construed as an admission of liability by the City. The City expressly denies any liability to Snohomish PUD. 3. In consideration of the Settlement Amount set forth in paragraph 1 above, Snohomish PUD, on behalf of itself and its insurers, releases and forever discharges the City from any and all claims, demands, damages, actions or causes of action, at law or in equity, known or unknown, anticipated or unanticipated, accrued or unaccrued, asserted or unasserted, that Snohomish PUD or its insurers have, claim to have, or could hereafter have or claim to have, arising from or relating in any manner to past storm events, including without limitation the claims set forth in the Lawsuit. 4. The release and set forth in paragraph 3 above is a general release pursuant to which Snohomish PUD expressly waives and assumes the risk of demands, claims, counterclaims, causes of action and damages which exist as of the effective date of this Agreement, but of which Snohomish PUD does not know or suspect to exist, and which, if known, would materially affect its decision to enter into this Agreement. Snohomish PUD further agrees that it is accepting the Settlement Amount as a complete compromise of matters involving disputed issues of law and fact. Snohomish PUD assumes the risk that the facts or law may be other than it believes.