2003-113 Ordinance - Laserfiche WebLink

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SETTLEMENT AGREEMENT AND FULL RELEASE OF ALL PROPERTY DAMAGE CLAIMS Date KNOW ALL BY TFESE PRESENTS, that City of North Olmsted for and in consideration of the payment and promise to pay the sum of Twelve Thousand Twenty- one Dollars and Thirty-two cents ($12,021.32), and upon the actual the receipt of which, does hereby and on behalf of its successors and assigns, relea.se, acquit and forever discharge Salim Suleiman and Progressive Insurance of and from any and a11 claims, actions, causes of actions, demands, rights, damages, costs, expenses, accrued claims for loss of use, any and all known and unknown property damages resulting from an automobile accident which occurred on or about April 2e, 2003 at or near I-480 and Clague. It is understood and agreed tha,t this settlement is contingent upon the immediate payrnent of Seven Thousand Five Hundred Dollars ($7,500) by Progressive Insurance to the City of North Olmsted. It is understood and agreed that this settlement is contingent upon the immediate signature of Salim Suleiman on a Promissory Note (attached hereto) to pay ta the City of North Olmsted the sum of Four Thousand Five Hundred Twenty-One Dollars and 32 Cents ($4,521.32) and further contingent upon the satisfaction thereof. It is understood and agreed that this settlement is in full compromise of a disputed claim as to both questions of liability and a.s to the nature and extent of the damages, and tha.t neither this release, nor the payment pwsuant thereto sha11 be construed as an admission of liability, such being denied. Furthermore, in consideration hereo? the City of North Olmsted and the parties hereto agree that no legal action shall be commenced by or against any party with regard to the liability arising from said collision and property damage however, the City of North Olmsted reserves the right to proceed agains Salim Suleiman only if necessary to collect on the Promissory Note. It is further understood and agreed that the undersigned relies wholly upon the undersigned's judgment, belief, and knowledge of the nature, extent, effect, and duration of said damages and liability therefore and is made without reliance upon any statement or representation of the party or parties hereby released or their representatives. IN WITNESS VVHEREOF, the parties hereto have made and executed this Agreement the day and year first above written. ; ,