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Whereas, on February 24, 2014, the City commenced a lawsuit against the Defending <br />Parties alleging professional negligence and damages arising from the Documents prepared for <br />the Property. <br />Whereas, Defending Parties submitted an answer denying liability and raising affinnative <br />defenses. <br />Whereas all claims between the parties are currently pending in Sherburne County <br />District Court in the matter of The City of Elk River v. Gray, Plant, Mooty, Mooty & Bennett, <br />Sherburne County District Court, Civ. No. 71 -CV -14-330 (the "Action"). <br />Whereas, the Parties now desire to resolve, settle and dismiss all claims that were made <br />or could have been made in the Action on the following terms: <br />1. In consideration of.the payment of $410,000 from Defending Parties, the receipt <br />and sufficiency of which are hereby acknowledged, the City and Defending Parties hereby <br />unconditionally mutually release and forever discharge each other, and their respective insurers, <br />successors, parents, affiliates, assigns, agents, employees, dealers and distributors, and the <br />officers, directors and assigns of each, from any and all claims that were made, or could have <br />been made, past present or future, known or unknown, arising from, relating to or in any way <br />connected with the sale or transfer of the Property, the preparation of the Documents, the alleged <br />professional negligence or damages or any claims that were made or could have been made in <br />the Action (the "Released Claims"). <br />2. The Released Claims include the release of all claims, counterclaims, cross claims <br />or claims of any sort between the Parties, and includes specifically the release of any subrogated <br />interests on the part of the City or its insurers related to insurance coverage, defense costs, <br />contribution, subrogation, or indemnification. <br />2 <br />