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3. Payment shall be made within 21 days from the date of approval by the City <br />Council for the City of Elk River, via wire transfer or via check payable to the City of Elk River <br />and delivered to counsel for the City at the address set out below. <br />4. The parties recognize and agree that this settlement is the compromise of disputed <br />claims and that the consideration accepted and paid hereunder is not intended nor shall it be <br />construed by anyone to be an admission of liability by or on behalf of any of the parties, by <br />whom all such liability is expressly denied, said parties intending by this settlement merely to <br />avoid litigation and buy their peace. <br />5. Subject to the provisions of paragraph 6 below, this settlement is binding and was <br />reached during a mediated negotiation. Before the mediation session, the parties were each <br />informed in writing that (a) the mediator has no duty to protect them with information about their <br />legal rights, (b) signing a mediated settlement agreement may adversely affect their legal rights, <br />and (c) they should consult an attorney before signing a mediated settlement agreement if they <br />are uncertain of their rights. <br />6. This Agreement is conditioned only upon its approval by the City Council for the <br />City of Elk River. The undersigned, as representatives of the City agree to recommend approval <br />of the settlement to the City Council. The Parties to this Agreement each agree that if this <br />Agreement is not approved by the City Council for the City of Elk River within 30 days from the <br />date of this Agreement, then the Defending Parties shall not be bound by this Agreement. <br />7. Upon approval by the City, the terms of this Agreement shall be binding upon and <br />be enforceable against and shall inure to the benefit of the Parties hereto jointly and severally and <br />the heirs, successors, personal representatives, and assigns of each. <br />8. The Parties will cooperate fully and execute all supplementary documents and <br />will take all additional actions as may be reasonably required or appropriate to effectuate the <br />