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SETTLEMENT AGREEMENT AND RELEASE <br />This Settlement Agreement and Release ( "Agreement ") dated as of December , 2010, is by <br />and between Lower Rum River Watershed Management Organization ( "LRRWMO "), 2015 First <br />Avenue, Anoka, MN 55303, and The Travelers Casualty & Surety Company of America <br />( "Travelers "). <br />RECITALS <br />1. LRRWMO is a governmental organization tasked with, among other things, the issuance <br />of wetland mitigation permits for work performed in and around the City of Ramsey. <br />2. LRRWMO issued Wetland Mitigation Permit No. 2003 -07 (the "Permit ") for the Ramsey <br />Town Center Project (the "Project ") to create approximately 4.05 acres of jurisdictional <br />wetlands per a Wetland Permit & Banking Plan Application dated June, 2004. As a <br />condition precedent to issuing the Permit, LRRWMO required the posting of an <br />acceptable surety bond. <br />3. Travelers, as surety, issued Surety Bond No. 375104423448 (the "Bond ") to LRRWMO, <br />as obligee, on behalf of Glenn Rehbein Excavating, Inc. (the "Principal "). <br />4. LRRWMO alleges that the Principal failed to complete work required under the Permit <br />and has submitted a claim against Travelers under the Bond. <br />5. The parties wish to fully and finally settle and resolve any and all claims relating to or <br />arising out of the Permit and the Bond according to the terms of this Agreement. <br />AGREEMENTS <br />Therefore, in consideration of the mutual promises herein, and other good and valuable <br />consideration, the parties agree as follows: <br />1. Payment. Within thirty (30) days of the date of this Agreement, Traveler's shall deliver to <br />LRRWMO a check payable to the order of LRRWMO in the agreed -upon amount of <br />Fifty -Nine Thousand Dollars ($59,000.00). <br />2. Release. In exchange for the above - referenced settlement payment, LRRWMO, for itself <br />and its successors, assigns, members, and partners, hereby fully and finally releases and <br />discharges Travelers and Travelers' officers, employees, successors, assigns and <br />Principal from any and all claims, losses, liability, costs, expenses, claims for attorneys' <br />or engineers' fees, actions, causes of action, of whatever kind or nature, relating to or <br />arising out of the Project, the Permit and the Bond, including but not limited to any <br />performance, maintenance or warranty obligations. LRRWMO further agrees to return <br />the original Bond to Travelers in exchange for the settlement payment. <br />