HomeMy WebLinkAboutLexon Insurance Company Settlement Agreement 2012 04 09 SET LEMENT AGRF,EMENT AND RELEASE OF ALI(CLAIKS
FOR JESUP'S LANDING
The parties to this Agreement are the City of Winter Springs,Florida("City"),and Lexon
Insurance Company, its indemnitors, shareholders, employees, partners, officers, directors,
affiliates, representatives, agents, assigns and insurers ("Surety"). All signatories to this
Agreement agree that he or she has full corporate power and binding authority to enter into this
Agreement and to carry out the transactions contemplated herein.
The subject matter of this Agreement relates to a lawsuit the City brought against Surety in
Seminole County,Florida,case number 08-CA-5438-15-L,pursuant to an Amended Complaint
("Litigation").
On or about September 7, 2010, the parties entered into a Settlement Agreement And
Release Of All Claims For Jesup's Reserve. The parties have sully complied with said
Agreement regarding Jesup's Reserve.Said agreement reserved the City's rights against Surety
regarding Jesup's Landing and Performance Bonds related to the Jesup's Landing project.
The parties now desire to settle all remaining issues,including attorney's fees and costs,
and hereby settle all issues against Surety relating to Jesup's Landing in the Litigation which
concern Performance Bond numbers 1003689 and 1003688,which were attached to the Amended
Complaint as Exhibits"F"and"G"and are attached hereto and incorporated by reference.
Also,the parties now desire to settle all other remaining issues against Surety relating to
Jesup's Landing,including,but not limited to,Bond Nos.5017442,5017656 and 1021471.
Within fifteen(15)calendar days of the execution of this Agnrcrnent,Surety shall pay to
City the total sum of thirty thousand dollars($30,000.00)by cashier's check,money order or
wire transfer made payable to the City of Winter Springs in full and final settlement of all issues
including reasonable attorney's fees and costs.
Within five(5)business days of receipt and clearance of the checks or money orders,
the City shall voluntarily dismiss the subject lawsuit with prejudice.
City hereby releases and forever discharges Surety and its indemnitors,
shareholders,partners,officers,directors,affiliates,representatives,agents,assigns,and insurers,of
and from all actions, causes of action, claims and demands whatsoever, in law or in equity,
whether known or unknown,matured or unmatured,which City ever had,now has,or can,shall
or may have,against Surety relating to Performance Bond numbers 1003689 and 1003688 and the
Litigation as it relates to Performance Bond numbers 1003689 and 1003688 and the
subdivision Jesup's Landing, from the beginning of the world to the date of these presents,
including punitive damages and any and all claims that the City brought or might have
brought in the Litigation. The City specifically releases Surety from Performance Bond
numbers 1003689 and 1003688.
Also, the City specifically releases Surety from Bond numbers 5017442, 5017656 and
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1021471.
Surety releases and forever discharges City,its employees,governing body,attorneys,
affiliates,representatives,agents, assigns,and insurers,of and from all actions, causes of action,
claims and demands whatsoever, in law or in equity, whether known or unknown, matured or
unmatured,which Surety ever had,now has,or can,shall or may have,against City by reason of
Performance Bond numbers 1003689 and 1003688 and the Litigation as it relates to
Performance Bond numbers 1003689 and 1003688 and the subdivision Jesup's Landing, from
the beginning of the world to the date of these presents,and any anc.all claims that the Surety
brought or might have brought in the Litigation.
Also, the Surety specifically releases City from Bond numbers 5017442, 5017656 and
1021471.
The parties acknowledge that they are settling a claim disputed as to liability and damages.
By entering into this Agreement,the parties do not concede that anything they did or did not do
was wrongful.
The foregoing Agreement has been read and understood by the undersigned before the
signing thereof
This agreement is contingent upon approval by the City Commission of the City of Winter
Springs,Florida and shall become effective as of the date of Commission approval and execution of
this Agreement by Surety.
In the event that Surety defaults under the terms of this Agreement, the lawsuit may
continue and the City shall be entitled to pursue any and all remedies provided under the
Performance Bond numbers 1003689 and 1003688, Bond numbers 5017442, 5017656 and
1021471,or as otherwise provided by law.
This Agreement constitutes the full Agreement of the parties concerning Jesup's Landing
in the Litigation regarding Performance Bond numbers 1003689 and 1003688, and Bond
numbers 5017442,5017656 and 1021471. It is understood and agreed by Surety and the City that
this Agreement shall be construed without any regard to any presumption or other rule requiring eā
construction against the party causing this Agreement.This Agreement shall be governed by the
laws of Florida, and venue for any adversarial proceeding related to this Agreement shall be
Seminole County,Florida.
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For SURETY,Lexon Insurance Company
By:
Signature of Authorized Agent
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Printed Name of Authorized Agent
For CITY OF WINTER SPRINGS,FLORIDA
Mayor, ity of Winter Springs,
F da
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Approved by City Commission this q!day of /ir'i L ,2012.
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