II

IN SOLE CONSIDERATION FOR the foregoing release the City will pay to Bradrick the amount of Twenty Thousand and No/100 Dollars ($20,000), and will seek to obtain a legally enforceable, non-exclusive right for Bradrick to use a portion of the property adjacent to that certain real property owned by Bradrick at 2317 N. Clark Avenue, Portland, Oregon, which right shall be sufficient to permit Bradrick reasonable continued truck access to its existing loading dock (on the North Harding Avenue side of the building). Should the City be unable to secure such a legally enforceable right on Bradrick’s behalf from the owner of the adjacent property within six months of the effective date of this Settlement Agreement and release, the City shall in lieu thereof pay an additional Ten Thousand and No/100 Dollars ($10,000) to Bradrick and shall have no further obligation whatsoever under this Agreement.

III

IT IS UNDERSTOOD AND AGREED that the consideration furnished to Bradrick under this agreement is not to be construed as an admission of liability. The City of Portland expressly denies liability to Bradrick, or to any other person, for the claims asserted in, or any claims which could have been asserted in, the Action.

IV

IT IS FURTHER UNDERSTOOD AND AGREED that this agreement releases the City of Portland from any and all claims arising out of the above-describe Action, and claims against the proceeds of said Action, including but not limited to attorneys’ liens and all other liens at the time of execution hereof.

V

THE UNDERSIGNED AGREES AND WARRANTS that all expenses incurred to date or which will be incurred in the future, which are related in any way to claims being released herein, have either been paid or will be paid from the proceeds of this settlement and that Bradrick will hold the City of Portland, its agents, employees and assigns harmless from any claim for any such expense whenever incurred and, if any suit is filed against the City of Portland to collect such claim, Bradrick will accept the tender of defense of any such claim, defend at its expense and pay any judgment entered therein and agree to compensate the City of Portland for any expense or liability incurred as a result of the filing of such suit.  

VI

IT IS EXPRESSLY UNDERSTOOD AND AGREED that this Settlement Agreement & Release is intended to, and does, cover not only all known losses and damages, but any further losses and damages not now known or anticipated which may later develop or be discovered including all effects and consequences thereof.

VII

THE TERMS SET FORTH HEREIN are contractual and not a mere recital.

VIII

THE UNDERSIGNED FURTHER STIPULATES AND AGREES to dismiss the above-captioned case with prejudice and without costs or attorney’s fees to any party.

IX

THIS AGREEMENT SHALL BE EFFFECTIVE upon the signature of the authorized representative of Bradrick, or its passage by the Portland City Council, whichever shall occur later.