HomeMy WebLinkAboutGene/Cheryl Waltemeyer and Kay Bovy and Wiliam/Myra Bovy-10/19/2015SETTLEMENT AGREEMENT AND RELEASE
This Settlement Agreement and Release ("Agreement") is entered into between Gene M.
Waltemeyer and Cheryl A. Waltemeyer, husband and wife, and Kay A. Bovy, a single person,
and William F. Bovy and Myra Joy Bovy, husband and wife (collectively "Owners") and the
City of Waterloo, Iowa ("City"), for the consideration and mutual promises hereinafter stated.
WHEREAS, Owners own Parcel 8913-23-237-006, legally described as:
See attached Exhibit "A" ("Real Estate").
WHEREAS, the building located on Real Estate burned to the ground in a fire on
December 1, 2014;
WHEREAS, Owners had Real Estate insured, but coverage for demolition was limited
to $10,000, and City has determined Real Estate had asbestos and a more thorough demolition
must be completed that would cost significantly above the amount of demolition coverage of
Owners;
WHEREAS, City has agreed to take title to Real Estate and perform the necessary
demolition under certain terms and conditions.
NOW, THEREFORE, the parties, in consideration of the foregoing and the mutual
promises set forth in this Agreement, agree as follows:
(1)
CONVEYANCE: Owners shall convey Real Estate, in its current condition, to
City by a warranty deed.
(2) ASSIGNMENT OF INSURANCE RIGHTS: Owners shall assign all of its
rights under Grinnell Mutual insurance policy #0028002104 and claim number
IA00245645 to City. Owners agree to cooperate and execute any additional
documents or take action necessary to effectuate this assignment.
(3)
FRICKSON INVOICE: Owners shall be solely responsible for the existing
Frickson Excavating invoice attached hereto.
(4) MUTUAL RELEASE: Upon receipt of the above documents, Owners and City
thereby release and forever discharge each other, their past, present, and future
officers, board members, directors, partners, shareholders, agents, employees,
successors, subsidiaries, parents, assigns, affiliates, heirs and insurers, from any
and all claims, demands, and causes of action, of any nature whatsoever, past or
present, whether known or unknown, including, but not limited to, claims against
Real Estate. It is understood and agreed that this is a full and final Release
covering all known or unknown, disclosed or undisclosed, and anticipated or
unanticipated losses, wrongs, injuries, debts, claims, or damages which may have
arisen, or may arise from any act or omission prior to the date of execution of this
(5)
Agreement. Therefore, each party waives any and all rights or benefits that they
may now have, or in the future may have, under any statute or law that might
otherwise restrict the scope of such a Release, and expressly waive all rights to
recover attorney's fees. This release does not purport to waive any claims that
arise out of conduct that occurs after its execution by the parties, nor does this
release purport to waive any claims involving any other party related to the Real
Estate.
EFFECT OF SETTLEMENT: The parties agree that the terms agreed to herein
and the execution of this Agreement are the result of a compromise of disputed
claims, and the fact of this settlement shall never for any purpose be considered
an admission of liability or responsibility by either party, and both parties
expressly deny any such liability or wrongdoing.
(6) GOVERNING LAW: This Agreement shall be governed, interpreted, and
enforced in all respects in accordance with the laws of the State of Iowa,
irrespective of the choice of law rules of that or any other state.
(7)
SEVERABILITY: If any provision of this Agreement is determined to be invalid
or unenforceable, in whole or in part, this determination will not affect any other
provision of this Agreement or the remaining portion of a partially invalid
provision, which shall remain in force, and the provision in question shall be
modified by the court so as to be rendered enforceable.
(8) CONSTRUCTION: Each party and their attorneys have reviewed this
Agreement and have been provided the opportunity to revise this Agreement and
accordingly, the normal rule of construction to the effect that any ambiguities are
to be resolved against the drafting party shall not be employed in the
interpretation of this Agreement. Instead, the language of all parts of this
Agreement shall be construed as a whole, and according to its fair meaning, and
not strictly for or against either party.
(9)
REPRESENTATION AND COMPREHENSION OF DOCUMENT: In
entering into this Agreement, the parties represent that each understands this to be
a complete and final release, and that each has relied upon the legal advice of the
attorneys of their own choice. The signatories further represent that the terms of
this Agreement have been completely read and explained to them by their
attorneys, and that those terms are fully understood and willingly and voluntarily
accepted.
(10) COUNTERPARTS; HEADINGS: This Agreement may be signed in
counterparts and transmitted by facsimile and/or electronic copy, each of which
counterparts will be deemed to be an original and which taken together will
constitute the Agreement. The headings in this Agreement are inserted for
convenience of reference only and are not intended to be part of or to affect the
meaning or interpretation of this Agreement.
CAUTION: READ CAREFULLY!
THIS SETTLEMENT AGREEMENT AND RELEASE INCLUDES A RELEASE
OF ALL CLAIMS!
DATED: //�—/$ )5
Gene M. Waltemeyer
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ATTEST:
Schares, City Clerk
Cheryl A. Waltemeyer
Ka
DI F
Bovy
William F. Bovy
City of
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. Ernest Clark
Its: Mayor
ASSIGNMENT OF INSURANCE PROCEEDS
We, Gene M. Waltemeyer and Cheryl A. Waltemeyer, husband and wife, and Kay A.
and, mve, se ht,s,nc,,ca
Bovy, a single person, and William F. Bovy-sig' perms (collectively "Insured") are the
owners of a building located at 711-713 Logan Ave., Waterloo, Iowa ("Real Estate").
Real estate is covered by an insurance policy with Grinnell Mutual Insurance, Policy
#0028002104. A claim was filed on said policy, Claim #IA00245645. Payment on said claim
for the demolition of the building is $10,000 ("Proceeds"). For and in consideration of $1,
Insured hereby assign and transfer all their right, title and interest in and to Proceeds and do
hereby sell and convey the Payment therein described, unto the City of Waterloo, Iowa and do
hereby covenant with the assignee and grantee to warrant and defend the said premises against
the claims of all persons claiming by, through or under said Payment.
Signed this 2-0 day of Oc-i-o r , 2015.
DATED: (0- I' `\ S
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CONSENT AND ACCEPTANCE:
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ATTEST:
L
Schares, City Clerk
Gene M. Waltemeyer
Kay A.:i.
vY
William F. Bovy
Atworo.
City of Wrloo, Iowa
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By: Ernest Clar
Its: Mayor