HomeMy WebLinkAboutManatt's Inc-1/25/2010SETTLEMENT AGREEMENT AND RELEASE
This Settlement Agreement and Release is made and entered into this rf— day of January,
2010, by and between the City of Waterloo, Iowa (hereinafter "City"), and Manatt's, Inc. (hereinafter
"Manatt's").
RECITALS
A. City closed a portion of River Road adjacent to Manatt's property located at 84 West
Mullan Avenue, Waterloo, Iowa, as part of City's downtown redevelopment project.
B. As a result of City's closure of River Road, Manatt's lost three means of access to its
property located at 84 West Mullan Avenue, Waterloo, Iowa.
C. Manatt's asserted claims against City for monetary damages for its loss of access
pursuant to Iowa Code §364.15. City denied that Manatt's sustained monetary damages as a result of
its closure of River Road.
D. Manatt's and City reached an agreement in which Manatt's would release its claims
against City under Iowa Code §364.15 and any other claims Manatt's may have against City arising
out of its closure of the portion of River Road adjacent to Manatt's property located at 84 West Mullan
Avenue, Waterloo, Iowa.
E. The purpose of this Settlement Agreement and Release is to confirm the terms of the
agreement between Manatt's and City.
TERMS
NOW, THEREFORE, in consideration of the promises and other consideration set forth herein,
it is mutually agreed by the parties as follows:
1. Conveyance of Vacated Right of Way. City shall convey that portion of vacated River
Road depicted and legally described on the Plat of Survey attached to this Agreement as Exhibit "A" to
Manatt's in exchange for the sum of One Dollar ($1.00) and Manatt's release of its claims against City
pursuant to Iowa Code §364.15 and any other claims Manatt's has against City arising out of City's
closure of the portion of River Road adjacent to Manatt's property located at 84 West Mullan Avenue,
Waterloo, Iowa.
2. Release. As consideration for the conveyance of that portion of vacated River Road
described on the Plat of Survey attached hereto as Exhibit "A", Manatt's hereby releases any and all
claims, known or unknown, whether presently existing or hereafter arising, it has against City arising
under Iowa Code §364.15 or otherwise arising out of or related directly or indirectly to City's closure
of that portion River Road abutting Manatt's property located at 84 West Mullan Avenue, Waterloo,
Iowa.
3. Access to West Commercial Street. City and Manatt's agree that City shall have the
right to remove the pavement identified in the area labeled "Pavement Removal" on the aerial
photograph attached hereto as Exhibit "B". City agrees to construct an entrance from Commercial
Street to the portion of vacated River Road conveyed to Manatt's as shown on the aerial photograph
attached as Exhibit "B".
4. Reservation of Easements. City shall have the right to reserve easements for water,
sewer and other utilities in the deed conveying the portion of vacated River Road conveyed to
Manatt's.
5. Cost of Survey. Manatt's shall be responsible for paying all costs related to the
preparation of the Plat of Survey describing the area to be conveyed by City to Manatt's.
6. Entire Agreement. This Settlement Agreement and Release represents the entire
agreement between the parties with respect to the subject matter herein contained. Any and all other
negotiations or agreements, whether oral or written, are superseded by this Settlement Agreement and
Release.
THE PARTIES HAVE READ THE FOREGOING RELEASE, HAVE CONSULTED
WITH LEGAL COUNSEL OF THEIR OWN CHOOSING, UNDERSTAND ITS TERMS, AND
FREELY AND VOLUNTARILY SIGN THE SAME.
CAUTION: THIS IS A RELEASE - READ BEFORE SIGNING!
IN WITNESS WHEREOF, the parties have executed this Agreement this 60day of
January, 2010.
THE CITY OF WATERLOO, IOWA
By
Ernest G. Clark, Mayor
By A�P.�.�-�__
er
MANATT'S, INC.
By
Chris Mana /�i, �+ (