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SETTLEMENT AGREEMENT AND RELEASE THIS SETTLEMENT AGREEMENT AND RELEASE is made and entered into this I et day of May, 1998, by and between VERNON P. STEVENS, hereinafter called "STEVENS"; LATAH FEDERAL CREDIT UNION, a federally charted credit union with its principal place of business in Moscow, Idaho, hereinafter called "CREDIT UNION"); and CITY OF MOSCOW, a municipal corporation of the State of Idaho, hereinafter called "CITY"; WITNESSETH: WHEREAS, in the fall of 1994, Latah Federal Credit Union constructed an addition to its Moscow office located at 912 South Washington, Moscow, Idaho, (the " Credit Union Property"), which remodeling and expansion project is hereinafter referred to as "the Project", and WHEREAS, the Credit Union made application for and received from City a building permit for such construction, and WHEREAS, Stevens owns certain residence real property located at 915 South Jefferson, Moscow, Idaho, which is adjacent to and east of the Credit Union Property (the "Stevens Property"), and WHEREAS, Stevens contends that the Project and Credit Union's use of the Credit Union Property following completion of the Project violated the zoning ordinances of the City in effect at the time the Project was constructed and that Stevens has been C)_Q '10 ---PAGE BREAK--- damaged as a result thereof, which alleged damages include, without limitation, a diminution in the value of the Stevens' property, and WHEREAS, Stevens filed suit in the District Court of the Second Judicial District of the State of Idaho, in Case No. CV 96-00695, entitled Vernon P. Stevens, an individual, Plaintiff, v. Latah Federal Credit Union, and the City of Moscow, Defendants, in which Stevens seeks to recover damages from Credit Union and City and seeks to revoke Credit Union's certificate of occupancy and enjoin Credit Union's use of the Credit Union Property and to require the City to enforce its zoning ordinance against the Credit Union (the "Lawsuit"), and WHEREAS, the parties hereto enter into this agreement to fully and completely settle and resolve all claims arising, have arisen or which may arise between the parties hereto as a result of the Project and the claims of Stevens, NOW, THEREFORE, in consideration of the premises, Stevens, the Credit Union, and the City agree as follows: I. Credit Union and City have paid unto Stevens the total sum of Fifteen Thousand Dollars ($15,000), one-half (1/2) of said amount being paid by Credit Union and one-half of said amount being paid by City. Stevens does, by these presents, acknowledge receipt of the entire sum of Fifteen Thousand Dollars ($15,000). ---PAGE BREAK--- II. In consideration of the payment recited in Paragraph I above, Stevens does hereby release and discharge Credit Union and City from all claims, causes of action and suits, whether at law or in equity, arising out of, having arisen or hereafter to arise from or in any way connected with the Project and Credit Union's use of the Credit Union Property as remodeled and expanded by the Project, particularly including, but not limited to all claims for damages and all claims for revocation of Credit Union's certificate of occupancy or to abatement of the Project or the Credit Union's use of the Credit Union Property. III. In consideration of the contribution made by each, Credit Union on the one hand and City on the other hand do, by these presents, release and forever discharge the other of and from all claims, demands, suits and causes of action arising out of or in any connected with the claims by Stevens against said parties or either of them as a result of the Project and the use of the Credit Union Property after completion of the Project, particularly including any claims for indemnity and/or contribution. IV. The parties hereto agree that the Lawsuit shall be dismissed with prejudice and without costs or attorneys' fees to any party to the lawsuit. -3 - ---PAGE BREAK--- v. Stevens understands that, by reason of agreeing to this compromise, Credit Union and City admit absolutely no liability of any sort and have made no representations as to liability and that said Credit Union and City have made no agreement or promise to do or omit to do any act or thing not herein set forth. This release is made as a compromise of a disputed and doubtful claim to avoid expense and to terminate all controversy and/or claim. Stevens understands that, in determining the amount paid by Credit Union and City, there has been taken into consideration the fact that serious or unexpected consequences, whether known or unknown, may result from the Project and it is, therefore, specifically agreed that the terms of this Settlement Agreement and Release shall be a complete bar to all claims or suits for injuries or damages by Stevens and by anyone claiming by, through or under him as a result of the Project and Credit Union's use of the Credit Union property as remodeled and expanded by the Project. IN WITNESS WHEREOF, the parties to the lawsuit hereto have executed these presents or caused these presents to be executed by their duly authorized officers. VERNON P. STEVENS STEVENS ---PAGE BREAK--- LATAH FEDERAL CREDIT UNION CREDIT UNION CITY OF MOSCOW CITY ---PAGE BREAK--- LANDECK, WESTBERG, JUDGE & GRAHAM, P.A. Ronald J. Landeck James L. Westberg John C. Judge Charles L. Graham Michael A. Cressler RobertP. Brown Attorneys & Counselors at Law A Professional Service Corporation 414 S. Jefferson Post Office Box 9344 Moscow, Idaho 83843-0117 May20, 1998 Clements, Brown & McNichols 321 131h Lewiston ID 83501 RE: Vern Stevens Dear Bob, Telephone: (208}883-1505 Fax: (208}883-4593 E-Mail: lwj + g@mosco w. com Enclosed please find the original Settlement Agreement and Release in this matter. I am also returning the Stipulation for Dismissal, as it did not contain your signature. Please advise me if there are any other loose ends left to complete this case. JLW/mw Enclosures Sincerely, LANDECK, WESTBERG, JUDGE & GRAHAM, P.A