Settlement Agreement on the Table for our Casino Building
According to the backup under Agenda item 12-F:
Morganti, REG, and/or No Limit will obtain and assign to the City all warranties given to them relating to the products and materials utilized in the Balcony Remediation. Morganti and No Limit will correct any Balcony Remediation work found to be defective or not in conformance with the Balcony Remediation plans and specifications within one (1) year after certification promptly at no cost to City. Morganti and No Limit will also be responsible for and pay for replacement or repair of adjacent materials or work which may be damaged as a result of warranty repairs.
The City, Morganti, REG and No Limit will release each other from claims or damages which arise from the defects within the notice of claim, but not claims for latent defects or the work being performed in connection with the Balcony Remediation. The Parties will also execute the Fifth Extension of Tolling Agreement which tolls the statute of limitation until February 2018, when the work should be completed. Through this settlement, no party admits any liability, but rather the parties agree to the settlement as a compromise of the claims in the interests of avoiding the costs and uncertainty of litigation. Except as noted above, each party bears its own attorneys’ fees and costs in connection with this Settlement Agreement.