Resolution of the City of Jersey City, N.J.

3. Payment of Settlement Amount3.01 Subject to all of the terms and conditions contained in this Agreement,The Travelers Indemnity Company agrees that in full and final settlement and satisfactionof all Released Claims (as that term is defined below) it will pay, after its receipt of afully executed original of this Agreement, a total of One Hundred Ninety-Five ThousandDollars ($195,000.00) (the "Settlement Amount") within thirty (30) days from completeexecution of this Agreement by the City and Travelers.3.02 Upon payment of the Settlement Amount as set forth in paragraph 3.01above, Travelers Indemnity and Gulf shall have no further obligation to the City underthe Policies. Additionally, the Parties agree and jointly represent that the considerationpaid by Travelers Indemnity to the City pursuant to this Agreement constitutes a fair andreasonable exchange for the release granted by the City to Travelers in this Agreement.4. Release4.01 Upon the Effective Date, and in consideration of the promises contained inthis Agreement, the City hereby acquits, releases and forever discharges Travelers from,and covenants not to sue Travelers for, any and all past, present and future Claims andliability of any kind or nature directly or indirectly connected with, arising out of orrelating in any way to, in whole or in part, the Policies, including, without limitation, anysuch liability arising out of:(a) Claims arsing out of, in connection with or relating in any way to theCity's Claims for insurance coverage, including, but not limited to, anyand all Claims asserted (or which could have been asserted) by the Cityagainst Travelers in connection with any Environmental Claims;Page 7 of20