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SENT BY:FABYANSKE LAW FIRM ; 8 -19 -92 10:22AM ; <br />2494d <br />61222801649 612 535 0299;41 2 <br />S T <br />This Mutual Release in Full ( "Release ") is made and <br />entered into by and between Rainbow, Inc. ( "Rainbow "), a <br />Minnesota corporation, and the City of Little Canada (the <br />"City "); <br />, the City, entered into a contract ( "the <br />Contract ") with Rainbow for the reconditioning of the 1.5 MMG <br />Hydropillar located in the City of Little Canada, Minnesota <br />known as project no. 88 -25 ( "Project "); <br />WEEMS, certain disputes arose between the City and <br />Rainbow in connection with the Project, in which the City sought <br />damages from Rainbow, among other things, based upon additional <br />inspection fees, alleged damage to City property, and liquidated <br />damages for late completion, and in which Rainbow sought the <br />amounts remaining to be paid under the Contract; and <br />WHEREAS, the parties have now reached an agreement <br />to fully and completely settle any and all claims between the <br />parties known as Of the date of this agreement; <br />NOW,THEREFORE, in consideration the following <br />mutual promises and covenants, and for other valuable <br />consideration, the receipt and adequacy of which is expressly <br />acknowledged. <br />1. The parties agree that the above prefatory clauses <br />are incorporated herein by reference. <br />2. The City shall pay to Rainbow the sum of Ten <br />Thousand Seven Hundred and 45 /100ths Dollars ($10,700.45), <br />payable upon the City's execution of this Release. The City and <br />Page 2 <br />