Common use of Monetary Relief Clause in Contracts

Monetary Relief. Defendant shall pay or cause to be paid to Plaintiffs the total aggregate lump sum of $53,000,000 in full and final settlement of the Litigation, including but not limited to, any claims for damages of any kind whatsoever, attorneys’ fees, and costs (the “Settlement Amount”). Plaintiffs will use $35,390,000 of the Settlement Amount to address community needs, as determined by Plaintiffs, including addressing home ownership, neighborhood and/or community stabilization, access to credit, property rehabilitation, residential development in African American and Latino communities, fair housing education and outreach, counseling, and other fair housing activities. NFHA will provide Defendant with a report within 30 months of the Effective Date detailing the use of the funds during the 24- month period following the Effective Date.