Neighbors dogs caused damage

Thank you all for your input. This helps a lot. #3 was added because of me telling the lawyer before that my neighbor needs to do better in keeping his dogs in check. He said he would add something to the contract. This is what he added not really helpful or meaningful.

I just want to make sure I am doing the right thing here. Thank you for giving me this advice. I appreciated this forum and all your knowledge.
 
As written, #3 is nonsensical. As desired, #3 is legally meaningless.
 
I was told by other neighbors to get a gun and protect myself that way.

Bad idea. Even the bb gun. If you injure the neighbor dog the roles will be reversed. Shooting anything at the dog opens you to civil liability and possible charges for animal cruelty.
If the dog is loose call animal control.
 
I am afraid that with signing this paper, I may limit myself for future legal action...

No. Per #4 you are settling your differences as of the date of the agreement. It does not address future disputes. For that you would start all over.

You might ask for an addition indicating that nothing in this agreement limits any future action by either party for future incidents.
 
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