What does SETTLEMENT mean?

noun

1. a body of people who settle far from home but maintain ties with their homeland; inhabitants remain nationals of their home state but are not literally under the home state's system of government“the American colony in Paris”
2. a community of people smaller than a town
3. a conclusive resolution of a matter and disposition of it
4. the act of colonizing; the establishment of colonies“the British colonization of America”
5. something settled or resolved; the outcome of decision making“they finally reached a settlement with the union”
6. an area where a group of families live together
7. termination of a business operation by using its assets to discharge its liabilities