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CORTEZ, MELISSA, A MINOR, BY AND THROUGH HER PARENT AND LEGAL GUARDIAN, ARTURO CORTEZ (2)
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CORTEZ, MELISSA, A MINOR, BY AND THROUGH HER PARENT AND LEGAL GUARDIAN, ARTURO CORTEZ (2)
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4/23/2021 3:13:15 PM
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Contracts
Company Name
CORTEZ, MELISSA, A MINOR, BY AND THROUGH HER PARENT AND LEGAL GUARDIAN, ARTURO CORTEZ
Contract #
A-2015-132
Agency
City Attorney's Office
Council Approval Date
7/7/2015
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$40,000 guaranteed lump sum payable at age 25 (on September 20, 2029). <br />$71,000 guaranteed lump sum payable at age 30 (on September 20, 2034). <br />All sums set forth herein constitute damages on account of personal injuries or <br />sickness, within the meaning of Section 104(a)(2) of the Internal Revenue Code of 1986, <br />as amended. <br />2.3 Payee's Rights to Payments <br />Payee acknowledges that the Periodic Payments cannot be accelerated, deferred, <br />increased or decreased by Payee or any payee; nor shall Payee or any payee have the power to <br />sell, mortgage, encumber, or anticipate the Periodic Payments, or any part thereof, by assignment <br />or otherwise. <br />2.4 Payee's Beneficiary <br />Any payments to be made after the death of the Payee pursuant to the terms of this <br />Settlement Agreement and Release shall be made to the Estate of the Payee. After the age of <br />majority, Payee may submit a change of beneficiary in writing to the Assignee. The designation <br />must be in a form acceptable to the Assignee. <br />2.5 Consent to Qualified Assignment <br />(a) Payee acknowledges and agrees that the Payers may make a "qualified <br />assignment", within the meaning of Section 130(c) of the Internal Revenue Code of 1986, as <br />amended, of the Payers' liability to make the Periodic Payments set forth in Section 2.2(b) to <br />BHG STRUCTURED SETTLEMENTS, INC. ("the Assignee"). The Assignee's obligation for <br />payment of the Periodic Payments shall be no greater than that of Payers (whether by judgment <br />or agreement) immediately preceding the assignment of the Periodic Payments obligation. <br />(b) Any such assignment, if made, shall be accepted by the Payee without right of <br />rejection and shall completely release and discharge the Payors from the Periodic Payments <br />obligation assigned to the Assignee. Payee recognizes that, in the event of such an assignment, <br />the Assignee shall be the sole obligor with respect to the Periodic Payments obligation, and <br />Payee agrees that such assignment shall constitute a full release and discharge of all of Payors' <br />obligations relative to the Periodic Payments set forth above. <br />2.6 Right to Purchase an Annuity <br />Payors, themselves or through BHG STRUCTURED SETTLEMENTS, INC. ("the <br />Assignee"), reserve the right to fund the liability to make the Periodic Payments in Section 2.2(b) <br />through the purchase of an annuity policy from BERKSHIRE HATHAWAY LIFE <br />INSURANCE COMPANY OF NEBRASKA. The Assignee shall be the sole owner of the <br />annuity policy and shall have all rights of ownership. The Assignee may have BERKSHIRE <br />[41 <br />
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