LA VICTORIA TACO (SAUL PORTILLO)

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ORil;lidA,I .. id /�j T IS CONTRACT is made on this �k —day of 1995 hereinafter "date of execution of this Contradt", by and between Saul Portillo, individually and doing business as La Victoria Taco, hereinafter referred to as "Seller" and the City of Santa Ana, a municipal corporation, hereinafter referred to as "Buyer". K.Amovam Seller is the owner of a restaurant business know as "La Victoria Taco", located at 1232 South Bristol Street, Santa Ana, in Orange County, California. Sellers have found a suitable relocation site for their business, in order to preserve the business' goodwill; Both Sellers and Buyer are in agreement that Sellers' business can be moved to a suitable relocation site in order to preserve such business goodwill and other assets; therefore, it has become necessary for Buyer to purchase Sellers' Improvements Pertaining to the Real Property (Fixtures & Equipment)(F & E); and Sellers do therefore desire to sell their F & E to Buyer and Buyer agrees to buy said F & E from Sellers. Therefore, Buyer and Sellers do hereby agree as follows: 1. Sellers shall sell to Buyer, and the Buyer shall purchase from Sellers, on the terms and conditions set forth in this Contract, the following property of the business: (a) All the furniture, fixtures, equipment, and other tangible assets set forth on that certain INVENTORY marked "Exhibit All, attached hereto and incorporated herein by reference; 2. Sellers represent that all of the furniture, fixtures, equipment, and other tangible assets shown on the attached INVENTORY that are being sold to Buyer are in good condition and repair, excluding reasonable wear and tear, and are the property of the Sellers and owned by them. 3. (a) The. total purchase price for the F & E ("Purchase price") shall be SEVENTY-SEVEN THOUSAND ONE HUNDRED THIRTY-FOUR DOLLARS ($77,134.00) (b) Buyer and Sellers each acknowledge that the amount of the purchase price represents the fair market value of the assets, determined pursuant to an appraisal of said assets, as the term "fair market value" is defined in California Code of Civil Procedure Section 1263.320, Subd. (a).