POMEROY, WILLIAM & GOCHICOA, AVELINO & STELLA 2A - 2005

Home Browse Search

!l-J005--/I~ -01 " r Page 1 of3 DR. POMEROY, DDS AND A VELlNO AND STELLA GOCHICOA ACQUISITION AND RELOCATION DISBURSEMENT OF FUNDS AGREEMENT This Agreement ("Agreement") is made on ~~oio( by and between the City of Santa Ana ("City"), Dr. Pomeroy ("Tenant") d velino and Stella Gochicoa ("Owner"). City, Tenant and Owner are hereinafter sometimes referred to collectively as the "Parties". RECITALS A. Tenant operates a business commonly known as Dr. Pomeroy Dental Office, and Owner operates a business commonly known as Dental Management Services. Both businesses occupy the real property and improvements located at 117, 119, & 123 S. Bristol, Santa Ana, CA, which shall be referred to herein as the "Property" . B. The City acquired the Property on August 18,2005, for $990,000. As part ofthe remaining settlement agreement, the City agreed to pay Dr. Pomeroy and Avelino and Stella Gochicoa $279,270 as outlined in the June 20, 2005 "Acquisition Settlement Agreement" and $30,730, as specified in the June 20,2005 "Business Self-Move Agreement." C. The Parties desire to clarify a payment schedule of the remaining monies, as outlined in Paragraph C above, and set forth-additional rights and obligations with regard to all Parties. NOW, THEREFORE, Parties hereto agree as follows: 1. Consideration (a) City agrees to pay to Tenant and Owner a combined sum of $279,270, referenced in the June 20, 2005 "Acquisition Settlement Agreement" as follows: upon execution of this agreement, expedite processing an advance payment of $165,000, with the remaining acquisition payment of $114,270, paid upon verification that all occupants have vacated the Property. Monies outlined in this paragraph will be paid in accordance with paragraph l(c) of the "Acquisition Settlement Agreement."