WONG, SHIEN NAN & WENG, HUI JUNG & TAQUERIA TAPATIA 1-2006

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, , . , 1 '.(. J H. The PARTIES desire to settle and resolve all claims and disputes between them concerning the ACTION and the CITY's dedication requirements. I. Therefore, the PARTIES hereby incorporate the foregoing recitals into this Agreement and agree as follows: AGREEMENT 1. The CITY shall pay the WONGS total settlement proceeds in the amount of $1,250,000.00 plus statutory costs allowed in the ACTION (the "SETTLEMENT PROCEEDS"), within 30 days after the effective date of this Agreement. Said effective date to be the date that the last signature is signed to this agreement. 2. The WONGS and TAQUERIA TAPATIA hereby release the CITY from any and all compensation claims they have or may have in the ACTION (including compensation for the taking, severance damages, improvements, inventory, loss of use, mitigation costs, and loss of business goodwill), any benefits to which they may be entitled under the relocation assistance program, any compensation claim the WONGS may have for the taking of 25' X 25' comer cut-off at the northwest comer of Bristol StreetJPine Street and the southwest comer of Bristol Street/Walnut Avenue, which the CITY intends to make subject to an irrevocable offer of dedication under the CITY Public Works Agency's site plan review comments, paragraph C.I.a., dated August 2, 2006 (Exhibit B), and for any compensation claim the WONGS may have for the taking of 500 square feet of their property for the CITY's planned Pine Street cuI de sac (as depicted in Exhibit A) (the "RELEASED CLAIMS"). 3. In addition to the RELEASED CLAIMS described in Paragraph 2 above, the WONGS and TAQUERIA TAPATIA hereby release the CITY and its representatives, officers, employees, predecessors, successors, agents, and assigns from any and all claims, complaints, causes of action, liabilities, demands, compensation 3