KIM, IN BOUN; YOON SEO HOWANG, Y.S. HOWANG, RIM YOUN SEO AND MO YOUN HYUN - 2008

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INSURANCE NOT REQUIRED A-2008-032 WORK MAY PROCEED `ELERK OF COUNCIL ACQUISITION SETTLEMENT AGREEMENT (;;rcly Gcm~z. , 2008 This Acquisition Settlement Agreement ("ASA") is entered into on Fe~i~uorv ~/ between the City of Santa Ana, a charter city and municipal corporation duly organized and existing under the Constitution and laws of the State of California ("City"), and In Boun Kim, Yoon Seo Howang, Y. S. Howang, Rim Youn Seo and Mo Youn Hyun ("Tenants"). City and Tenants may collectively be referred to in this ASA as the "Parties." RECITALS A. City is the fee owner of 1003 South Bristol Street, Santa Ana, California ("Property"). B. Tenants operate a business on the Property commonly known as Bank's Liquor, and are the occupants of the real property and improvements located on the Property, more specifically described in Exhibit "A", Legal Description, attached hereto. C. The Property is located within the Area of the Bristol Street Widening Project from Pine Street to McFadden Avenue and City previously acquired the Property for a public use ("Project"). D. The Parties' rights and obligations with regard to Tenant's entitlement to relocation and other displacement benefits are in dispute. The Parties desire to establish their respective rights and obligations upon the terms and conditions as hereinafter set forth, and to resolve any and all disputes with regard to any and all of the compensation and/or other benefits to which Tenants are now, or may in the future, be entitled as a result of the acquisition of the Property by City. Therefore, in consideration of the promises, covenants and agreements hereinafter set forth, and subject to the terms, conditions and provisions of this ASA, the Parties agree as follows: Consideration a. City agrees to pay Tenants, collectively, in accordance with the disbursement schedule referenced in section 1(b)&(c), below, the total sum of FOUR HUNDRED THOUSAND AND NO/100 DOLLARS ($400,000.00) as compensation for relocation assistance, relocation benefits, and/or other compensation or damages to which Tenants may now or in the future be entitled to as a result of City's acquisition of the Property for the Project, including, but not limited to, any and all loss ofbusiness goodwill, leasehold interests, security deposits, personal property, improvements pertaining to realty, bonus value, and severance damages. b. Upon execution of this ASA, City will process an initial payment to Tenants in the amount of TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($200,000.00). Tenants agree that any payment in accordance with this section Acquisition Settlement Agreement Page I of 7 Arc Ta T-o'v wL '. Z - `~