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ACQUISITION SETTLEMENT AGREEMENT
<br />? ~i~ Acquisition Settlement Agreement ("ASA") is entered into on , 2007
<br />between the City of Santa Ana, a charter city and municipal corporation duly organized and existing
<br />under the Constitution and laws of the State of California ("City" or "Buyer"), and Keng Tong Taing
<br />and Sing Lor Taing, individuals, and Star Bagel, Inc., a Califomia corporation, dba Star Wok Express
<br />("Tenants"), and Keng Tong Taing and Sing Lor Taing, Trustees of the Taing Family Trust, dated May
<br />21, 2001 ("Owners"). City, Tenants and Owners may collectively be referred to in this ASA as the
<br />"Parties."
<br />RECITALS
<br />A. Tenants operate a business commonly known as the Star Bagel Inc., dba Star Wok Express, and
<br />are the occupants of the real property and improvements located at 1019 South Bristol Street,
<br />Santa Ana, California, more specifically described and depicted in Exhibit "A", Legal
<br />Description, attached hereto ("Property").
<br />B. Keng Tong Taing and Sing Lor Taing, Trustees of the Taing Family Trust, dated May 21, 2001,
<br />are the fee Owners of the Property. Owners and City have negotiated a Purchase and Sale
<br />Agreement ("PSA") for a portion of the Property, as legally described and depicted in Exhibit
<br />"B" attached hereto ("Acquired Property"), which will result in the termination of Owner's and
<br />Tenant's rights, title and/or interests in the Acquired Property.
<br />C. The Property is located within the Area of the Bristol Street Widening Project from Pine Street
<br />to McFadden Avenue and City intends to acquire a portion of the Property for a public use.
<br />D: The Parties' rights and obligations with regard to the acquisition of the Property by City are in
<br />dispute. The Parties desire to establish their respective rights and obligations and to resolve
<br />any and all existing disputes with regard to the acquisition of the Property by City upon the
<br />terms and conditions as hereinafter set forth.
<br />`,Therefore, in consideration of the promises, covenants and agreements hereinafter set forth, and
<br />subject to the terms, conditions and provisions of this ASA, the Parties agree as follows:
<br />1. Consideration
<br />a. Owners hereby agree to assign to Tenants, and Tenants agree to accept said assignment
<br />from Owners, any and all right, title and/or interest to the consideration referenced in
<br />this ASA to which Owners are or may be entitled.
<br />b. City agrees to pay Tenants, in accordance with the disbursement schedule referenced in
<br />section 1(c)&(d), below, the total sum of TWO HUNDRED FOURTY THOUSAND
<br />AND NO/100 DOLLARS ($240,000.00) as compensation for relocation assistance
<br />and/or other relocation benefits to which Tenants may be entitled, and any and all loss
<br />of business goodwill, leasehold interests, personal property, improvements pertaining to
<br />realty, bonus value, severance damages, and any and all other damages to which
<br />Acquisition Settlement Agreement
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<br />25K-15
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