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25K - 1019 S BRISTOL
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Last modified
1/3/2012 4:33:08 PM
Creation date
2/27/2008 1:33:54 PM
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City Clerk
Doc Type
Agenda Packet
Item #
25K
Date
3/3/2008
Destruction Year
2013
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Tenants and/or Owners may be entitled as a result of City's purchase of the Acquired <br />Property from Owners. <br />c. Upon execution of this ASA, City will process an initial payment to Tenants in the <br />amount of ONE HUNDRED THOUSAND AND NO/100 DOLLARS ($100,000.00). <br />d. City will process a second and final payment to Tenants in the amount of ONE <br />HUNDRED FOURTY THOUSAND AND NO/100 DOLLARS ($140,000.00) upon <br />confirmation that Tenants have demolished the building and improvements located on <br />the Property. <br />e. Tenant's receipt of full payment of the consideration referenced in section 1(b)(c)&(d), <br />above, shall constitute full satisfaction of any and all of City's obligations to Owners <br />and Tenants relating to City's acquisition from Owners of the Acquired Property. <br />f. As a matter of record, the compensation paid in accordance with this ASA shall be <br />proportioned in the following amounts: Relocation benefits shall equal ONE <br />HUNDRED NINETY EIGHT THOUDSAND THREE HUNDRED SIXTY AND <br />NO/100 DOLLARS ($198,360.00); Payment for any loss of furniture, fixtures and <br />equipment, bonus value, improvements to realty, business goodwill, and/or severance <br />damages shall equal FOURTY ONE THOUSAND SIX HUNDRED FOURTY AND <br />NO/100 DOLLARS ($41,640.00). <br />2. Failure to Vacate and/or Demolish the existin~_buildin~ and other improvements from the <br />ProPertX <br />~- ? ! <~ <br />a. Tenants agree to vacate the Property not later than J~e3$;-2608 ("Vacate Date"). If <br />Tenants continue to possess the Property after the Vacate Date, Tenants agree to pay t© <br />City a rental fee of TWO HUNDRED AND NO/100 DOLLARS ($200.00) per day, <br />which said rental fee shall be deducted as an offset from the final payment of ONE , <br />HUNDRED FORTY THOUSAND AND NO/100 DOLLARS ($140,000.00) as <br />described in 1(d), above. , <br />b. If Tenants have not removed all of their moveable personal property, trade fixtures, <br />furniture and equipment from the existing building(s) and other improvements to the <br />Property by the Vacate Date, Tenants authorize City to remove said items at Tenant's <br />sole cost and expense, which expense shall be deducted as an offset from the final <br />payment as described in section 1(d), above. <br />The Parties agree that any and all demolition costs paid for by City shall be deducted as <br />an offset from the final payment as described in section 1(d) of this Agreement. <br />d. Upon the Vacate Date, if Tenants have not demolished or removed the existing <br />building(s) and other improvements from the Property, Tenants hereby authorize City, <br />in City's sole and absolute discretion, and at Tenant's sole cost and expense, to remove <br />said building(s) and Improvements. The Parties agree that any and all costs associated <br />Acquisition Settlement Agreement <br />Page 2 of 8 <br />25K-16 <br />
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