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ACQUISITION SETTLEMENT AGREEMENT <br />This Acquisition Settlement Agreement ("ASA") is entered into on 2008 <br />between the City of Santa Ana, a charter city and municipal corporation duly organized and <br />existing under the Constitution and laws of the State of California ("City"), and Parks Family <br />Liquor Inc., dba Bristol Liquor & Market ("Tenant"). City and Tenant may collectively be <br />referred to in this ASA as the "Parties." <br />RECITALS <br />A. City is the fee owner of 323 South Bristol Street, Santa Ana, California ("Property"). <br />B. Tenant operates a business on the Property commonly known as Bristol Liquor & <br />Market, and is the occupant of the real property and improvements located on the <br />Property, more specifically described in Exhibit "A", Legal Description, attached <br />hereto. <br />C. The Property is located within the Area of the Bristol Street Widening Project from Pine <br />Street to McFadden Avenue and City previously acquired the Property for a public use <br />("Project"). <br />D. The Parties' rights and obligations with regard to Tenant's entitlement to relocation and <br />other displacement benefits are in dispute. The Parties desire to establish their <br />respective rights and obligations upon the terms and conditions as hereinafter set <br />forth, and to resolve any and all disputes with regard to any and all of the <br />compensation and/or other benefits to which Tenant is now, or may in the future, be <br />entitled as a result of the acquisition of the Property by City. <br />Therefore, in consideration of the promises, covenants and agreements hereinafter set forth, <br />and subject to the terms, conditions and provisions of this ASA, the Parties agree as <br />follows: <br />Consideration <br />a. City shall pay Tenant in accordance with the disbursement schedule referenced in <br />section 1(b)&(c), below, the total sum of FIVE HUNDRED NINETY <br />THOUSAND AND NO/100 DOLLARS ($590,000.00) as total compensation <br />for relocation assistance and any and all related expenses and claims to which <br />Tenant may be entitled, including all loss of business goodwill, leasehold <br />interests, security deposit (if any), personal property, improvements pertaining to <br />realty, bonus value, severance damages, inventory and any and all other damages <br />to which Tenant may be entitled as a result of City's acquisition of the Property <br />for the Project. <br />b. Upon execution of this ASA, City will process an initial payment to Tenant in the <br />amount of FOUR HUNDRED NINETY THOUSAND AND NO/100 <br />DOLLARS ($490,000.00) and a payment to Benjamin Kim in the amount of <br />Acquisition Settlement Agreement <br />1 of 14 <br />25T-4 <br />