25T - ACQUISITION SETTLEMENT 323 S BRISTOL STREET

Home Browse Search

TWENTY FIVE THOUSAND AND NO/100 DOLLARS ($25,000.00) for expenses incurred in closing the business as more fully described in section 2(a)&(b) of this ASA. City will process a second payment to Tenant in the amount of SEVENTY FIVE THOUSAND AND NO/100 DOLLARS ($75,000.00) upon satisfactory evidence to City that the following conditions have been satisfied: Tenant has (1) vacated the Property, (2) executed and delivered to City a Certificate of Abandonment of the Property, (3) turned over all sets of keys to City or to its agents, (4) confirmed in writing to City that any and all hazardous materials have been removed from the Property in accordance with all applicable federal and state laws, ordinances and/or regulations and (5) the conditions identified in Section 2 of this ASA have been met. Each payment referenced in this paragraph shall be subject to offsets as described in section 4(a)(b)&(c), below. d. Tenant's receipt of full payment of the consideration referenced in section 1 (a)(b)&(c), above, shall constitute full satisfaction of any and all of City's obligations to compensate Tenant relating to City's acquisition of the Property for the Project. e. As a matter of record, the compensation paid to Tenant in accordance with this ASA shall be proportioned in the following amounts: Relocation benefits shall equal TWENTY THOUSAND AND NO/100 ($20,000); Payment for any loss of furniture, fixtures and equipment, bonus value, improvements to realty, business goodwill, inventory and/or severance damages shall equal FIVE HUNDRED SEVENTY THOUSAND AND NO/100 ($570,000.00). 2. Inventorv a. Any and all inventory leftover after any reductions will be the responsibility of Benjamin Kim, who will ensure that the Property is left in a clean condition and that all remaining inventory is disposed or removed from the Property, which shall be accomplished no later than October 31, 2008. The City and its agents will provide full cooperation as necessary with the inventory liquidation process. Benjamin Kim will be responsible for obtaining a release of any and all financial interest in Tenants' settlement payment from Harbor Distributing, LLC, Southern Wine and Spirits of Southern California, Young's Market Company, Straub Distributing Company, Gallo Wine Company, Coca-Cola Bottling Company, The Pepsi Bottling Group, Frito-Lay, California State Lottery, and any other vendors, distributors or creditors with whom Tenant may have an account ("Creditors"). Any credit due to the Creditors shall be paid by Tenant from the initial settlement payment prior to release of the final settlement payment. b. Expenses incurred in connection with closing the business and inventory Acquisition Settlement Agreement 2of14 25T-5