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INFINITY CELLULAR & PAGING 1-2008
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INFINITY CELLULAR & PAGING 1-2008
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Last modified
1/3/2012 2:49:41 PM
Creation date
8/12/2008 10:30:31 AM
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Contracts
Company Name
INFINITY CELLULAR & PAGING
Contract #
A-2008-163
Agency
PUBLIC WORKS
Council Approval Date
6/2/2008
Destruction Year
0
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Tenant in the amount of TEN THOUSAND TWO HUNDRED EIGHTY NINE AND <br />25/100 DOLLARS ($10,289.25) and to Landlord in the amount of SIXTEEN <br />THOUSAND SIXTY TWO AND 50/100 DOLLARS ($16,062.50). <br />e. Upon completion by Landlord of the physical improvements to Tenant's unit within the <br />Replacement Structure, City agrees to process a third payment to Tenant in the amount of <br />TEN THOUSAND TWO HUNDRED EIGHTY NINE AND 25/100 DOLLARS <br />($10,289.25) and to Landlord in the amount of SIXTEEN THOUSAND SIXTY TWO <br />AND 50/100 DOLLARS ($16,062.50). <br />f. City agrees to process a final payment to Tenant in the amount of TEN THOUSAND <br />TWO HUNDRED EIGHTY NINE AND 25/100 DOLLARS ($10,289.25) once City <br />verifies that Tenant has satisfied the following conditions : (1) vacated the Property, (2) <br />executed and delivered to City a Certificate of Abandonment of the Property, (3) turned <br />over to the City, City's agents, or to Landlord all sets of keys to the Property, and (4) <br />confirmed in writing to City that any and all hazardous materials have been removed <br />from the Property in accordance with all applicable federal and state laws, ordinances <br />and/or regulations. Once Tenant has satisfied all four conditions listed above, City agrees <br />to process a final payment to Landlord in the amount of SIXTEEN THOUSAND SIXTY <br />TWO AND 50/100 DOLLARS ($16,062.50). <br />g. As a matter of record, the compensation paid to Tenant in accordance with this ASA shall be <br />apportioned in the following amounts: Relocation benefits shall equal NINETY <br />THOUSAND FOUR HUNDRED SEVEN AND NO/100 DOLLARS ($90,407.00). <br />Payment for any and all loss of business goodwill (if any), leasehold interests, personal <br />property, improvements pertaining to realty, bonus value (if any), severance damages (if any), <br />and any and all other damages to which Tenant is or may be entitled to as a result of City's <br />acquisition of the Acquired Property for the Project shall equal FIFETEEN THOUSAND <br />AND NO/100 DOLLARS ($15,000.00). <br />h. Landlord and Tenant agree that in the event a valid and enforceable lease between Landlord <br />and Tenant for the Replacement Structure is voided, is mutually or unilaterally rescinded, or <br />becomes unenforceable prior to City issuing the final payment in accordance with this ASA, <br />the Assignment referenced herein shall terminate and any remaining unpaid payments that <br />were assigned by Tenant to Landlord shall become the exclusive property of Tenant and no <br />further payments will be made by City to Landlord under this ASA. Tenant and Landlord <br />fully release any and all claims against City for any payments made hereunder. Additionally, <br />any remaining payments due Tenant will not be processed by City until Tenant vacates the <br />Property and meets the conditions set forth in Section 1(f), above, at which time City will <br />make all remaining payments to Tenant. Tenant agrees and is required, without further <br />Notice, to vacate the Property within thirty (30) days from the date the Lease between <br />Landlord and Tenant for the Replacement Structure is voided, rescinded or becomes <br />unenforceable, except that Tenant agrees that in any event it must vacate the Property not <br />later than December 31, 2008. Landlord and Tenant agree that any disputes relating to <br />payments made hereunder shall be controlled and resolved pursuant to the terms of a separate <br />agreement between the Tenant and Landlord. <br />Acquisition Settlement Agreement <br />Page 3 of 8 <br />Tenant's Initials Landlord's Initials <br />
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