GILBERTO'S RESTAURANT 1-2008 - Laserfiche WebLink

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Replacement Structure as herein proposed. Therefore, in consideration of the promises, covenants and agreements hereinafter set forth, and subject to the terms, conditions and provisions of this ASA, the Parties agree as follows: 1. Consideration a. City agrees to pay Tenant, in accordance with the disbursement schedule referenced in section 1(c)(d)(e) & (f), below, the total sum of TWO HUNDRED SEVENTY TWO THOUSAND AND NO/100 DOLLARS ($272,000.00) as full compensation for any and all relocation assistance and other relocation and/or displacement benefits to which Tenant is or may be entitled, including, but not limited to, compensation for any and all loss of business goodwill (if any), leasehold interests, personal property, improvements pertaining to realty, bonus value (if any), severance damages (if any), and any and all other damages to which Tenant is or may be entitled to as a result of City's acquisition of the Acquired Property for the Project. b. Tenant agrees to assign a portion of the compensation described in Section 1(a), above, to Landlord, which Landlord agrees shall be used exclusively for the purchase, construction and installation of Tenant improvements and trade fixtures to Tenant's unit within Replacement Structure. The total amount of compensation being assigned by Tenant to Landlord under this ASA is TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($200,000.00). As consideration for said assignment of compensation, Landlord agrees to provide the following Tenant improvements to Tenant's unit in the Replacement Structure: HVAC, lights, T Bar ceiling, insulation at ceiling, standard number of electrical outlets, flooring, one bathroom that meets Americans with Disabilities Act standards, phone jacks in number sufficient to operate Tenant's current equipment, finish painted interior walls, carpet and base, interior framing and drywall, interior doors, and soft costs such as contingency, builder overhead and profit, zoning and associated permit fees and architectural and engineering fees. Tenant agrees it bears sole financial responsibility for the following: (1) to move its personal property from the Property to the Replacement Structure, (2) for the disconnection, move and reconnection of all fixtures and equipment from the Property to the Replacement Structure, including the reinstallation of racks and displays, installation of telephone system, and (3) any electrical requirements in the Replacement Structure that are in addition to standard electrical service. c. Upon execution of (1) this ASA and (2) a valid and enforceable lease between Tenant and Landlord for Tenant's occupancy of the Replacement Structure, City agrees to process an initial payment to Tenant in the amount of TEN THOUSAND THREE HUNDRED SEVENTY NINE AND 00/100 DOLLARS ($10,379.00) and to Landlord in the amount of EIGHTEEN THOUSAND TWO HUNDRED THIRTY SEVEN AND 50/100 DOLLARS ($18,237.50). Tenant and Landlord shall first provide to City a copy of the documents referenced in this Section before City is obligated to process payment(s) hereunder. Acquisition Settlement Agreement Page 2 of 8 r Tenant's Initials Landlord's Initials