GILBERTO'S RESTAURANT 1-2008 - Laserfiche WebLink

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d. Upon verification by City that architectural plans for the Replacement Structure have been approved by City's Planning and Building Agency, City will process a second 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). e. Upon completion by Landlord of the physical improvements to Tenant's unit within the Replacement Structure, City agrees to process a third 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). f. City agrees to process a final payment to Tenant in the amount of TEN THOUSAND THREE HUNDRED SEVENTY NINE AND 00/100 DOLLARS ($10,379.00) once City verifies that Tenant has satisfied the following conditions: (1) vacated the Property, (2) executed and delivered to City a Certificate of Abandonment of the Property, (3) turned over to the City, City's agents, or to Landlord all sets of keys to the Property, and (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. Once Tenant has satisfied all four conditions listed above, City agrees to process a final payment to Landlord in the amount of EIGHTEEN THOUSAND TWO HUNDRED THIRTY SEVEN AND 50/100 DOLLARS ($18,237.50). g. As a matter of record, the compensation paid to Tenant in accordance with this ASA shall be apportioned in the following amounts: Relocation benefits shall equal TWO HUNDRED THOUSAND AND NO/100 DOLLARS ($200,000.00). Payment 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 shall equal SEVENTY TWO THOUSAND AND NO/100 DOLLARS ($72,000.00). h. Landlord and Tenant agree that in the event a valid and enforceable lease between Landlord and Tenant for the Replacement Structure is voided, is mutually or unilaterally rescinded, or becomes unenforceable prior to City issuing the final payment in accordance with this ASA, the Assignment referenced herein shall terminate and any remaining unpaid payments that were assigned by Tenant to Landlord shall become the exclusive property of Tenant and no further payments will be made by City to Landlord under this ASA. Tenant and Landlord fully release any and all claims against City for any payments made hereunder. Additionally, any remaining payments due Tenant will not be processed by City until Tenant vacates the Property and meets the conditions set forth in Section 1(f), above, at which time City will make all remaining payments to Tenant. Tenant agrees and is required, without further Notice, to vacate the Property within thirty (30) days from the date the Lease between Landlord and Tenant for the Replacement Structure is voided, rescinded or becomes unenforceable, except that Tenant agrees that in any event it must vacate the Property not Acquisition Settlement Agreement Page 3 of 8 Tenant's Initials Landlord's Initials ~ ,Yl