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Therefore, in consideration of the promises, covenants and agreements hereinafter set
<br />forth, and subject to the terms, conditions and provisions of this ASA, the Parties agree
<br />as follows:
<br />Consideration
<br />a. City agrees to pay Owner, in accordance with the disbursement schedule
<br />referenced in section 1(b) through (d), below, the total sum of SIX
<br />HUNDRED NINETY-FIVE THOUSAND AND N0/100 DOLLARS
<br />($695,000) as compensation to which Owner may be entitled, including
<br />relocation benefits, any and all loss of business goodwill, leasehold
<br />interests, personal property, improvements pertaining to realty, bonus
<br />value, severance damages, and any and all other damages to which
<br />Owner may be entitled as a result of City's acquisition of the Acquired
<br />Property for the Project. All payments as referenced above will be paid to
<br />Socorro Guerrola De Navarro Family Trust.
<br />b. Upon execution of this ASA, execution and recording of the Easement
<br />Deed, Exhibit "C" City will process an initial payment to Owner in the
<br />amount of FOUR HUNDRED THOUSAND AND N0/100 DOLLARS
<br />($400,000.00).
<br />c. City will process a second payment to Owner in the amount of TWO
<br />HUNDRED THOUSAND AND N0/100 DOLLARS ($200,000.00) upon
<br />satisfactory evidence to City that all the appropriate building permits
<br />have been obtained to begin the Rehabilitation Project.
<br />d. City will process a final payment to Owner in the amount of NINTEY-
<br />FIVE THOUSAND AND NO/100 DOLLARS ($95,000.00) upon
<br />satisfactory evidence to City that the Rehabilitation Project is
<br />completed.
<br />e. Payment of the consideration referenced in section 1 of this ASA, shall
<br />constitute full satisfaction of any and all of City's obligations to
<br />compensate Owner.
<br />2. Release
<br />a. Owner, on behalf of itself, its agents, assigns and related entities, agree to
<br />indemnify, fully release, acquit and discharge City, and the officers,
<br />directors, employees, attorneys, accountants, other professionals,
<br />insurers and agents of City (collectively "Agents") and all entities related to
<br />City, from any and all rights, claims, interests, demands, actions or causes
<br />of action which Owner now has or may in the future have against City
<br />arising from the acquisition of the Acquired Property, including, but not
<br />limited to, trade fixtures, furniture and equipment, leasehold interests, and
<br />claims for loss of business goodwill, bonus value (if any) and/or severance
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