25E - BRISTOL STREET CORRIDOR - Laserfiche WebLink

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~ ~ ALL INCLUSIVE SETTLEMENT AGREEMENT This Agreement ("Agreement") is made by and between the City of Santa Ana Public Works Agency, a public body, corporate and politic ("Agency") and El Comedor Restaurant ("Tenant"). The Agency and Tenant are hereinafter sometimes referred collectively as the "Parties." RECITALS A. Tenant operates a business, commonly known as El Comedor Restaurant, located at 418 N. Bristol St., Santa Ana, CA (the "Property"). B. The Agency has made an offer to purchase the Property for the Bristol Street Widening Project. The property owner, 1650 South State College LLC, and Agency have negotiated a Purchase and Sale Agreement ("PSA") for Owner's Property ("Acquired Property"), which will result in the termination of Owner's and Tenant's rights, title and/or interests in the Acquired Property. C. The Parties desire to resolve all issues relating to the Agency's acquisition of the Property in accordance with the terms and conditions set forth below. D. The Parties acknowledge that the payment as set forth in paragraph 1(a) and other consideration given in connection with this Agreement are the result of a compromise and settlement of disputed claims, and shall never, at any time or for any purpose, be considered an admission of liability or responsibility on the part of any of the parties herein released. NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and covenants hereinafter set forth, it is hereby agreed by and among the Parties that: 1. Consideration (a) The Agency shall pay to Tenant the sum of $592,895.00 (Five Hundred Ninety Two Thousand Eight Hundred Ninety Five Dollars) (Tenant Settlement Payment) as total compensation for relocation assistance and any and all related expenses and claims as more fully described in paragraph 1(b) below. Upon full execution of this Agreement, the Agency will begin processing a single payment, payable to the Palmieri, Tyler, Wiener, Wilhelm & Waldron Client Trust Account, in the amount of $592,895.00, less any deductions described in paragraphs 1 (c) and (d) of this Agreement, after Tenant vacates the Property, signs a Certificate of Abandonment, provides all keys to the Property to the Agency or to the Agency's relocation consultant, and provides written verification that all hazardous materials have been legally and properly moved. (b) Tenant agrees, that the consideration received pursuant to paragraph 1(a) above constitutes full satisfaction of any and all obligations of the Agency to Tenant, including, without limitation, any obligations for relocation assistance, relocation benefits, moving expenses, interest of any kind in the real estate and leasehold, I of 7 25E-21