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25E - AGMT - BIG O TIRES
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25E - AGMT - BIG O TIRES
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Last modified
1/3/2012 3:42:10 PM
Creation date
7/28/2011 1:49:26 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
25E
Date
8/1/2011
Destruction Year
2016
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<br /> <br /> <br /> EXHIBIT 2 <br /> <br /> <br /> <br /> <br /> ALL INCLUSIVE SETTLEMENT AGREEMENT <br /> <br /> This Agreement ("Agreement") is made by and between the City of Santa Ana, a charter <br /> city and municipal corporation duly organized and exiting under the Constitution and laws of the <br /> State of California ("City") and Big 0 Tires, LLC ("Tenant"). The City and Tenant are <br /> hereinafter sometimes referred to collectively as the "Parties." <br /> RECITALS <br /> <br /> A. Tenant operates a business, commonly known as Big 0 Tire, and is the occupant of <br /> real property located at 1211 W. Warner, Santa Ana, CA (the "Property"). <br /> <br /> B. The Property has been acquired by the City for the Bristol Street/Warner Avenue <br /> Intersection Project. Tenant currently occupies the Property tinder a lease dated June <br /> 1, 2001, which was assigned to and assumed by Big 0 Tires, LLC, and which expires <br /> on May 31, 2016 (the "Lease"). <br /> C. The Parties desire to resolve all issues relating to the City's acquisition of the <br /> Property in accordance with the terms and conditions set forth below. <br /> <br /> D. The Parties acknowledge that the payment as set forth in paragraph 1(a) and other <br /> consideration given in cormection with this Agreement are the result of a compromise <br /> and settlement of disputed claims, and shall never, at any time or for any purpose, be <br /> considered an admission of liability or responsibility on the part of any of the parties <br /> herein released. <br /> NOW, THEREFORE, in consideration of the foregoing and of the mutual promises and <br /> covenants hereinafter set forth, it is hereby agreed by and among the Parties that: <br /> <br /> 1. Consideration <br /> <br /> (a) The City shall pay to Tenant the sum of $250,000.00 (Two Hundred Fifty <br /> Thousand Dollars) (Tenant Settlement Payment) as total compensation for <br /> relocation assistance and any and all related expenses and claims as more fully <br /> described in paragraph 1(b) below. Upon full execution of this A- eemertt, the <br /> City will begin processing an initial payment to Tenant in the amount of <br /> $150,000.00. The City will make the final payment to Tenant in the amount of <br /> $100,000.00, less any deductions described in paragraphs 1 (c) & (d) of this <br /> Agreement, after Tenant vacates the Property, signs a Certificate of <br /> Abandonment, provides all keys to the Property to the City or to the City's <br /> relocation consultant, and provides written verification that all hazardous <br /> materials have been legally and properly moved. <br /> (b) Tenant agrees, that the consideration received pursuant to paragraph 1(a) above <br /> constitutes full satisfaction of any and all obligations of the City to Tenant, <br /> including, without limitation, any obligations for relocation assistance, relocation <br /> benefits, moving expenses, interest of any kind in the real estate and leasehold, <br /> loss of business goodwill, compensation for personal property (loss of inventory), <br /> l of 7 <br /> <br /> 25E-5 <br />
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