BIG O TIRES, LLC - 2011 - Laserfiche WebLink

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A- 2011 -194 41SORANCE N:,D %`,,10RK M9'. rRCC`HI) 1,7 1 E R K C'`F - �0','�1C"L ALL INCLUSIVE SETTLEMENT AGREEMENT ,�AUG182011 This Agreement ( "Agreement ") is made by and between the City of Santa Ana, a charter city and municipal corporation duly organized and exiting under the Constitution and laws of the State of California ( "City ") and Big 0 Tires, LLC ( "Tenant "). The City and Tenant are hereinafter sometimes referred to collectively as the "Parties." RECITALS A. Tenant operates a business, commonly known as Big 0 Tire, and is the occupant of real property located at 1211 W. Warner, Santa Ana, CA (the "Property "). B. The Property has been acquired by the City for the Bristol Street /Warner Avenue Intersection Project. Tenant currently occupies the Property under a lease dated June 1, 2001, which was assigned to and assumed by Big 0 Tires, LLC, and which expires on May 31, 2016 (the "Lease "). C. The Parties desire to resolve all issues relating to the City's acquisition of the Property in accordance with the teens and conditions set forth below. U. The Parties acknowledge that the payment as set forth in paragraph 1(a) and other consideration given in cormection 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 City shall pay to Tenant the sum of $250,000.00 (Two Hundred Fifty Thousand 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 Ag7-eemernt, the City will begin processing an initial payment to Tenant in the amount of $150,000.00. The City will make the final payment to Tenant in the amount of $100,000.00, less any deductions described in paragraphs I (c) & (d) of this Agreement, after Tenant vacates the Property, signs a Certificate of Abandonment, provides all keys to the Property to the City or to the City'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 City to Tenant, including, without limitation, any obligations for relocation assistance, relocation benefits, moving expenses, interest of any kind in the real estate and leasehold, loss of business goodwill, compensation for personal property (loss of inventory), 1 of 7