YOH, CHRIS, LUV-N-DONUTS- 2012 - Laserfiche WebLink

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A-2012-110 Cy { WA(2- J0,30n ?c1bY 1 e. I ALL INCLUSIVE SETTLEMENT AGREEMENT av? This Agreement ("Agreement") is made by and between the City of Santa Ana, a public body, corporate and politic ("Agency") and Chris Yoh and Sharon Yoh ("Tenants"). The Agency and Tenants are hereinafter sometimes referred collectively as the "Parties." RECITALS A. Tenants operate a business, commonly known as Luv N Donuts, and are the occupants of real property located at 410 N Bristol St. Unit A., Santa Ana, CA (the "Property"). B. A portion of the Property has been acquired by the Agency for the Bristol Street Widening Project. Tenants currently occupy the Property under a lease dated May 6, 1985, which commenced on May 6, 1985 and will terminate on August 1, 2012, by means of a hand delivered written 90 Day Notice to Vacate (collectively, the "Lease"). C. The Parties desire to resolve all issues relating to the Tenants' loss of business goodwill in accordance with the terms and conditions set forth below. D. The Parties acknowledge that the payment as set forth in Section 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 Tenants the sum of $26,000.00 (Twenty-Six Thousand Dollars) (Tenants Settlement Payment) as total compensation for goodwill loss 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 payment, payable to Chris Yoh and Sharon Yoh, in the amount of $26,000.00. Payment is to be made after Tenants relocate to 410 N. Bristol Street, unit E, Santa Ana, CA 92703. (b) Tenants agree that the consideration received pursuant to paragraph 1(a) above constitutes full satisfaction of any and all obligations of the Agency to Tenants, including, without limitation, any obligations for interest of any kind in the real estate and leasehold, loss of business goodwill, interest, attorney's fees, or damages of any nature. (c) Tenants will vacate the premises on or before August 1, 2012 2. Release 1 of 7