PHAN, TUAN ANH AND PHAN, HOANG NGO (All Inclusive Settlement Agmt)

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A- 2014 -186 r ALL INCLUSIVE SETTLEMENT AGREEMENT N �! 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 Tuan Anh Phan and Hoang Ngo Phan, Husband and Wife as Joint Tenants ( "Owner "). The City and Owner are hereinafter sometimes referred to collectively as the "Parties." 1 ` RECITALS A. Owner operates a business, commonly known as H &H Tax, and is the occupant of A real property located at 1405 N. Bristol, Santa Ana, CA (the "Property"), Owner also C% occupies the Property as their principal residence. B. On October 4, 2013, the City made an offer to acquire the Property, and on June 12, 2014, the City made an updated offer to acquire the Property for the Bristol Street Widening Project. C. The Parties desire to resolve all issues relating to the City'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 I(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 City shall pay to Owner the sum of $200,000.00 (Two Hundred Thousand Dollars) (Settlement Payment) as total compensation for relocation assistance and any and all related expenses and claims as more fully described in paragraph I(b) below. Upon full execution of this Agreement, the City will begin processing an initial payment ( "Initial Payment") in the amount of $148,500.00. This Initial Payment will be deposited into escrow for Phans' replacement property within fifteen business days from approval of this Agreement by City Council. Owner agrees to cooperate with City and to allow City to request that an amendment be added to the escrow instructions for the replacement property. This amendment will require that the Initial Payinent will be refunded to the City, should escrow for the replacement property fail to close within 110 days, for whatever reason. In this instance, and assuming escrow is opened on another replacement property, the Initial Payment will be applied toward such replacement property. The City will make the filial payment in the arnount of $51,500.00, less any deductions described in paragraphs I (c) & (d) of this Agreement, after Owner vacates the Property, signs a Certificate of Abandonment, provides all keys to the Property to 1 of 7