JAZMIN ZARATE - MMZ, ET. AL VS. CITY OF SANTA ANA-2016

Home Browse Search

The periodic payment obligation set forth above will be funded by a payment for at a cost of] of $109,000.00 in a check made payable to BHG Structured Settlements, Inc. The Parties agree that the Defendant may make a qualified assignment as defined in section 130(c) of the Internal Revenue Code to BHG Structured Settlements, Inc, (the "Assignee") of the Defendant's liability to make the periodic payments set forth in section 2,2. Any such assignment, if made, shall be accepted by either Plaintiff without right of rejection and shall completely release and discharge the Defendant from the liability that is assigned to the Assignee. Plaintiff recognizes that, in the event of such an assignment, the Assignee shall be the sole obligor with respect to the liability assigned, and that all other releases of the Defendant shall thereupon become final, irrevocable and absolute. If the liability to make the periodic payments is assigned, then Plaintiff understands and agrees that (i) the periodic payments set forth in section 2,2 cannot be accelerated, deferred, increased or decreased by the recipient of such payments, (ii) the Assignee's obligation on account of the periodic payments set forth in section 2,2 is no greater than the obligation of the Defendant or insurer of the Defendant that are assigning the liability, and (iii) the rights of Plaintiff against the Assignee are solely the rights of a secured creditor of the Assignee. The Defendant and/or the Assignee shall not segregate or set aside any assets to fund the periodic payments set forth in section 2.2. Execution by the Parties of the assignment will absolutely and completely discharge Defendant from any further payment obligation. If the Assignee, and/or Annuity Issuer of the contract purchased by Assignee to make the payment obligation specified in section 2.2, fails to make payments or becomes insolvent or bankrupt, the sole remedy of Plaintiff or her beneficiary, heirs or representatives to enforce payment obligations assigned shall be against Assignee, guarantor and/or responsible party other than Defendant. Defendant will have no further obligations upon payment to the designated Assignee and/or Annuity Issuer and full execution of the Qualified Assignment and Release document, 2,3 The Defendant or Assignee reserves the right to provide for the periodic payments set forth in section 2.2 of this agreement by purchasing an annuity policy from Berkshire Hathaway Life Insurance Company of Nebraska ("Annuity Issuer'). The Assignee shall be the owner of any such annuity policy. Neither the Plaintiff nor any payee set forth in this agreement shall have any incidents of ownership of that annuity, The Assignee may, for its convenience, direct the annuity issuer to mail periodic payments directly to the Plaintiff. While the periodic payments are being made, the Plaintiff shall provide to and maintain for the Assignee a current mailing address. 2.4. Beneficiary; Amanda Herrera, daughter (DOB: 2/6/2005) and Joshua Herrera, son (DOB: 9/22/2006), equally, if living, otherwise to their survivor, if living, otherwise to the Estate of Jazmin Zarate, 2.5 Discharge of Liability, The obligation assumed by the Assignee to make each Periodic Payment shall be fully discharged upon the mailing of a valid check or electronic funds transfer in the amount of such payment on or before the due date to the last address on record for the Payee or Beneficiary with the Annuity Issuer. If the Payee or Beneficiary notifies the Assignee that any check or electronic funds transfer was not received, the Assignee shall direct 31Page