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25I - AGMT - BRISTOL ST PHASE 3A
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25I - AGMT - BRISTOL ST PHASE 3A
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5/11/2017 3:55:40 PM
Creation date
5/11/2017 3:42:34 PM
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City Clerk
Doc Type
Agenda Packet
Agency
Public Works
Item #
25I
Date
5/16/2017
Destruction Year
2022
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Tenancy Interest. Additionally, except for a claim for loss of business goodwill, if any, and any <br />relocation benefits, Tenant- Seller hereby expressly and unconditionally waives any claims (known <br />or unknown) including severance damages, statutory interest, claims for inverse condemnation or <br />unreasonable pre - condemnation conduct, or any other compensation, damages or benefits, arising <br />from the acquisition of the Premises that Tenant- Seller may have against Buyer, its officials, <br />representatives, and attorneys. <br />14. ACKNOWLEDGMENT CONCERNING CIVIL CODE SECTION 1542. Tenant - <br />Seller acknowledges that it has been advised by its attorneys concerning, and is familiar with, the <br />provisions of California Civil Code § 1542, which provides as follows: <br />"A general release does not extend to claims which the creditor does <br />not know or suspect to exist in his or her favor at the time of <br />executing the release, which if known by him or her must have <br />materially affected his or her settlement with the debtor." <br />Tenant - Seller acknowledges that it and any others acting on its behalf herein may <br />have sustained damage, loss, cost, or expenses that are presently unknown and unsuspected and <br />which may give rise to additional damages, loss, costs, or expenses in the future. Nevertheless, <br />Tenant - Seller acknowledges that this Agreement has been negotiated and agreed upon in light of <br />that situation and hereby expressly waives any and all rights which it or others acting on its behalf <br />may have under California Civil Code §1542, or under any statute or common law or equitable <br />principle of similar effect. <br />Tenant - Seller: <br />15. CONTINGENCY. Transaction is subject to and contingent upon receipt by Buyer of <br />the duly executed Quitclaim Deed from Tenant - Seller with respect to the Tenancy Interest and the <br />Conveyed Improvements. This transaction is further subject to and contingent upon approval and <br />acceptance by Buyer. <br />16. AGREEMENT TO EXECUTE. Tenant- Seller and Buyer agree to execute and file <br />any additional agreements, consents or other documents reasonably necessary to effect the full and <br />complete settlement and purchase of the Conveyed Improvements and the Tenancy Interest. <br />17. AUTHORIZATION TO EXECUTE. Tenant - Seller and Buyer represent and warrant <br />that the persons executing this Agreement are duly authorized to do so and to act on behalf of <br />Tenant -Seller and Buyer respectively. <br />18. COMPROMISE IN SETTLEMENT. This Agreement is a compromise in partial <br />settlement of potential litigation between Tenant- Seller and Buyer and shall never be treated as an <br />admission by Buyer or Tenant- Seller for any purpose of liability or as to value of any property or <br />claim. <br />19. SURVIVAL OF RIGHTS AND OBLIGATIONS. Notwithstanding the releases <br />contained herein and agreement concerning this transaction, all the rights and obligations created <br />under and pursuant to this Agreement shall survive the execution of the Agreement, the releases <br />contained herein and the Closing of this transaction. <br />4 <br />Ott/ <br />251 -20 <br />
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