|
3. Continuation and Termination of Lease. Outfront shall comply with all the terms
<br />and conditions of the Lease, including the payment of rent to City in the amounts set forth in the
<br />Lease, until and through the Removal Date, at which time the Lease, and all rights Outfront
<br />has thereunder, shall terminate and be fully extinguished without any further action by the Parties.
<br />4. Failure to Remove Billboard Poster Panel. If the Panels are not removed by the
<br />Removal Date, Outfront grants City the right to remove the Panels at Outfront's expense, and City
<br />and /or its agents shall be entitled to remove the Panels and dispose of them without any
<br />liability to Outfront. Any items of personal property, fixtures, or equipment related to the
<br />Billboard that remain after the Removal Date shall be deemed abandoned and shall become the
<br />sole and exclusive property of City. City may dispose of such items in any manner it deems
<br />appropriate in its sole and absolute discretion without any liability to Outfront, however, any sums
<br />received by City through the sale of any such items shall be deducted from any removal costs
<br />incurred by the City under this Section.
<br />5. Effective Date: As used herein, the "Effective Date" of this Agreement shall mean
<br />and refer to the last date upon which both City and Outfront have executed this Agreement, and the
<br />same has been delivered to each Party.
<br />6. Full Settlement. The payment of the Settlement Amount by City constitutes a full
<br />settlement of all claims Outfront has, may have, or could have against City for the removal of the
<br />Billboard and/or the termination of the Lease on account of the Project. Outfront waives the
<br />ability to claim any additional payment from City on account of the removal of the Billboard and/or
<br />the termination of the Lease, or for any cause of action that could have been brought against City
<br />due to City's acquisition of the Property, including without limitation any claim related to the
<br />Billboard or the Lease.
<br />7. Mutual Release. By executing this Agreement, each Party hereto, on its behalf
<br />and on behalf of its owners, officers, employees, partners, parent companies, affiliates,
<br />representatives, attorneys, insurers, agents, subsidiaries, successors, and assigns, hereby
<br />expressly and unconditionally waives and releases each other Party hereto, as well as each other
<br />Party's owners, officers, partners, parent companies, affiliates, representatives, attorneys, insurers,
<br />agents, subsidiaries, successors, and assigns, known or unknown, from any claims or damages
<br />relating to the Lease and the Billboard, including, but not limited to any claims for severance, goodwill,
<br />relocation, furniture fixtures or equipment, or claims for inverse condemnation or pre -
<br />condemnation conduct that could have been raised in connection with the removal of the Billboard,
<br />the termination of the Lease, or acquisition of the Property, or any other compensation, damages
<br />or benefits that could have been raised in connection with the Property. Nothing contained in
<br />this paragraph or elsewhere in this Agreement shall be deemed to release or relieve any Party of
<br />its obligations otherwise assumed under the terms of this Agreement.
<br />8. General Release. With respect to the claims released in Section 7 of this
<br />Agreement, the Parties further acknowledge and are aware of the provisions of
<br />California Civil Code section 1542, which provides as follows:
<br />A general release does not extend to claims which the Creditor
<br />does not know or suspect to exist in his or her favor at the time
<br />OTAD \53329 \1019225.4 2
<br />
|