STAR BAGEL INC. - 2008 - Laserfiche WebLink

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.' . e e Tenants and/or Owners may be entitled as a result of City's purchase of the Acquired Property from Owners. c. Upon execution of this ASA, City will process an initial payment to Tenants in the amount of ONE HUNDRED THOUSAND AND NOll 00 DOLLARS ($100,000.00). d. City will process a second and final payment to Tenants in the amount of ONE HUNDRED FOURTY THOUSAND AND NOll 00 DOLLARS ($140,000.00) upon confirmation that Tenants have demolished the building and improvements located on the Property. e. Tenant's receipt of full payment of the consideration referenced in section l(b)(c)&(d), above, shall constitute full satisfaction of any and all of City's obligations to Owners and Tenants relating to City's acquisition from Owners of the Acquired Property. f. As a matter of record, the compensation paid in accordance with this ASA shall be proportioned in the following amounts: Relocation benefits shall equal ONE HUNDRED NINETY EIGHT THOUDSAND THREE HUNDRED SIXTY AND NOll 00 DOLLARS ($198,360.00); Payment for any loss of furniture, fixtures and equipment, bonus value, improvements to realty, business goodwill, and/or severance damages shall equal FOURTY ONE THOUSAND SIX HUNDRED FOURTY AND NO/I00 DOLLARS ($41,640.00). 2. Failure to Vacate and/or Demolish the existing building and other improvements from the Property 5FPrZ1-l~ 1 t." ~J' a. Tenants agree to vacate the Property not later than .~ 30, 2008 ("Vacate Date"). If Tenants continue to possess the Property after the Vacate Date, Tenants agree to pay to City a rental fee of TWO HUNDRED AND NOll 00 DOLLARS ($200.00) per day, which said rental fee shall be deducted as an offset from the final payment of ONE HUNDRED FORTY THOUSAND AND NOll 00 DOLLARS ($140,000.00) as described in 1 (d), above. b. If Tenants have not removed all of their moveable personal property, trade fixtures, furniture and equipment from the existing building(s) and other improvements to the Property by the Vacate Date, Tenants authorize City to remove said items at Tenant's sole cost and expense, which expense shall be deducted as an offset from the final payment as described in section 1 (d), above. c. The Parties agree that any and all demolition costs paid for by City shall be deducted as an offset from the final payment as described in section 1 (d) of this Agreement. d. Upon the Vacate Date, if Tenants have not demolished or removed the existing building(s) and other improvements from the Property, Tenants hereby authorize City, in City's sole and absolute discretion, and at Tenant's sole cost and expense, to remove said building(s) and Improvements. The Parties agree that any and all costs associated Acquisition Settlement Agreement Page 2 of8