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25K - BRISTOL STREET CORRIDOR
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11/15/2010
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25K - BRISTOL STREET CORRIDOR
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7/26/2016 3:07:47 PM
Creation date
11/10/2010 3:23:14 PM
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City Clerk
Doc Type
Agenda Packet
Item #
25K
Date
11/15/2010
Destruction Year
2015
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Such real property taxes, if any, on said real property for the fiscal year within <br />which said real property is conveyed to Tenant as are unpaid at the time of said <br />conveyance shall be cleared and paid in accordance with the provisions of <br />Section 4986 of the Revenue and Taxation Code of the State of California. City <br />shall be eligible for a refund under Section 5096.7 of the Revenue and Taxation <br />Code of the State of California for that portion of property taxes on said real <br />property for said fiscal year which have been paid prior to the date the deed <br />conveying said real property to Tenant is recorded which is allocable to that <br />portion of the fiscal year which begins on the date the deed conveying said real <br />property to Tenant is recorded and made uncollectible if unpaid by reason of <br />Section 4986 of the Revenue and Taxation Code of the State of California. All <br />unpaid taxes on said real property for any and all years prior to the fiscal <br />f. Payment of Purchase Price. <br />Tenant agrees to use the proceeds it would be entitled to under paragraph la <br />towards the purchase price of the Surplus Property. Tenant agrees to deposit the <br />remainder of the purchase price in the sum of FORTY NINE THOUSAND <br />FOUR HUNDRED EIGHTY TWO AND NO /100 DOLLARS ($49,482) in the <br />Escrow with the Escrow Agent within TEN (10) days from and after the date on <br />which the City has signed this Agreement, and the Escrow Agent is hereby <br />authorized to pay the same to City upon and after: <br />Conveyance of said Surplus Property by City to Tenant as hereinabove <br />provided; <br />Delivery to Tenant a policy of title insurance as hereinabove provided; <br />Recordation of the Grant Deed conveying said Surplus Property to Tenant. <br />g. Possession. City agrees to deliver to Tenant, quiet and peaceful possession of <br />said Surplus Property, conditional upon Bristol Drug Co. vacating the lower first <br />floor of the building, located on Property. Tenant agrees to indemnify, defend and <br />hold the City harmless from and against any claim, action, suit, proceeding, loss, <br />cost, damage, liability, deficiency, fine, penalty, punitive damage, or expense <br />(including, without limitation, attorneys' fees), resulting from Bristol Drug Co. <br />occupancy as it relates to the Surplus Property. <br />h. Vacating Date. Tenant agrees to vacate Property on or before June 30, 2011. <br />Payment of the consideration referenced in section 1 of this ASA, shall constitute <br />full satisfaction of any and all of City's obligations to compensate Tenant. <br />j. As a matter of record, the compensation paid to Tenant in accordance with this <br />ASA shall be proportioned in the following amounts: Relocation benefits <br />shall equal $128,000. Payment for any loss of furniture, fixtures and equipment, <br />All Inclusive Settlement Agreement <br />Page 3 of 9 <br />25K -55 <br />
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