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A-2013-055 J' rv Ill 4 r O AGREEMENT AND MUTUAL RELEASE This Settlement Agreement and Mutual Release (hereinafter "Agreement") is entered into by and between the CITY O SANTA ANA, a charter city and municipal corporation duly organized under the Constitu ion and laws of the State of California (hereinafter, "City") and Roberti's Insurance Agency, hc., a California Corporation (hereinafter, "Roberti's"), as of the date of full execution by all parties. RECITALS A. In and prior to 2012, Roberti's owned and operated an insurance business (the "Business") at 1221 E. First Street #E, Santa Ana, California (the "Subject Property") pursuant to a lease agreement. B. In or about 202, the City purchased the Subject Property for public use from its owner in lieu of eminent do in. As a result of the City's purchase in lieu of eminent domain, Roberti's lease was terminated and Roberti was required to move the Business from the Subject Property. C. As a result of is involuntary relocation from the Subject Property, Roberti's contends that the Business suffered a loss of business goodwill for which it is entitled to compensation pursuant to California Code of Civil Procedure section 1263.510. D. Both the City and Roberti's have evaluated Roberti's claim for loss of business goodwill, and following nego iations, have agreed to a settlement of business goodwill by which the City will pay Roberti's thg sum of one hundred ninety three thousand five hundred dollars ($193,500.00) as full and final settlement of Roberti's claim for loss of business goodwill. E. The City has three thousand two hundred Additionally, by a separate Acquisition of Tenant-Sellei six thousand eight five dolla These sums are in addition i dollars ($193,500.00) being ;viously paid relocation benefits to Roberti's in the sum of forty enty four dollars and ninety eight cents ($43,224.98). Bement being entered into concurrently herewith (Agreement for Interest in Real Property), the City is paying Roberti's the sum of ($6,085.00) for Roberti's improvements pertaining to realty. he amount of one hundred ninety three thousand five hundred id to Roberti's under this agreement for loss of business goodwill. AGREEMENT Based upon the f parties agree as follows: 1. Payment for of this Agreement, the City five hundred dollars ($193. and based upon the mutual consideration set forth herein, the of Business Goodwill. Within 30 days following full execution pay Roberti's the sum of one hundred ninety three thousand 0) as full and final settlement of Roberti's claim for loss of - t -