Agmt03 Han, Michael & Daizi - Laserfiche WebLink

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Bonsai Restaurant 878 Jefferson, Redwood City, California APN 052 366 060 SETTLEMENT AGREEMENT THIS AGREEMENT is entered into by and between the CITY OF REDWOOD CITY ("City"), and Michael Han and Daizie Han, individually and dba Bonsai Restaurant ("Bonsai"). In consideration of which, and the other considerations hereinafter set forth, it is mutually agreed as follows: 1. The City and Bonsai have herein set forth the whole of their agreement. The performance of this Agreement constitutes the entire consideration for said document and shall relieve the City of all further obligations or claims on this account, or on account of the location, implementation, construction or operation of the public parking garage project referred to below, except as otherwise provided herein. 2. The City is acquiring that certain parcel of real property described as San Mateo County Assessor's Parcel No. 052-366-060 and located at 878 Jefferson, Redwood City, California, ("Subject property") for public parking facilities, a public use ("public project"). Bonsai is and/or was at all pertinent times herein a tenant of the subject property and conducts and/or conducted a business upon the subject property. 3. The City shall pay the sum of $165,000.00 to Bonsai for the purpose of acquiring any and all interests in and to the subject property of Michael Han and Daizie Han, individually and dba Bonsai Restaurant ("Settlement sum") and for which any claim is or could be made as a result of the City's acquisition of the subject property in San Mateo County Superior Court Action No. CIV 429507 ("eminent domain action"), including, but not limited to claims for loss of business goodwill, improvements pertaining to realty, fixtures and equipment, leasehold interest and relocation benefits, if any. Said sum shall be inclusive of any and all costs and fees, including, but not limited to litigation costs, interest, appraisal fees and attorneys fees. The parties further agree that Judgment in Condemnation may be entered pursuant to the terms of this action, and the property interests being acquired herein shall vest in the City free and clear of all liens, leases, encumbrances, assessments and taxes. Any current taxes that cannot be prorated and paid shall be cleared and paid in the manner required by the Revenue and Taxation Code, including but not limited to Chapter 4 (commencing with Section 4986) of Part 9 of Division 1 of the California Revenue and Taxation Code. BonsailHan Settlement 061604