|
<br />4.
<br />
<br />Bonsai acknowledges that it has been appraised and is aware of the statutory
<br />requirements relating to appraisals, offers and pertinent procedural requirements
<br />as to the acquisition of its interest in and to the subject property, business
<br />goodwill, and all matters relating thereto, and agrees that the City has satisfied all
<br />such requirements and further agrees that the above payment represents
<br />compensation for business goodwill, improvements pertaining to realty, fixtures
<br />and equipment, leasehold interest and relocation benefits, if any, all of which
<br />shall be free and clear of all liens, encumbrances, conditions, restrictions,
<br />easements, delinquent tax liens of whatever nature, rights to possession or
<br />ownership or claims to rights of possession or ownership, leases, whether the
<br />same be recorded or not. Bonsai further agrees to execute quit claim deeds, if
<br />appropriate, for any such interests.
<br />
<br />5.
<br />
<br />Bonsai warrants that there are no oral or written leases or sub-leases on all or
<br />any portion of Bonsai's tenancy and Bonsai agrees to indemnify, defend and hold
<br />the City harmless against and with respect to all claims, demands, losses, costs,
<br />expenses, obligations, liabilities, damages, recoveries and deficiencies, including
<br />interest, penalties, and attorneys' fees, that City shall incur or suffer which arise,
<br />result from or relate to any lease or sub-lease and/or any claim for fixtures and
<br />equipment, and further agrees to reimburse City for any and all of its losses and
<br />expenses occasioned by reason of any lease, any sub-lease, any claim for
<br />fixtures and equipment, and any and all claims arising out of any lease, including
<br />any sub-lease of the subject property held by any tenant of Bonsai.
<br />
<br />6.
<br />
<br />Bonsai has been apprised and is aware of relocation benefits assistance
<br />provided for by law and agrees that the City has satisfied all such requirements
<br />of law, and further releases and forever discharges the City and its successors
<br />and assignees, from any and all claims or damages for relocation assistance
<br />benefits which may arise by reason of Article 9 of Chapter 4 of Division 24 of the
<br />Health and Safety Code of the State of California, or by reason of Chapter 16 of
<br />Division 7 of Title I of the Government Code of the State of California, or by
<br />reason of the federal act entitled "Uniform Relocation Assistance and Real
<br />property Acquisition Policies Act of 1970" (Public Law 91-646), as amended, or
<br />by reason of any law or regulation of the Untied States of America or the State of
<br />California.
<br />
<br />7.
<br />
<br />It is further agreed that the consideration provided by the terms of this Agreement
<br />is in full settlement of (I) any claim Bonsai has made or could have made in the
<br />eminent domain action including, but not limited to, claims for loss of business
<br />goodwill, the leasehold interest, and the "bonus value" of the lease, if any,
<br />machinery, fixtures and equipment in, on or related to the subject property; (ii)
<br />any claim Bonsai has made or could have made under the Relocation Law
<br />(Government Code Section 7260, et seq.) by reason of the City's acquisition of
<br />the subject property; (iii) any claim Bonsai has made or could have made against
<br />the City in connection with the carrying out of the public project in which the
<br />subject property is situated.
<br />
<br />BonsailHan Settlement
<br />061604
<br />
<br />2
<br />
|