Agmt05 Watson, et al vs RWC - Laserfiche WebLink

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# -/ 'j . Q: ~ CÁ WL 'Î/~/o5 ~ SETTLEMENT AGREEMENT AND MUTUAL RELEASE This Agreement made by and between JOAN BRANDT, MICHAEL SPOSITO and BARBARA TYSON owners of real propertY located at 901-903 Main Street, Redwood City, California (hereinafter "Lessor") and HANNA HOANG and TAW ANA MARIE WATSON (hereinafter collectively "Lessee"). WHEREAS Lessors have leased premises known as 901-903 Main Street, Redwood City, California to Lessees under the terms and conditions of two separate Leases dated August 26, 2000 which Leases are attached hereto and marked Exhibits "A" and "B" and incorporated herein by reference; WHEREAS Lessees are in continuous breach of the Lease as hereinafter described; WHEREAS Lessors have given Lessees a 3-Day Notice to cure said breaches or surrender the premises in the form attached hereto and marked Exhibits "c" and "D" and incorporated herein by reference; WHEREAS the parties hereto now desire to settle all of their rights, claims, duties and disputes relating to Exhibits "A" and "B". NOW THEREFORE it is agreed as follows: 1. Lessees shall deliver possession of the premises at 901-903 Main Street, Redwood City, California to Lessors no later than May 15, 2005. 2. Lessees, at Lessees sole cost and expense shall restore the premises at 901 Main Street to the original condition and remove all trade fixtures, partitions, and work stations installed by Lessee. Lessees shall repair any damages to the premises occasioned by the removal of said items. Lessees shall return possession of the premises to Lessors in clean condition. Lessors shall have the option to accept the condition of the premises when possession is restored to Lessors or at Lessors' option to charge to Lessees the cost of any additional repairs reasonably required in Lessors' opinion to restore the premises to the clean and original condition. 3. Lessees shall return the premises at 901 Main Street, Redwood City, California to Lessors forthwith in "as-is" condition. Lessors acknowledge that there is a subtenant in said premises, Tung T. Tran. Lessees represent to Lessors that Tung T. Tran has no rights to the premises other than through a sublease by Lessees under Lessors' main lease which is being herein terminated and that Lessees have no security deposit from Tung T. Tran. Lessors shall enter into a new month to month tenancy agreement with Tung T. Tran on the terms and conditions acceptable to Lessors. Provided Tung T. Tran remains in the premises on a month to month basis and pays rent to Lessors in the amount of Two Thousand Seven Hundred Dollars ($2,700.00) per month for the months of June, July and August 2005, Lessors will release Lessee of any and all further rights, duties and obligations under the Lease agreement for 901 Main Street, Redwood City, California. If Tung T. Tran fails to pay rent for any month it shall or any 1 "-r--"'" -'TO...