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t _ w ~ ! <br />t <br /> <br />PURCHASE AND SETTLEMENT AGREEMENT <br />This Agreement ("Agreement") is made on March ~ , 2001 by and between <br />the City of Pleasanton, a municipal corporation (hereafter "City"), and Gary <br />Cedoline and Michael Cedoline, who are owners, residents, or tenants (hereafter <br />collectively "Owners"). City and Owners are hereinafter sometimes referred to <br />collectively as the "Parties". <br />RECITALS <br />Owners reside at and operate businesses on property commonly known as 3421 <br />Vineyard Avenue, Pleasanton, CA (the "Property"), described more particularly in <br />the attached Exhibit A. <br />A. The City requires acquisition of and vacation of the Property for <br />construction of the Bernal-Vineyard Intersection Improvement Project, <br />including the widening of the Bernal Bridge. <br />B. Owners have agreed to vacate the Property and to accept the <br />consideration specified in this Agreement as full compensation for all of <br />their interests described in this Agreement. The Parties, therefore, desire <br />to establish their respective rights and obligations with regard to the <br />acquisition of the Property by the City and vacation of the Property by the <br />Owners upon the terms and conditions set forth below. <br />NOW THEREFORE, in exchange for valuable consideration, the Parties hereto <br />agree as follows: <br />1. Consideration <br />(a) City agrees to pay to Owners the sum of ONE MILLION ONE <br />HUNDRED AND EIGHTY-NINE THOUSAND FIVE HUNDRED <br />DOLLARS ($1,189,500.00), which represents the following: <br />Gary Cedoline -Acquisition of Property, $1,092,000.00 <br />Fixtures & Equipment Sub-total <br />Gary Cedoline -Replacement Housing Payment, <br />Residential Moving Expenses <br />Michael Cedoline -Rental Assistance Payment, $ 50,000.00 <br />Residential Moving Expenses Sub-total <br />