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DRAFT <br />WHEREAS, the City has commenced an action in condemnation to acquire fee simple <br />absolute title to the Property for a redevelopment program for the City's Development District No. 1 <br />(the "Project ' ); and <br />WHEREAS, the parties have reached a full and final settlement and compromise concerning <br />the matters in dispute. <br />NOW, THEREFORE, the parties, by their counsel, stipulate as follows: <br />1. Pam ent The City agrees to pay, and Respondents agree to accept as full payment, <br />the amount of $300,000.00, to be paid on or before July 31, 2007. <br />2. Full and Final Compromise The Respondents acknowledge that this payment is in <br />full and final compromise of the damages caused as a result of the taking herein, including but not <br />limited to just compensation, attorneys' fees, and interest. Respondents further acknowledge that <br />the $300,000.00 payment is in total satisfaction of the City's obligation for just compensation. <br />3. Relocation Benefits There has been no agreement as to relocation benefits and the <br />Stipulation does not include relocation benefits. <br />4. Occupancy and Rent Respondents may occupy the property up to and including <br />January 31, 2008. Respondents agree to pay rent to the City in the amount of $1,500.00 per month <br />from the date of closing to the end of occupancy. <br />5.' Waiver of Claims Respondents waive and release all claims for additional <br />compensation, interest, attorney's fees, additional reimbursement of appraisal fees or rent claims. <br />Respondents do not waive claims for relocation benefits, which are not included herein. <br />6. Final Certificate and Discharge of Lis Pendens The City agrees to promptly file and <br />record its final certificate and a discharge of the notice of lis pendens against the Property. <br />312402v1 JML RAl25 -65 <br />2 <br />MMZ <br />