HomeMy WebLinkAboutRalph & Nancy Alfieri - 5 & 7 N. Fifth Avenue ACKNOWLEDGMENT& RELEASE AGREEMENT
PARTIES
In this Acknowledgment & Release Agreement ("Agreement") the words "you"
and"your"refer to Ralph and Nancy Alfieri. The words "we," "us"and"our"refer to the City of
Arcadia and the Arcadia Redevelopment Agency.
ACKNOWLEDGMENT
By signing this Agreement you acknowledge full payment for the acquisition of
certain real property located at 5 and 7 North Fifth Avenue, Arcadia, California APN Nos. 5773-
009-037 and 5773-009-037 ("Property"). The Property is being acquired to allow the
construction of a commercial project which is being financially assisted by the Arcadia
Redevelopment Agency. Under California law, you may be entitled to certain benefits.
However, as part of the consideration you are furnishing to the buyer of your Property, you are
giving up the right to receive these benefits. By signing this Agreement you are not giving up any
rights that you have under any agreement with the buyer of your Property. Please realize that the
Arcadia Redevelopment Agency has agreed to provide assistance to the commercial project in
reliance upon your agreement with the matters described below. You also acknowledge that you
have read, understand and agree to the terms provided herein.
RELEASE
You hereby voluntarily waive, release and discharge us, our elected officials,
employees and agents from any and all claims, demands, causes of action, liability, loss, damage,
interest, loss of goodwill, relocation assistance benefits, claims for inverse condemnation, any
other eminent domain compensation or benefit, or relief or remedy of any nature whatsoever
arising out of or incident to the sale and acquisition of the Property or development of the
commercial project. You further agree that under no circumstances will you present any claim
against us, our elected officials, employees, or agents for any cause of action related to the sale
and acquisition of the Property or development of the commercial project. This Agreement shall
be unlimited as to time. •
No REPRESENTATIONS REGARDING TAX IMPLICATIONS
You acknowledge that no representations have been made to you by us regarding
any tax implications or liabilities related to the sale of the Property. You agree to seek such tax
advice from your personal tax advisor. Furthermore,you agree to indemnify, defend and hold us
harmless from any and all claims, damages and liabilities resulting from and against any and all
tax claims, payments or liabilities asserted against you arising from any payments made
hereunder.
BINDING EFFECT
You agree this Agreement shall be binding on you and your heirs, executors,
personal representatives, administrators, assigns,beneficiaries and successors in interest.
KNOWING&AUTHORIZED EXECUTION
You acknowledge that you have carefully read this Agreement and fully
understand its contents. You understand that by executing this Agreement, you may be
surrendering or otherwise limiting your legal rights. You warrant that the individual who has
signed this Agreement has the legal power,right and authority to sign the Agreement and to bind
yourself thereto.
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Raeri Date
Nancy Alfie Date