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SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE
THIS SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE
(‘Settlement Agreement”) is entered into between ________________ (“_____”) and
____________”(____”), each of which shall be referred to as a “Party” hereto and collectively as
the “Parties”) or “the parties to this Settlement Agreement”.
WHEREAS, the parties entered into various agreements, particularly, the Promissory
Note for the purchase of ________________________________(“___”), dated
___________________, wherein ____ agreed to purchase all shares of ___ from ___; and two
(2) Promissory Notes, dated _________ and _________, (collectively, “Notes”), as well as one
WHEREAS it is contended by ______ that _______ failed to make the required
____ shall pay _______ the principal sum of $_____________. 5. the Parties to this Settlement Agreement. Payment shall be made in equal installments of $______________ per month. beginning on ____________ and until the debt is paid in full. at such address that _____ shall designate in writing. covenants and conditions herein contained. THEREFORE. mail to ___. 4. which the Parties desire to resolve by way of this Settlement Agreement. at such fax number that _______ shall designate in writing. such payment to _______. obligations. ____ shall fax notification thereof to ______. The above recitals are hereby made a part of this Settlement Agreement. obligations. agree as follows: 1. and. and in consideration of the mutual terms.payments under the Notes. agreements. _____ shall have ten (10) calendar days to either personally deliver.S. that the sum of $__________ is owed by _______ to ______. Return Receipt. ____ shall issue certified checks or other forms of certified funds made payable to 2 . at which time. and that there are possible issues of contention between the Parties concerning the ________. as full and complete satisfaction of all covenants. 2. Should any payment not be received by _____ by the fifth (5th) day of the calendar month due. WHEREAS. and released contained herein (The “Payment”). or mail by Certified Mail. receipt consideration and sufficiency of which are hereby acknowledged. it is agreed. 3. hereby. SETTLEMENT AGREEMENT NOW. Each payment shall be made by regular U. due on the first (1st) day of each calendar months. by and between the Parties.
______ and shall deliver or mail payments to:__________________, or any other address or
person as ____ is notified in writing by ________. Any Notice to ______, pursuant to Paragraph
4, shall be to Fax Number ______________. _____ and ____ shall retain the right to designate,
in writing, to the other any new address and fax number, respectively.
Should ___ fail to make payments as set forth in Paragraphs 4 and 5, above, ____
shall be in default of this Settlement Agreement.
Mutual Releases by ______ and ____. Except by promises, warranties,
representations or obligations made or undertaken in this Settlement Agreement.
_______________’s Release: Upon receipt of all payments from _____,
of herself or himself, respectively, and their respective affiliates, predecessors, assigns, hereby
release ____ from all claims, demands and causes of action of any kind whatsoever, whether not
now known, suspected or claimed, which ___________ and their predecessors, successors,
assigns, and subsidiaries jointly or individually ever had, now have, or claim to have had relating
to or arising out of this Settlement Agreement.
_____________’s Release: ____ on behalf of herself or himself and their
respective affiliates, predecessors, assigns, subsidiaries, representatives, employees, agents, and
attorneys from any and all claims, demands and causes of action of any kind whatsoever,
whether not now known, suspected or claimed, which ___________ and their predecessors,
successors, assigns, and subsidiaries jointly or individually ever had, now have, or claim to have
had relating to or arising out of this Settlement Agreement.
Release applies to all recovery theories: These releases apply and extend
the parties acknowledge that they are aware that. Each of the parties hereto states that this Settlement Agreement is executed voluntarily with full knowledge of its significance and legal effect.to all rights. In connection with such waiver and relinquishment. D. causes of action or claims asserted or which could have been asserted by the parties to this Settlement Agreement as of the effective date of this Settlement Agreement. The parties acknowledge that they are familiar with section 1542 of the California Civil Code which states as follows: A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE. or different from. Known and unknown claims: The general releases in this Settlement Agreement extend to claims that the parties do not know or suspect to exist in their favor. WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR. they or their attorneys or agent may discover claims or facts in addition to. Each of the parties to this Settlement Agreement shall be and remain effective. irrespective of the theory of recovery that could be asserted. after executing this Settlement Agreement. The parties expressly waive and relinquish any right or benefit which they have or may have under section 1542 of the California Civil Code or any other statute or legal principle with similar effect. notwithstanding any such difference. would have materially affected their decision to enter into this Settlement Agreement. those which they now know or believe 4 . which if known by them.
and remain in effect. Amendment of contract: This Settlement Agreement may be amended or modified 5 . which now exist.to exist with respect to the subject matter of this Settlement Agreement or the parties hereto. hereto. finally. agreements. the releases herein given shall be. suspected or unsuspected. 8. representations and warranties between them relating thereto. it fully supersedes any other oral or written understandings. heirs. The terms and conditions contained in this Settlement Agreement shall inure to the benefit of. or heretofore may have existed among them. this Settlement Agreement. but that it is the parties’ intention hereby to fully. and be biding upon. the successors. or has had the opportunity to revise. In furtherance of this intention. No admission of liability: The parties to this Settlement Agreement acknowledge that this is a settlement of disputed claims and that each of the Parties. assigns. 10 Settlement agreement not to be construed by the drafter: Each party or counsel for each party has reviewed and revised. 11. as full and complete releases notwithstanding the discovery or existence of any such additional or different claim or fact. survivors and personal representatives of each of the Parties. may exist. and accordingly the rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in this interpretation of this Settlement Agreement or any amendment of it. whether known or unknown. 9 Entire agreement: This Settlement Agreement embodies the entire understanding and agreement of the Parties concerning the resolution of all disputes. wish to amicably settle all claims that may exist by and between them without expensive and lengthy litigation. and forever settle and release all of the claims. claims or potential claims between them that arose during their working relationship and as such.
Each party represents that they were represented by an attorney in the negotiation and execution of this Settlement Agreement. and may be given by personal delivery or by registered or certified mail. 16. any Notice required or permitted to be given under this Settlement Agreement shall be written. To _________: at __________________________________________. in addition to any other relief that may be granted. Notice shall be deemed given upon actual receipt in the case of personal delivery. feminine or neutral gender and the singular or plural number will be deemed to include all others whenever the text so indicates. All captions and headings are 6 . the prevailing party shall be entitled to recover reasonable attorneys’ fees from the other party. the masculine. Notices: Except as set forth in Paragraphs 4 and 5. or otherwise assign their rights under this Settlement Agreement. Mailed Notices shall be addressed as set forth in Paragraph 5. 12. except as provided in Paragraphs 4 and 5 above. Changes of address: Any Party may change their address by written notice in accordance with this paragraph: To _________: at __________________________________________. however ____ may not do so without the express written consent of __________. above. return receipt requested. encumber. 14. Meaning of pronouns and effective captions: As used in this Settlement Agreement. or upon mailing. 13. Assignment: _________ may sell. 15.at any time with respect to any provision by a written instrument executed by all Parties. Attorney’s fees: If any Party brings any legal action. This provision applies to this entire agreement.
right. The Parties declare that they intend and desire that the remaining parts of this Settlement Agreement continue to be effective without any part or parts that have been declared invalid. or remedy. failure of any condition. 18. or remedy. or any right or remedy contained in or granted by the provisions of this Settlement Agreement will be effective unless it is in writing and signed by the party waiving the breach. Severability: If any part of this Settlement Agreement is declared invalid for any reason. failure.inserted solely for convenience and will no be deemed to restrict or limit the meaning of the text. Waiver: No waiver of a breach. each of which will be deemed an original. whether or not similar. 17. Counterparts: This Settlement Agreement may be signed in more than one counterpart. right. 20. nor will any waiver constitute a continuing waiver unless the writing so specifies. This Settlement Agreement will be deemed fully executed and effective when all parties have executed at least one of the counterparts thereof. No waiver of any breach. although no single counterpart bears all such signatures. Headings The headings in this Settlement Agreement are included for convenience only and neither affect the construction or interpretation of any provisions in this Settlement Agreement nor affect any of the rights or obligations of the Parties to this Settlement 7 . 21. 19. Attorney review: The Parties have had an opportunity to have counsel of their own choosing review this Settlement Agreement before executing it. failure. this ruling shall not affect the invalidity of the rest of this Settlement Agreement. The other parts of the Settlement Agreement shall remain in effect as if the Settlement Agreement had been executed without the invalid part. and both Parties were involved in drafting this Settlement Agreement.
Agreement. ___________________________________NAME OF PARTY Executed on __________________. /// 22. at ___________________. at ___________________. 8 . Necessary acts and further assurances: The Parties shall at their own cost and expense execute and deliver such further documents and instruments and shall take such other actions may be reasonably required or appropriate to evidence or carry out the intent and purposes of this Settlement Agreement. at ___________________. Executed on __________________. ___________________________________NAME OF PARTY Executed on __________________.California.California.California.
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