Fill and Sign the Agreement to Compromise Debt by Returning Secured Property Form

Agreement to Compromise Debt by Returning Secured Property Agreement made on the __________________ (date), between _____________ _______________________________________ (Names of Former Shareholder) of ___________________________ (Name of Debtor Corporation), a corporation organized and existing under the laws of the state of ______________, with its principal office formerly located at __________________________________________________ _____________________ (street address, city, state, zip code), referred to herein as Debtor, and _____________________ (Name of Creditor), a corporation organized and existing under the laws of the state of _______________, with its principal office located at _____________________________________________________________ ____________ (street address, city, state, zip code), referred to herein as Creditor . Whereas, Debtor leased from Creditor the following items of personal property (the Leased Property): (list, e. g., computer or similar such office equipment) ________________________________________________________________________________________________________________________________________; and Whereas, the Creditor is owed $___________ (the Debt) for past due rent payments and penalties on the Leased Property; andWhereas, Debtor was dissolved in (date); and Whereas, _________________________________________________ (Names of Former Shareholder), the former shareholders of Debtor, received an Order of Discharge from the United State Bankruptcy Court for the ________________ (Name) District of _________________ (Name of State) on ___________________ (date) , and a copy of said Order is attached hereto as Exhibit A and made a part hereof; and Whereas, said Former Shareholders are in possession said Leased Property and are willing to return the Leased Property to Creditor in return for cancellation of all indebtedness owed by the Corporation or any guarantors of the lease payments for said Leased Property; Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties agree as follows: 1. Said Former Shareholders shall make said Leased Property available to Creditor to pick up on _________________________________ (dates) at _________________ ________________________________________________________ (street address, city, state, zip code). 2. Creditor agrees to accept said Leased Property as full payment of the Debt. The acceptance of the Leased Property will serve as a complete discharge of all monies due, and Creditor agrees to consider the debt paid in full and further agrees to not take further action to collect said Debt.3. Upon receipt of the Leased Property, Creditor agrees to remove any listing or information that Creditor placed on the credit report of __________________________ __________________________________ (Names of Shareholders). Witness our signatures this the ___________________ (date) . ________________________(Name of Creditor) By:____________________________ _________________________ ________________________(Name of Former Shareholder) (Printed Name & Office in Corporation) _________________________________________________ (Signature of Former Shareholder)(Signature of Officer)_______________________________ (Name of Former Shareholder) _______________________________(Signature of Former Shareholder)