Condo Release Agreement

CONDO RELEASE AGREEMENT

This Condo Release Agreement ("Agreement") is made and entered into as of , (the "Effective Date"), by and between Releasor Name: whose address is ; and Releasee Name: whose address is .

RECITALS

WHEREAS, Releasor is the owner or other party with an interest in the condominium unit identified as Unit Number located at , within the condominium known as ;

WHEREAS, a dispute, claim, or potential claim has arisen between the parties relating to the ownership, condition, maintenance, common elements, assessments, repairs, or other matters connected with the condominium (collectively, the "Claims"); and

WHEREAS, the parties desire to fully and finally resolve and settle the Claims on the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the mutual covenants and other good and valuable consideration set forth herein, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Agreement, the following terms shall have the meanings set forth below. "Claims" means any and all claims, demands, causes of action, suits, debts, liabilities, obligations, losses, damages, costs and expenses (including reasonable attorneys' fees and costs) known or unknown, suspected or unsuspected, arising out of or related to the condominium and the matters described in the Recitals.

2. RELEASE

Subject to the terms of this Agreement and receipt of the consideration described in Section 3, Releasor hereby knowingly and voluntarily releases, remises, acquits and forever discharges Releasee and its past and present directors, officers, agents, employees, representatives, successors and assigns (collectively, the "Released Parties") from any and all Claims that Releasor has or may have, whether known or unknown, arising from or related to the condominium through the Effective Date. The scope of this release is limited to Claims arising from:

Releasor acknowledges that this Release is intended to be a full and final release of all Claims described above, except for obligations expressly reserved in this Agreement.

3. CONSIDERATION

In consideration for the release granted by Releasor, Releasee shall provide the following to Releasor: monetary payment in the amount of $ , and/or the following non-monetary consideration: . Payment or performance of the consideration shall occur within days of the Effective Date, or on the following schedule: .

4. EXCEPTIONS; RESERVED RIGHTS

Notwithstanding the foregoing, this Agreement does not release any Claims that cannot be released as a matter of law, any obligations explicitly set forth herein, any rights to enforce this Agreement, or any rights to seek injunctive or equitable relief for ongoing breaches occurring after the Effective Date.

5. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants to the other that: (a) it has full power and authority to enter into and perform this Agreement; (b) the person signing on behalf of a party is duly authorized to bind such party; (c) the execution and delivery of this Agreement and the performance of its obligations will not violate any applicable law, contract, or court order; and (d) there are no pending actions, claims, liens, or encumbrances that would prevent the full performance of this Agreement except as expressly disclosed in writing to the other party as of the Effective Date.

6. INDEMNIFICATION

Releasor shall indemnify, defend and hold harmless the Released Parties from and against any and all losses, liabilities, damages, costs and expenses (including reasonable attorneys' fees) arising out of any breach of Releasor's representations, warranties or covenants under this Agreement or any Claim asserted by a third party that is within the scope of the matters released by this Agreement.

7. COVENANTS

Releasor covenants that Releasor will not, after the Effective Date, make any claim or commence any action against any Released Party with respect to any Claim released herein. Releasor further agrees to execute any additional documents reasonably necessary to effectuate the release and intent of this Agreement.

8. NOTICE OF CLAIMS

To the extent that any party must provide notice under this Agreement, such notice shall be in writing and delivered by personal service, certified mail (return receipt requested), or nationally recognized overnight courier to the addresses set forth below (or to such other address as a party designates by written notice in accordance with this Section). Notices shall be effective upon receipt.

9. AMENDMENT; WAIVER

This Agreement may not be amended or modified except by a writing signed by both parties. No failure or delay by any party in exercising any right or remedy under this Agreement shall operate as a waiver of such right or remedy, nor shall any single or partial exercise preclude any other or further exercise.

10. COUNTERPARTS; ELECTRONIC SIGNATURES

This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. Facsimile, PDF, or other electronic signatures shall be deemed originals for all purposes.

11. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the laws of the State of without regard to its conflict of laws principles.

12. ENTIRE AGREEMENT

This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, negotiations, representations and understandings, whether written or oral.

13. SEVERABILITY

If any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during the term hereof, such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Agreement.

14. ADDITIONAL PROVISIONS

The parties acknowledge that they have had the opportunity to seek independent legal advice with respect to this Agreement, that they understand its terms, and that they enter into this Agreement voluntarily. Releasor acknowledges that Releasor has read and understands Section 1542 of the Civil Code (or any similar statutory provision in the governing jurisdiction) and expressly waives its protections to the extent permitted by law.

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