Financial Termination Agreement

FINANCIAL TERMINATION AGREEMENT

This Financial Termination Agreement (the Agreement) is made and entered into effective as of (Effective Date), by and between the parties identified below.

Parties

Party A: Lender Name:

Party B: Borrower Name:

Recitals

WHEREAS, Party A and Party B entered into a financial agreement identified as: Agreement Title: dated (Original Agreement); and

WHEREAS, the parties desire to terminate and fully and finally settle the obligations under the Original Agreement pursuant to the terms set forth in this Agreement.

Settlement Accounting

The parties agree the final settlement shall be calculated as follows. All amounts are in U.S. Dollars unless otherwise stated.

Termination and Release

Upon receipt by Party A of the Settlement Amount Due in cleared funds in accordance with the Payment Terms, Party A shall deliver a written release of all claims arising under the Original Agreement and shall have no further financial claims against Party B arising prior to the Effective Date, except for claims arising from fraud or willful misconduct.

Mutual Release: The parties hereby mutually release each other from all obligations and liabilities under the Original Agreement to the extent set forth in this Agreement.

Representations and Warranties

Each party represents and warrants that: (a) it has full power and authority to enter into and perform this Agreement; (b) this Agreement has been duly authorized by all necessary corporate or other action; and (c) the person signing on its behalf is duly authorized to execute this Agreement.

Tax and Reporting

Each party acknowledges that it is solely responsible for its own tax reporting and liability arising from the payments and releases effected by this Agreement. Neither party will be responsible for the other party's tax obligations except as expressly set forth herein.

Confidentiality

The terms and existence of this Agreement shall be confidential between the parties, except to the extent disclosure is required by law or necessary to enforce the terms of this Agreement.

Default and Remedies

If Party B fails to pay the Settlement Amount Due in accordance with the Payment Terms, Party A's rights and remedies under the Original Agreement shall be revived to the extent necessary to collect the unpaid amounts, subject to any limitations set forth in this Agreement. The prevailing party in any enforcement action shall be entitled to recover reasonable attorneys' fees and costs.

Notices

All notices required or permitted under this Agreement shall be in writing and delivered to the addresses set forth in the Parties section above by hand, certified mail, or overnight courier. Notices are effective upon receipt.

Governing Law; Dispute Resolution

This Agreement shall be governed by and construed in accordance with the laws of the jurisdiction selected by the parties. Any dispute arising out of or relating to this Agreement shall be resolved by binding arbitration or in the courts specified by the parties, as selected in writing prior to commencement of any proceeding.

Counterparts; Entire Agreement

This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings.

Acknowledgment

By signing below, each party certifies that it is authorized to enter into this Agreement and that the terms set forth herein are accepted and binding.

Sign Now