Fill and Sign the Forbearance Agreement with Release Provision Form

Forbearance Agreement - With Release Provision Agreement made on the _______________ (date), between _______________________ (Name of Lessor) of _____________________________ ____________________________________________________ (street address, city, state, zip code) , referred to herein as Lessor, and _____________________ (Name of Lessee), of ____________________________________________________________ _________________ (street address, city, state, zip code) , referred to herein as Lessee. Whereas, Lessor is the owner of record of certain premises at _________________ ____________________________________________________________________________ (street address, city, state, zip code) , and has, since ___________________ (date) , been leasing to Lessor a ____________ square feet in (describe) ___________________________ Building, said premises being hereinafter called the demised premises; and Whereas, a copy of the Lease Agreement between Lessor and Lessee covering the demised premises is attached hereto as Exhibit A and made a part hereof; and Whereas, Lessee in default of the terms of the Lease; and Whereas, Lessor has commenced an eviction action against Lessee in ____________ ___________________________________________________ (name and location of court) to recover possession of the demised premises; and Whereas, Lessee is liable to Lessor for damages under the Lease; and Whereas, Lessor has the right and is prepared to commence an action for money damages against Lessee for Lessee’s breach of the Lease; and Whereas, Lessee wishes Lessor to forestall any further legal action against Lessee; and Whereas, Lessor is willing to forestall further legal action against Lessee in return for Lessee’s promises contained herein which are satisfactory and acceptable to Lessor; 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. Lessee shall vacate the demised premises for possession by Lessor on or before 12:00 o'clock p.m. on _____________________ (date), time being of the essence. Thereafter, Lessee shall have no further rights of possession under the Lease or operation of law; and Lessor shall be released from any further performance or obligation under the Lease. 2. Upon the execution of this Agreement by Lessee, Lessee shall tender to Lessor the sum of $______________ in good funds. 3. On or before 5:00 o'clock p.m. on __________________ (date), the Lessee shall tender to Lessor the additional sum of $______________ in good funds, time being of the essence. 4. If possession of the demised premises is given to Lessor and payments are made to Lessor as provided for hereinabove, and no legal action occurs or is taken by third party creditors of Lessee that might adversely affect the legal interests of Lessor, subject to the terms of Section 6 contained hereinafter, this Agreement shall serve as Lessor’s release of Lessee from any and all further liability to Lessor under the lease. 5. If possession of the demised premises is not given to Lessor and/or payments are not made to Lessor as provided for hereinabove, or legal action occurs or is taken by third party creditors of Lessee that will or might adversely affect the legal interests of Lessor, Lessor shall have the option and right to take any legal action deemed appropriate by Lessor against the Lessee for collection of any and all damages that Lessor may sustain as a result of the breach of the lease by Lessee, including, but not limited to, any and all costs incurred by Lessor prior to this date, which shall be deemed costs of collection payable by Lessee. 6. Notwithstanding any provisions to the contrary contained herein, prior to vacating the demised premises, and except for payment of base rent, Lessee shall continue to be liable to Lessor pursuant to the terms of the lease. Notwithstanding any provisions to the contrary contained herein, in addition to the promises of the Lessee contained herein, subsequent to vacating the demised premises; Lessee shall continue to be liable to Lessor pursuant to the following Sections under the Lease: A. Section 8 regarding Security; B. Section 12 regarding Tenant Fit-Out; and C. Section 9 regarding Utilities [any utility expenses payable by Lessee shall be paid on _________________ (date)]. 7. The invalidity of any portion of this Agreement will not and shall not be deemed to affect the validity of any other provision. If any provision of this Agreement is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision. 8. The failure of either party to this Agreement to insist upon the performance of any of the terms and conditions of this Agreement, or the waiver of any breach of any of the terms and conditions of this Agreement, shall not be construed as subsequently waiving any such terms and conditions, but the same shall continue and remain in full force and effect as if no such forbearance or waiver had occurred. 9. Unless provided herein to the contrary, any notice provided for or concerning this Agreement shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Agreement. 10. This Agreement shall constitute the entire agreement between the parties and any prior understanding or representation of any kind preceding the date of this Agreement shall not be binding upon either party except to the extent incorporated in this Agreement. 11.Any modification of this Agreement or additional obligation assumed by either party in connection with this Agreement shall be binding only if placed in writing and signed by each party or an authorized representative of each party. 12. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. WITNESS our signatures as of the day and date first above stated. ________________________ _________________________ (Printed Name of Lessor) (Printed Name of Lessee) ________________________ _________________________ (Signature of Lessor) (Signature of Lessee)