Legal Delay Condonation Form

LEGAL DELAY CONDONATION FORM

This Legal Delay Condonation Form (the "Form") is entered into as of Effective Date: by and between Creditor: , with principal address ; and Debtor: , with principal address .

RECITALS

WHEREAS, Creditor and Debtor are parties to that certain obligation described as: (the "Obligation"), originally dated , and evidenced by documents, instruments or accounts specified herein.

WHEREAS, Debtor experienced one or more delays in performance under the Obligation, with the period of delay commencing on and ending on (the "Delay Period"); and Creditor has agreed, subject to the terms of this Form, to condone such delay under specified conditions.

WHEREAS, the parties desire to set forth the terms under which Creditor will condone the Delay Period and the consequences of such condonation.

NOW, THEREFORE

In consideration of the mutual covenants and agreements contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1. DEFINITIONS

For purposes of this Form, the following terms shall have the meanings set forth below. "Condonation" means the express acceptance by Creditor of the Delay Period subject to the terms and conditions in this Form. "Remaining Obligation" means the outstanding duties, payments or performance obligations of Debtor following application of any condonation or adjustments described herein.

2. SCOPE OF CONDONATION

2.1 Condonation Type: Creditor hereby elects the following form of condonation (select one): Full condonation of delay without further payment Partial condonation subject to the conditions set forth below Conditional condonation contingent upon performance or payment

2.2 Conditions of Condonation: If conditional or partial condonation is selected, Debtor shall comply with the following conditions:

3. EFFECT OF CONDONATION

3.1 Binding Effect. Upon satisfaction of the conditions set forth in Section 2.2, Creditor's condonation shall be effective and binding. Condonation shall not constitute a waiver of any obligation of Debtor not expressly addressed by this Form.

3.2 No Implied Release. Except as expressly provided herein, this Form does not release Debtor from obligations under the Obligation that are not directly the subject of the Delay Period, nor does it prevent Creditor from enforcing any rights that survive condonation under applicable law.

4. CONSIDERATION

As consideration for Creditor's condonation, Debtor shall provide the following (check all that apply and complete amounts or descriptions):

Monetary Payment Amount:

Other Consideration (services, schedules, promissory terms):

5. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants to the other that: (a) it has the full corporate or individual power and authority to enter into and perform this Form; (b) the execution and delivery of this Form and the performance of its obligations will not violate any applicable law, contract, or order binding on it; and (c) there are no pending actions that would impair its ability to perform hereunder.

6. COVENANTS

Debtor covenants to take commercially reasonable steps to mitigate the cause of the Delay Period and to promptly notify Creditor of any material changes in circumstances that would affect performance under the Obligation. Creditor covenants that, upon satisfaction of the conditions herein, it will not commence enforcement action solely on account of the Delay Period addressed by this Form.

7. LIMITATION OF LIABILITY

Except for willful misconduct or gross negligence, neither party shall be liable to the other for incidental, consequential, or punitive damages arising solely from the Delay Period or the condonation thereof. This limitation shall apply to the fullest extent permitted by law.

8. NOTICES

All notices, demands and communications required or permitted under this Form shall be in writing and shall be delivered by certified mail, national overnight courier, or hand delivery to the addresses set forth below or to such other address as either party may specify in writing.

9. AMENDMENT; WAIVER

This Form may be amended only by a written instrument executed by both parties. No failure or delay by a party in exercising any right shall operate as a waiver of that right. A waiver must be in writing and signed by the waiving party to be effective.

10. COUNTERPARTS; EXECUTION

This Form may be executed in counterparts, each of which shall be deemed an original and all of which together shall constitute one and the same instrument. Delivery of an executed counterpart by electronic means shall be effective as delivery of an original.

11. GOVERNING LAW

This Form shall be governed by and construed in accordance with the laws of the jurisdiction specified below without regard to principles of conflicts of law.

12. ENTIRE AGREEMENT

This Form, together with any documents expressly incorporated herein, constitutes the entire agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements, understandings, negotiations and discussions, whether oral or written.

13. SEVERABILITY

If any provision of this Form is held to be invalid, illegal or unenforceable in any respect under applicable law, such provision shall be reformed to the extent necessary to make it valid and enforceable, or if reformation is not possible, such provision shall be severed and the remaining provisions shall continue in full force and effect.

14. ADDITIONAL PROVISIONS

The parties certify that the signatories below are authorized to execute this Form on behalf of their respective parties and that the parties understand and accept the terms set forth herein.

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