Legal Judgment Agreement

LEGAL JUDGMENT AGREEMENT

This Legal Judgment Agreement (the Agreement) is entered into as of by and between Judgment Creditor: whose address is , and Judgment Debtor: whose address is . The parties acknowledge the judgment entered in under Docket/Case No.: on in the principal amount of $ (the Judgment).

RECITALS

WHEREAS, Judgment Creditor obtained the Judgment against Judgment Debtor as set forth above; and

WHEREAS, Judgment Debtor acknowledges the Judgment and desires to satisfy and resolve the Judgment in accordance with the terms and schedule set forth in this Agreement; and

WHEREAS, the parties desire to set forth their respective rights and obligations with respect to payment, security, enforcement, and release of the Judgment.

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows.

1. DEFINITIONS

In this Agreement the following terms shall have the meanings set forth: "Judgment" means the judgment described above, including all principal, pre- and post-judgment interest, costs, and fees as of the date hereof; "Creditor" means the Judgment Creditor identified above; "Debtor" means the Judgment Debtor identified above.

2. ACKNOWLEDGMENT OF JUDGMENT

Judgment Debtor expressly acknowledges the validity and enforceability of the Judgment and that, except as provided in this Agreement, no offset, defense, or counterclaim exists that would avoid or reduce the Judgment. Debtor waives any right to appeal as to any settlements effected by this Agreement.

3. PAYMENT TERMS

The total amount due under this Agreement (including principal, accrued interest to the date hereof, and costs if applicable) is $ . Payment will be made as follows:

Payment Method (select applicable option(s)):   Lump sum payment   Installment payments

First payment due on . Subsequent payments due on the day of each month thereafter, unless otherwise agreed in writing.

4. SECURITY

If security is granted, Debtor agrees to execute and deliver any documents reasonably necessary to perfect and record the security interest. Creditor may record this Agreement or a related security instrument with appropriate authorities as necessary to protect its interest.

5. RELEASE UPON PAYMENT

Upon Creditor's receipt of all amounts required under this Agreement, Creditor shall execute and deliver a satisfaction of judgment and release any liens or encumbrances granted pursuant to this Agreement within a commercially reasonable time, not to exceed thirty (30) days following final payment.

6. DEFAULT; REMEDIES

An event of default shall occur if Debtor fails to make a payment when due and such failure continues for ten (10) days after written notice. Upon default, Creditor may declare the entire unpaid balance immediately due and payable, pursue available remedies to enforce the Judgment, and recover all costs and attorneys' fees incurred in enforcement.

7. INTEREST

Interest shall accrue on any unpaid principal at the rate of per annum from the date of this Agreement except to the extent that higher post-judgment statutory interest applies, in which case the higher rate shall govern.

8. ATTORNEYS' FEES AND COSTS

In the event of any action to enforce this Agreement or to collect amounts due hereunder, the prevailing party shall be entitled to recover reasonable attorneys' fees, costs, and expenses incurred, including fees on appeal.

9. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants that: (a) it has full power and authority to enter into this Agreement; (b) this Agreement constitutes a valid and binding obligation enforceable in accordance with its terms; and (c) the execution and performance of this Agreement do not contravene any agreement or obligation to which it is a party.

10. NOTICES

All notices required or permitted under this Agreement shall be in writing and delivered personally, by overnight courier, or by certified mail, return receipt requested, to the addresses set forth below (or to such other address as a party may designate by written notice).

11. AMENDMENTS; WAIVER

No amendment, modification, or waiver of any provision of this Agreement shall be effective unless in writing and signed by all parties. No failure or delay by any party in exercising any right will operate as a waiver of that right.

12. GOVERNING LAW

This Agreement shall be governed by and construed in accordance with the substantive laws of the state specified below, without regard to conflict of laws principles.

13. 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, understandings, negotiations, and discussions, whether oral or written.

14. SEVERABILITY

If any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

15. COUNTERPARTS

This Agreement 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.

The parties acknowledge that they have read and understand this Agreement, have had the opportunity to consult counsel, and enter into it voluntarily and with full knowledge of its legal effect.

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