Legal Release from Covenants

LEGAL RELEASE FROM COVENANTS

This Release from Covenants (the "Release") is made effective as of the day of , , by and between Releasor Name: (the "Releasor"), and Releasee Name: (the "Releasee").

Releasor Entity Type: Individual Corporation LLC Other     Releasee Entity Type: Individual Corporation LLC Other

RECITALS

WHEREAS, Releasor is the current owner of certain real property described below and is subject to certain covenants, conditions and restrictions running with the land recorded against such property under recorded instrument identified below;

WHEREAS, Releasee holds or claims rights, interest, or enforcement authority with respect to one or more of those covenants, conditions or restrictions, and the parties desire to release, modify or terminate specified covenants as set forth herein;

WHEREAS, the parties desire to set forth the terms, consideration and effect of such release to remove uncertainty as to the title and permitted uses of the described property.

NOW, THEREFORE

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

1. PROPERTY

2. DEFINITIONS

"Covenants" means the covenants, conditions, restrictions, easements, and obligations running with the land and recorded against the Property and set forth in the Recorded Instrument Reference described above. "Effective Date" means the date first written above.

3. RELEASE

Subject to the terms and conditions of this Release, Releasor hereby releases and forever discharges Releasee, and Releasee's successors and assigns, from enforcement of the specific covenants identified in Exhibit A attached hereto and incorporated herein, solely as they apply to the Property as described above. This Release operates only as an evidentiary release of rights to enforce those specified covenants against the Property and shall not be construed as a release of any security interest, taxes, liens, mechanics' liens, or obligations arising under law independent of the Covenants, except as expressly provided herein.

4. CONSIDERATION

As full and complete consideration for this Release, Releasor and Releasee acknowledge receipt of the sum and/or other consideration described below, which shall be deemed adequate for all purposes:

5. REPRESENTATIONS AND WARRANTIES

Each party represents and warrants to the other that: (a) it has full power and authority to enter into this Release and to perform its obligations hereunder; (b) this Release constitutes a valid and binding obligation enforceable in accordance with its terms; and (c) the execution and delivery of this Release does not violate any agreement to which it is a party.

6. RECORDATION

The parties agree that, upon execution, Releasor may record this Release in the office of the recorder for the county in which the Property is located. Recording of this Release shall be conclusive evidence that the Covenants specified herein have been released as to the Property to the extent described. If recorded, insert Recording Details below.

7. INDEMNIFICATION

Each party shall indemnify, defend and hold harmless the other party from and against any claims, liabilities, costs or expenses (including reasonable attorneys' fees) arising out of any breach of the representations, warranties or covenants made by the indemnifying party in this Release or arising from actions taken by the indemnifying party that are inconsistent with the terms of this Release.

8. EFFECT ON TITLE AND OTHER RIGHTS

This Release shall not be deemed to create any rights in third parties not expressly named herein. Except as expressly released herein, all other covenants, reservations, easements, liens and encumbrances affecting the Property remain in full force and effect. This Release is intended to modify only those portions of the Covenants expressly described in Exhibit A.

9. NOTICES

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

10. AMENDMENT; WAIVER

This Release may be amended or modified only by an instrument in writing signed by both parties. No failure or delay by either party in exercising any right shall constitute a waiver of that right unless such waiver is in writing and signed by the waiving party.

11. GOVERNING LAW

This Release shall be governed by and construed in accordance with the substantive laws of the state in which the Property is located, without regard to conflict of laws principles.

12. ENTIRE AGREEMENT; SEVERABILITY; COUNTERPARTS

This Release contains the entire agreement of the parties with respect to the matters addressed herein and supersedes all prior negotiations and agreements, whether written or oral. If any provision of this Release is held invalid or unenforceable, such holding shall not affect the remaining provisions, which shall remain in full force and effect. This Release 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.

13. ADDITIONAL PROVISIONS

The parties acknowledge and agree that the individuals signing below have authority to bind the parties for whom they sign and that this Release is intended to be effective and enforceable against their respective successors and assigns.

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