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Forbearance Agreement With Release Provision Templates Free Download

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FORBEARANCE AGREEMENT
WITH RELEASE



This Forbearance Agreement with Release (the Agreement) is effective [DATE], with reference to the Lease agreement signed on [DATE],

BETWEEN:  [YOUR COMPANY NAME] (the "Company"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

  [YOUR COMPLETE ADDRESS]


AND:  [TENANT NAME] (the "Obligator"), a corporation organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at:

      [COMPLETE ADDRESS]


WHEREAS, Company is the owner of record of certain premises at [ADDRESS], otherwise known as [SPECIFY] in the City of [CITY], and State of [STATE/PROVINCE] (the "Demised Premises");

WHEREAS, on or about [DATE], by written Lease (the "Lease"), Company leased the Demised Premises to the Obligator, [TENANT NAME];

WHEREAS, the Obligator entered into possession of the Demised Premises pursuant to the Lease;

WHEREAS, the Obligator is in default of the Lease;

WHEREAS, Company has commenced an action in summary process to recover possession of the Demised Premises, which action is pending in the [SPECIFY] Court;

WHEREAS, the Obligator is liable to Company for damages under the Lease;

WHEREAS, Company has exercised its right to recover possession of the Demised Premises, and has retained legal counsel to enforce its rights under the Lease;

WHEREAS, Company is prepared to obtain judgment in said summary process action pending in the [SPECIFY] Court;

WHEREAS, Company has the right and is prepared to commence an action for money damages against the Obligator for the Obligator's breach of the Lease;

WHEREAS, Obligator wishes Company to forestall any further legal action against Obligator;

WHEREAS, Company is willing to forestall further legal action against Obligator in return for Obligator's promises contained herein which are satisfactory and acceptable to Company; and

WHEREAS, the parties wish to confirm their agreements;

NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained, the parties hereto, intending, to be legally bound, agree as follows:
VACATING OF PREMISES

Obligator shall vacate the Demised Premises for possession by Company on or before [TIME] on [DATE], time being of the essence. Thereafter, the Obligator shall have no further rights of possession under the Lease or operation of law; and Company shall be released from any further performance or obligation under the Lease.


PAYMENT BY OBLIGATOR

Upon the execution of this Agreement by Obligator, Obligator shall tender to Company the sum of $[AMOUNT] in good funds.

On or before [TIME] on [DATE], the Obligator shall tender to Company the additional sum of $[AMOUNT] in good funds, time being of the essence.


CONDITIONS FOR RELEASE OF OBLIGATOR LIABILITY

If possession of the Demised Premises is given to Company and payments are made to Company as provided for hereinabove, and no legal action occurs or is taken by third party creditors of Obligator that might adversely affect the legal interests of Company, subject to the terms of Provision 5 contained hereinafter, this Agreement shall serve as Company's release of Obligator from any and all further liability to Company under the Lease.


LEGAL ACTION AGAINST OBLIGATOR

If possession of the Demised Premises is not given to Company and/or payments are not made to Company as provided for hereinabove, or legal action occurs or is taken by third party creditors of Obligator that will or might adversely affect the legal interests of Company, Company shall have the option and right to take any legal action deemed appropriate by Company against the Obligator for collection of any and all damages that Company may sustain as a result of the breach of the Lease by Obligator, including, but not limited to, any and all costs incurred by Company prior to this date, which shall be deemed costs of collection payable by Obligator.


CONTINUING LIABILITIES OF OBLIGATOR

Notwithstanding any provisions to the contrary contained herein, prior to vacating the Demised Premises, and except for payment of base rent, Obligator shall continue to be liable to Company pursuant to the terms of the Lease. Notwithstanding any provisions to the contrary contained herein, in addition to the promises of the Obligator contained herein, subsequent to vacating the Demised Premises; Obligator shall continue to be liable to Company pursuant to Provision [NUMBER] (Security) and Provision [NUMBER] (Tenant Fit-Out and Alterations) and Provision [NUMBER] (Utilities) of the Lease. Any utility expenses payable by Obligator shall be paid on [DATE].


SUCCESSORS

This Agreement shall be binding against the respective successors and assigns of the parties hereto. Wherever in this instrument any party shall be designated or referred to by name or general reference, such designation is intended to and shall have the same effect as if the words "heirs, executors, administrators, personal or legal representatives, successors and assigns" had been inserted after each and every such designation and all the terms, covenants and conditions herein contained shall be for and shall inure to the benefit of and shall bind the respective parties hereto, and their heirs, executors, administrators, personal or legal representatives, successors and assigns, respectively.


GENDER, NUMBER

In all references herein to any parties, persons, entities or corporations the use of any particular gender or the plural or singular number is intended to include the appropriate gender or number as the text of the within instrument may require.


ORIGINAL INSTRUMENT

This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all of the parties hereto.



IN WITNESS WHEREOF, each party to this agreement has caused it to be executed at [PLACE OF EXECUTION] on the date indicated above.


[YOUR COMPANY NAME]        [TENANT NAME]




                          
Authorized Signature          Authorized Signature


                          
Print Name and Title          Print Name and Title


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