MUTUAL
RELEASE
PARTIES:
THIS
AGREEMENT (hereinafter referred to as the
"Release") made and executed at [Place]
this [Date], by and between [Releasor Name],
Indian Inhabitant, residing at
[address](hereinafter referred to as the
"Releasor", which expression shall, unless it
be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and
assigns) of the ONE PART AND
[Releasee Name], a company incorporated under the
Companies Act, 1956 having its registered office
at [address](hereinafter referred to as the
"Releasee", which expression shall, unless it
be repugnant to the context or meaning thereof,
be deemed to mean and include its successors and
assigns) of the OTHER PART.
RECITALS:
WHEREAS,____
holds claims against _____ for ______ (the
"Indebtedness");
AND
WHEREAS, ______ hereby agrees to _______ in
return for a release of its Indebtedness to
_________;
WITNESSETH:
NOW THEREFORE, for
and in consideration of the payment of Rs___, and
other good and valuable consideration, in hand
paid, the receipt and sufficiency of which are
hereby acknowledged, the parties agree as
follows:
1. Releasor does
hereby release, cancel, forgive and forever
discharge the Releasee, each of its predecessors,
parent corporations, holding companies,
subsidiaries, affiliates, divisions, heirs,
successors and assigns, and all of their
officers, directors and employees from all
actions, claims, demands, damages, obligations,
liabilities, controversies and executions, of any
kind or nature whatsoever, whether known or
unknown, whether suspected or not, which have
arisen, or may have arisen, or shall arise by
reason of the Indebtedness and/or the guarantee
of payment of the Indebtedness as designated and
described in the Agreement from the first day of
the world, including this day and each day
hereafter, and _____ does specifically waive any
claim or right to assert any cause of action or
alleged case of action or claim or demand which
has, through oversight or error intentionally or
unintentionally or through a mutual mistake, been
omitted from this Release.
2. Releasor does
hereby release, cancel, forgive and forever
discharge Releasee, and each of his holding
companies, subsidiaries, affiliates, divisions,
successors heirs, and assigns in all capacities
whatsoever, including without limitation as an
officer, director, employee, representative,
designee, agent, and shareholder thereof, from
all actions, claims, demands, damages,
obligations, liabilities, controversies and
executions, of any kind or nature whatsoever,
whether known or unknown, whether suspected or
not, which have arisen, or may have arisen, or
shall arise by reason of any matter, cause or
thing whatsoever, from the first day of the
world, including this day and each day hereafter,
and each Borrower does specifically waive any
claim or right to assert any cause of action or
alleged cause of action or claim or demand which
has, through oversight or error, intentionally or
unintentionally or through a mutual mistake, been
omitted from this Release.
3. The provisions
of this Agreement must be read as a whole and are
not severable and/or separately enforceable by
either party hereto.
TESTAMONIUM:
IN WITNESS
WHEREOF, the undersigned have executed this
Release in dupliacate originals as of the day,
month and year first set forth above.
ATTESTATION:
- SIGNED,
SEALED AND DELIVERED
- by the
withinnamed Mortgagor in the
- presence of
____________________
- SIGNED,
SEALED AND DELIVERED
- by the
withinnamed Mortgagee in the
- presence of
____________________
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