LOAN RELEASE AGREEMENT
THIS LOAN RELEASE AGREEMENT (this “Agreement”) is made and entered into as of
[insert date] (the “Agreement Date”), by and among XXX L.L.C. whose
place of business is located at XXX (“Borrower”)
and XXX., an Individual whose address for the purposes of this
agreement is XXX (“Lender”).
BACKGROUND
Pursuant to that certain Loan Agreement dated as of [insert date of Loan Agreement],
entered into by and between XXX and XXX., as borrower, and Willard W.
Monroe, Jr., as lender, Lender agreed to make a loan, to Borrower in the initial principal
amount of seven thousand seven hundred fifty Dollars ($7,750), Loan is evidenced by that
certain Commercial Promissory Note dated as of March 10, 2022, executed by XXX in favor of Lender, XXX
AGREEMENT
NOW, THEREFORE, in consideration of the mutual benefits accruing to the parties hereto
and other valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree as follows:
1. Release.
a. Effective upon the due date of the agreement, which is XXX
whereupon the full balance on the Promissory Note, including any accrued
interest have been paid by the Borrower, the Lender does hereby fully,
completely, unconditionally, irrevocably, jointly and severally release Borrower
from any obligations, liabilities, causes of action, judgments, executions, suits,
debts, claims, demands, damages, and expenses of any and every kind or
nature, whether heretofore or hereafter arising, for or because of any matter or
thing done, omitted, or suffered to be done by Borrower prior to and including the
date of execution hereof, and in any way directly or indirectly arising out of or in
any way connected to the Loans or the Loan Documents.
b. The Lender does hereby acknowledge that after the due date, which is 23 rd of
January 2023, he will not have any continuing interest in the business owned by
the Borrower and therefore unconditionally, irrevocably, jointly and severally
release the Borrower from any causes of action, judgments, executions, suits,
debts, claims, demands, liabilities, obligations, damages, and expenses of any
and every kind or nature, whether heretofore or hereafter arising, for or because
of any matter or thing done, omitted, or suffered to be done by any of the
Released Party prior to and including the date of execution hereof, and in any
way directly or indirectly arising out of or in any way connected to this Agreement.
2. No Impairment; Forbearance Not a Waiver. Except as expressly set forth in this
Agreement, the terms and provisions set forth in the Loan Document as well as the
Promissory Note, all of which are incorporated herein, are unmodified and shall
remain in full force and effect as between the Lender and Borrower, such parties
hereby ratifying and confirming such terms and provisions and this Agreement shall
not be deemed to or shall in any manner prejudice or impair, or act as a release or
relinquishment of, any of the Loan Documents or any rights of the Lender under the
Loan Documents, or any lien, security interest or assignment granted to or held by
the Lender in connection with the Loans. The execution of this Agreement by the
Lender does not constitute a waiver, limitation, or modification of any of the Lender’s
rights or remedies under the Loan Documents or applicable law, all of which Lender
hereby expressly reserves, nor shall the same constitute a waiver of any default
which may have heretofore occurred or which may hereafter occur with respect to the
Loan Documents.
3. General Provisions.
3.1 Continuing Force and Effect. Except as modified hereby, all of the terms and
provisions of the Loan Documents will remain in full force and effect.
3.2 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties hereto as well as their respective heirs, executors,
administrators, successors and permitted assigns.
3.3 Governing Jurisdiction. This Agreement shall be governed by and construed in
accordance with the laws of the State of Florida, without reference to conflicts of
laws principles.
3.4 Entire Agreement. This Agreement constitutes the entire understanding between
the parties hereto with respect to the subject matter hereof, superseding all prior
written or oral understandings or communications. This Agreement may not be
amended or modified, except by a written agreement signed by each of the
parties hereto (with such applicability determined under each of the Loan
Documents) and Lender.
3.5 Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall
constitute but one and the same document.
IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
Agreement Date.
/s/_______________________
XXX
XXX
Borrower
[date]
/s/_______________________
XXX, Jr.
Lender
[date]
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