SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE
THIS SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE („Settlement
Agreement”) is entered into between ________________ (“_____”) and
____________”(____”), each of which shall be referred to as a “Party” hereto and collectively as
the “Parties”) or “the parties to this Settlement Agreement”.
WHEREAS, the parties entered into various agreements, particularly, the Promissory Note for
the purchase of ________________________________(“___”), dated ___________________,
wherein ____ agreed to purchase all shares of ___ from ___; and two (2) Promissory Notes,
dated _________ and _________, (collectively, “Notes”), as well as one __________________,
WHEREAS it is contended by ______ that _______ failed to make the required payments under
the Notes, and that there are possible issues of contention between the Parties concerning the
________, which the Parties desire to resolve by way of this Settlement Agreement; and,
WHEREAS, it is agreed, by and between the Parties, that the sum of $__________ is owed by
_______ to ______.
NOW, THEREFORE, and in consideration of the mutual terms, obligations, covenants and
conditions herein contained, receipt consideration and sufficiency of which are hereby
acknowledged, the Parties to this Settlement Agreement, hereby, agree as follows:
1. The above recitals are hereby made a part of this Settlement Agreement.
2. ____ shall pay _______ the principal sum of $_____________, as full and complete
satisfaction of all covenants, obligations, agreements, and released contained herein (The
3. Payment shall be made in equal installments of $______________ per month, due on the
first (1st) day of each calendar months, beginning on ____________ and until the debt is paid
4. Each payment shall be made by regular U.S. mail to ___, at such address that _____ shall
designate in writing. Should any payment not be received by _____ by the fifth (5th) day of the
calendar month due, ____ shall fax notification thereof to ______, at such fax number that
_______ shall designate in writing, at which time, _____ shall have ten (10) calendar days to
either personally deliver, or mail by Certified Mail, Return Receipt, such payment to _______.
5. ____ shall issue certified checks or other forms of certified funds made payable to
______ and shall deliver or mail payments to:__________________, or any other address or
person as ____ is notified in writing by ________. Any Notice to ______, pursuant to Paragraph
4, shall be to Fax Number ______________. _____ and ____ shall retain the right to designate,
in writing, to the other any new address and fax number, respectively.
6. Should ___ fail to make payments as set forth in Paragraphs 4 and 5, above, ____ shall
be in default of this Settlement Agreement.
7. Mutual Releases by ______ and ____. Except by p