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The document is a Mutual Release Agreement between a Lessor and Lessee, terminating their lease obligations. It outlines the circumstances leading to the release, acknowledges a payment from the Lessee, and states that all claims and duties related to the lease are settled, allowing the Lessor to regain possession of the leased premises.

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What is an example of a mutual release clause?

As Though the Company and the Selling Shareholder presently have no claims against the other as of the date of this Agreement, the Company and the Selling Shareholder shall hereby release and forever discharge each other from all claims arising prior to the date of this Agreement related to the Redemption Shares and

What happens if only one person wants to break the lease?

If you have one lease agreement, then one person giving notice ends the agreement for both. In that case, the remaining tenant would need to sign a new agreement with the landlord individually (assuming they still qualify) or with a new co-tenant. There are no fees to the existing tenant.

What is consideration for a mutual release?

In mutual release agreements, consideration often involves monetary payment like severance or settlement funds (resolve of money set aside to resolve a legal dispute). However, it could also include other benefits like property, services, or even mutual promises.

What does mutual agreement mean in a contract?

In a legal context, the term mutual generally refers to an agreement or a condition that is reciprocal or agreed upon by all parties . It implies that all parties involved have consented to the same terms , obligations , or conditions, and that the agreement is binding on all parties involved.

What is a mutual lease agreement?

A mutual lease termination agreement is a legal document that allows both the landlord and the tenant to end a lease contract before its stipulated expiration date.

What is mutual discharge of contract?

Discharge of a contract by agreement refers to the mutual assent between the parties involved to terminate or discharge the contract. The agreement can be reached at any point during the performance of the contract, provided both parties consent to end their obligations under the contract.

What is a mutual release in a contract?

A Mutual Release is a legal agreement between two or more parties where each party agrees to release the other from any claims, liabilities, or obligations arising from a particular contract, dispute, or situation.

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