Debt Waiver Agreement
This Debt Waiver Agreement ("Agreement") is entered into as of January 6, 2050, by and between:
Debtor:
Name: John Alexander Smith
Address: 1234 Elm Street, Springfield, IL 62701
("Debtor")
Creditor:
Name: [Your Name]
Address: 5678 Oak Avenue, Springfield, IL 62702
("Creditor")
RECITALS
WHEREAS, the Debtor owes a certain amount of debt to the Creditor for Twenty Thousand Dollars ($20,000) as of July 15, 2045 (the "Debt");
WHEREAS, the Debtor has expressed the intention to repay the Debt in full but is facing financial challenges, and the Creditor desires to release the Debtor from the Debt to support the Debtor's financial situation;
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein, the parties agree as follows:
1. Debt Waiver
The Creditor hereby agrees to waive the Debt in the total amount of Twenty Thousand Dollars ($20,000) owed by the Debtor. As a result of this waiver, the Debtor is no longer obligated to repay the Debt or any associated interest or fees.
2. Release
Upon execution of this Agreement, the Creditor agrees to fully and unconditionally release the Debtor from any further claims, demands, or liabilities related to the Debt.
3. No Further Action
The Creditor agrees that no further legal or financial action will be pursued against the Debtor regarding the waived Debt and that the Debt is considered fully satisfied.
4. Tax Consequences
The Debtor acknowledges that the cancellation or waiver of the Debt may have tax implications. The Debtor is responsible for any tax obligations arising from this waiver and is advised to consult with a tax advisor.
5. Entire Agreement
This Agreement constitutes the entire understanding between the Debtor and Creditor regarding the Debt and supersedes any prior agreements or understandings, whether written or oral, relating to the Debt.
6. Governing Law
This Agreement shall be governed by, and construed by, the laws of the state of Illinois.
7. Signatures
This Agreement shall be executed by both the Debtor and the Creditor, effective as of the date written above.
IN WITNESS WHEREOF, the parties hereto have executed this Debt Waiver Agreement on the day and year first above written.
Debtor's Signature:
Name: John Alexander Smith
Date: January 6, 2050
Creditor's Signature:
Name: [Your Name]
Date: January 6, 2050
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