Release of Loan - Template, Sample Form to Fill out
✓ Valid in Australia
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RELEASE OF LOAN
This Release of Loan Deed ("this Deed") is dated this _________________
BETWEEN
The Lender:
________
of the following address:
________
AND
The Borrower:
________
of the following address:
________
BACKGROUND
(1) The Lender lent a sum of $________ (________) to the Borrower ("the Loan") under an Agreement dated ________ a copy of which is attached ("the Agreement").
(2) The Borrower has complied with the Borrower's obligations for repayment of the Loan and any accrued interest under the Agreement.
(3) The Lender intends to release the Borrower from any of the Borrower's obligations under the Agreement.
(4) In consideration for the full repayment of the Loan and any accrued interest by the Borrower, and the agreements and covenants set out in this Deed, the Lender and the Borrower agree as follows:
(1) DEFINITIONS
"Agreement" means the Agreement dated ________ a copy of which is attached to this Deed.
"Borrower" means ________.
"Business Day" means a day which is not a Saturday, Sunday or public holiday in New South Wales.
"Deed" means this Deed of Release.
"Deed Date" means _________________
"Loan" means the loan of $________ (________) from the Lender to the Borrower under the Agreement.
"Lender" means ________.
"Parties" means parties to this Deed.
"Party" means a party to this Deed.
(2) INTERPRETATION
In this Deed, unless the context otherwise requires, the following rules of interpretation shall apply:
(a) Words referring to one gender include every other gender.
(b) Words referring to a singular number include the plural, and words referring to a plural include the singular.
(c) If a word or phrase is defined in this Deed then any grammatical variations of that word or phrase have a corresponding meaning.
(d) Words referring to a person or persons include firms, corporations, associations, partnerships, joint ventures, authorities, government bodies, organisations and other legal entities, and vice versa.
(e) Any reference to time is a reference to time in New South Wales.
(f) In the event that something must be done under this Deed on or before a particular date, if that date falls on a day which is not a Business Day, then that thing must be done on or before the next Business Day.
(g) Any obligation on a Party not to do something includes an obligation not to allow that thing to be done.
(h) Headings and titles are included in this Deed for convenience only and shall not affect the interpretation of this Deed.
(i) A reference to legislation or any part or provision of that legislation includes any subordinate legislation, any amended legislation, and any substituted legislation issued under that legislation.
(j) A reference to an agreement or document is a reference to that agreement or document as amended, replaced, supplemented or novated from time to time.
(k) A reference to a Party also includes that Party's successors, assigns, legal personal representatives and/or any person that is substituted by way of novation.
(l) Any reference to money or currency, unless otherwise specified, is a reference to Australian dollars.
(3) RELEASE
(4) SUFFICIENCY OF PAYMENT
The Lender hereby acknowledges the receipt of and the sufficiency of the Borrower's repayment of the Loan as consideration.
(5) RETURN OF DOCUMENTS
Upon execution of this Deed, the Lender must return to the Borrower the original Agreement together with any other documents, securities or instruments held by the Lender in connection with the Loan, and must do all things reasonably necessary to discharge or release any security, charge or encumbrance granted in connection with the Loan or the Agreement.
(6) WARRANTIES REGARDING LEGAL ADVICE
(a) Each Party, (which for the purposes of this clause shall be referred to as the "Warranting Party" as the context requires) hereby respectively warrants:
(I) the Warranting Party fully understands the terms of this Deed.
(II) the Warranting Party has had the opportunity to obtain independent legal advice in relation to the matters addressed by this Deed and the Warranting Party has either:
(A) taken such independent legal advice; or
(B) elected not to take such independent legal advice.
(III) the Warranting Party has not been induced to enter this Deed by any representation(s) made by the other Party or by any officer, employee, director, agent, contractor, assignee, successor or other representative, except as provided in this Deed.
(b) This clause will survive termination or expiration of this Deed.
(7) CONFIDENTIALITY
(a) Subject to this clause, the Parties each respectively hereby agree to keep the provisions of this Deed confidential.
(b) Notwithstanding the preceding sub-clause hereof, the Parties may disclose any details of this Deed ("Details"):
(I) to their respective legal or financial advisors ("Advisors") provided that the Party disclosing the Details to any such Advisors first ensures that those Advisors are legally bound to keep the Details confidential on terms at least as onerous as those contained in this Deed; or
(II) as otherwise required by law, by court order, or by the requirement of any stock exchange or regulatory authority.
(c) This clause will survive termination or expiration of this Deed unless the Parties agree otherwise in writing.
(8) ENTIRE AGREEMENT
In relation to the subject matter of this Deed, this Deed constitutes the entire agreement between the Parties and supersedes any prior or contemporaneous understandings, whether written or oral.
(9) LEGAL COSTS
Each Party must pay its own legal costs of and incidental to this Deed.
(10) GENERAL PROVISIONS
(a) GOVERNING LAW: This Deed shall be governed in all respects by the laws of New South Wales and any applicable federal law. Both Parties consent to jurisdiction under the state and federal courts within New South Wales.
(b) LANGUAGE: All communications made or notices given pursuant to this Deed shall be in the English language.
(f) NO WAIVER: None of the powers or rights created under the terms of this Deed shall be deemed to have been waived by any act or acquiescence of either Party. A power or right under the terms of this Deed may only be waived in writing, signed by the Party that is waiving the said power or right. No waiver of any power or right under a term of this Deed shall constitute a waiver of any other power or right or of the same power or right on a future date. Failure of either Party to enforce any term of this Deed shall not constitute waiver of such term or any other term.
(g) SEVERABILITY: If any provision or term of this Deed is held to be unenforceable, then this Deed will be deemed amended to the extent necessary to render the otherwise unenforceable provision, and the rest of the Deed, valid and enforceable. If a court declines to amend this Deed as provided herein, the invalidity or unenforceability of any provision of this Deed shall not affect the validity or enforceability of the remaining terms and provisions, which shall be enforced as if the offending term or provision had not been included in this Deed.
(h) NOTICES: Any notice or other communication given under or in connection with this Deed must be in writing and addressed to the relevant Party at the address set out in this Deed (or such other address as that Party may notify in writing to the other Party from time to time). A notice may be delivered by hand, sent by prepaid post or transmitted by email, and shall be deemed to have been received: if delivered by hand, at the time of delivery; if sent by prepaid post, on the third Business Day after posting; and if sent by email, at the time of transmission, provided that no delivery failure notification is received by the sender. Any notice received on a day that is not a Business Day, or after 5.00pm on a Business Day, shall be deemed to be received on the next Business Day.
(i) FORCE MAJEURE/EXCUSE: Neither Party is liable to the other for any failure to perform due to causes beyond its reasonable control including, but not limited to, acts of God, acts of civil authorities, acts of military authorities, riots, embargoes, acts of nature and natural disasters, labour or transportation disputes, and other acts which may be due to unforeseen circumstances.
(j) FURTHER ACTS: Each Party must, and must ensure that its directors, employees, officers, agents, representatives and contractors do all things and sign, execute and deliver all documents, agreements and instruments as reasonably required in order to give effect to this Deed and to the rights and obligations of the Parties created under this Deed.
EXECUTED AS A DEED THIS ________
Signed Sealed and Delivered by ________:
____________________________________
________
In the presence of:
____________________________________
Witness Signature
____________________________________
Witness Name
____________________________________
Witness Occupation
____________________________________
____________________________________
Witness Address
Signed Sealed and Delivered by ________:
____________________________________
________
In the presence of:
____________________________________
Witness Signature
____________________________________
Witness Name
____________________________________
Witness Occupation
____________________________________
____________________________________
Witness Address
ATTACH HERE A COPY OF THE PREVIOUS AGREEMENT BETWEEN THE PARTIES (IN WHICH THE LENDER AGREED TO PROVIDE THE LOAN TO THE BORROWER).
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