Loan Release Letter - Template, Sample Form to Fill out Pro · NG-law

DEED OF RELEASE AND DISCHARGE OF DEBT

THIS DEED OF RELEASE is made this ________ day of ________, 20________

BETWEEN

________ of ________ (hereinafter referred to as the "Creditor" or "Releasor", which expression shall, where the context so admits, include its successors-in-title, personal representatives, assigns and legal representatives) of the one part;

AND

________ of ________ (hereinafter referred to as the "Debtor" or "Releasee", which expression shall, where the context so admits, include its successors-in-title, personal representatives, assigns and legal representatives) of the other part.

(The Creditor and the Debtor are hereinafter together referred to as the "Parties" and individually as a "Party".)

RECITALS / WHEREAS:

1. By a Loan Agreement dated ________ (the "Agreement"), the Creditor advanced to the Debtor the principal sum of \u20a6________ (________ Naira) together with accrued interest thereon (the "Debt"), upon the terms and conditions set out therein.
2. The Debtor has duly repaid the said Debt in full, having made the final instalment payment on ________.
3. The Creditor has accordingly agreed to release and discharge the Debtor from all liabilities and obligations arising under or in connection with the Agreement upon the terms herein contained.

NOW THIS DEED WITNESSETH as follows:

1. ACKNOWLEDGEMENT OF PAYMENT
   In consideration of the payment by the Debtor of the principal sum of \u20a6________ together with all accrued interest and charges arising under the Agreement (the receipt and sufficiency of which the Creditor hereby acknowledges), the Creditor confirms that the Debtor has made full, final and complete payment of the Debt and has duly performed and satisfied all terms, covenants and conditions of the Agreement.
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3. CONFIRMATION OF NO OUTSTANDING LIABILITY
   The Creditor confirms and warrants that, as at the date of this Deed, there are no outstanding sums, obligations, securities, charges or liabilities of any kind owed by the Debtor under or in connection with the Agreement, and that all securities (if any) created or given by the Debtor in respect of the Debt are hereby released and discharged.
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5. WAIVER OF CLAIMS
   The Creditor irrevocably waives, abandons and relinquishes any and all claims, demands, actions, suits or causes of action whatsoever, whether at law or in equity, present or future, known or unknown, which it has or may have against the Debtor arising out of or in connection with the Agreement.
6. COVENANT NOT TO SUE
   The Creditor covenants and undertakes not to commence, institute, maintain or continue any action, suit or proceedings against the Debtor, whether before any court, tribunal or arbitral panel, in respect of any matter released and discharged under this Deed.
7. BINDING EFFECT
   This Deed shall be binding upon the Creditor, its heirs, executors, administrators, successors-in-title and assigns, and shall enure to the benefit of the Debtor, its heirs, executors, administrators, successors-in-title and assigns.
8. ENTIRE AGREEMENT
   This Deed constitutes the entire agreement and understanding between the Parties in respect of its subject matter and supersedes all prior negotiations, representations and understandings, whether written or oral, relating thereto.
9. SEVERABILITY
   If any provision of this Deed is held by a court of competent jurisdiction to be invalid, illegal or unenforceable, such provision shall be severed and the remaining provisions shall continue in full force and effect.
10. GOVERNING LAW AND JURISDICTION
    This Deed shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria, and the Parties hereby submit to the jurisdiction of the High Court of ________ State of Nigeria.
11. STAMP DUTY
    This Deed shall be stamped in accordance with the Stamp Duties Act (Cap. S8, Laws of the Federation of Nigeria), and any stamp duty payable hereon shall be borne by ________.

IN WITNESS WHEREOF the Parties have executed this Deed in the manner hereinafter appearing the day and year first above written.

SIGNED, SEALED AND DELIVERED by the within-named Creditor:

__________________________________
________
(Creditor / Releasor)

In the presence of:
Name of Witness: ________
Address: ________
Occupation: ________
Signature: ________
Date: ________

ACKNOWLEDGED AND RECEIVED by the within-named Debtor:

__________________________________
________
(Debtor / Releasee)

In the presence of:
Name of Witness: ________
Address: ________
Occupation: ________
Signature: ________
Date: ________

Dated this ________.