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Agreement To Compromise Debt
FOR VALUE RECEIVED, the undersigned being a creditor of [Company], hereby enters into an agreement to compromise and reduce the indebtedness due the undersigned on the following terms and conditions:
1. The Company and the undersigned acknowledge that the present debt due is $------.
2. The parties agree that the undersigned shall accept the sum of $------ as full and total payment on said debt and in complete discharge of all monies presently due, provided the sum herein shall be punctually paid in the manner following:
3. In the event the Company fails to punctually pay the reduced amount, the undersigned creditor shall have full rights to prosecute it claim for the total debt due under paragraph 1 [less payments made[.
4. This agreement shall be binding upon and inure to the benefit of the parties, their successors, assigns and personal representatives.
Signed under seal on [Date].
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [County]
On [Date] before me, [Name of Notary], notary, personally appeared [Name of Person(s) Involved], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____