RecDoc2020-044709CONF - Laserfiche WebLink

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WHEREAS, the City and Estate desire to terminate the Loan Agreement. AGREEMENT NOW, THEREFORE, in consideration of the mutual covenants contained in this Agreement, the Parties agree as follows: 1. Recitals Incorporated by Reference. The recitals above are incorporated by reference into this Agreement as if fully set forth herein. 2. Termination. The Loan Agreement is hereby terminated and is of no further force or effect. 3. Release and Waiver. Executor, on behalf of the Estate and on her own behalf, hereby releases and forever discharges the City and its City Council, officers, agents, volunteers and employees and each and all of their respective successors and assigns, from all liability, claims, demands and causes of action, and all matters relating, involving and/or pertaining, directly or indirectly, to the Property and all aspects of this Agreement and the Loan Agreement or any other type of claim related to the Property, known or unknown, which may now be available or may be discovered at a future date. It is understood that this is a full release related to the Property. Executor agrees; as further consideration and inducement for this Agreement, to waive the provisions of California Civil Code Section 1542, which provides as follows: "A general release does not extend to claims that the creditor or releasing party does not know or suspect to exist in his or her favor at the time of executing the release and that, if known by him or her, would have materially affected his or her settlement with the debtor or released party." 4. Runs with the Land-, Recordation. This Agreement pertains to and shall run with the Property. Upon execution, this Agreement shall be recorded in the Official Records of San Mateo County. All of the terms, covenants and conditions of this Agreement shall be binding on and shall inure to the benefit of the Parties and their respective nominees, successors and assigns. 5. Entire Agreement. This Agreement contains the sole and complete agreement between the Parties relating to the termination of the Loan Agreement. This Agreement may not be changed orally and may be amended only by an agreement in writing signed by the Parties. 6. Severability. If any term or provision of this Agreement is, to any extent, held to be invalid or unenforceable, the remainder of this Agreement will not be affected, and each term or provision of this Agreement will be valid and be enforced to the fullest extent permitted by law. 7. Governing Law. This Agreement will be governed by, and construed in accordance with. California law. 8. Binding Effect. This Agreement shall bind and inure to the benefit of the Parties hereto and their respective successors and assigns. 9. Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, and when taken together they shall constitute one and the same Agreement. REV: 04-13-2020 PR ATTY/AGR.2020.063/Loan Payoff for Barbara Estrada, 719 Beech (Page 2 of 6)