In this form, the lessee is in default and lessor has brought an eviction action against lessee. Pursuant to two cash payments, lessor agrees to release lessee (with some exceptions) from the lease, covenants not to sue for monetary damages, and drop the eviction action.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Kentucky Forbearance Agreement — With Release Provision is a legal document that outlines the terms and conditions between a lender and borrower in the state of Kentucky. This agreement is typically utilized when a borrower is facing financial difficulties and is unable to make timely payments on their loan. The primary purpose of a Forbearance Agreement — With Release Provision is to provide temporary relief to the borrower by granting them a period of forbearance. During this forbearance period, the lender agrees to suspend or reduce the borrower's loan payments for a specific duration, allowing the borrower to get back on their feet financially. Under this agreement, the lender and borrower negotiate and agree upon the specifics of the forbearance period, such as the length and amount of reduced payments. This ensures that both parties are aware of their rights and responsibilities during the forbearance period. A standout feature of the Kentucky Forbearance Agreement — With Release Provision is the inclusion of a Release Provision. This provision grants the borrower a release from any liability related to the loan after they have successfully completed the forbearance period and complied with all the agreed-upon terms. It effectively releases the borrower from any remaining financial obligation towards the lender, providing them with a fresh start financially. Different types of Kentucky Forbearance Agreement — With Release Provision may include variations in specific terms and conditions depending on the lender and borrower's preferences. These variations could be related to the duration of the forbearance period, the amount of reduced payments, or any additional requirements the borrower must fulfill. In summary, a Kentucky Forbearance Agreement — With Release Provision is a legal agreement designed to provide temporary relief to borrowers facing financial hardships. It gives borrowers an opportunity to regain their financial stability by suspending or reducing loan payments for a specified period. The inclusion of a Release Provision grants the borrower a release from any remaining financial obligation after successfully completing the forbearance period. It is important for both parties to carefully review and negotiate the terms of the agreement to ensure it aligns with their needs and financial capabilities.
