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 North Dakota Forbearance Agreement — With Release Provision is a legally binding contract entered into by a lender and a borrower in North Dakota. This agreement is typically used when a borrower is facing financial hardship and is unable to make their loan payments. The purpose of the forbearance agreement is to provide temporary relief to the borrower by allowing them to temporarily suspend or reduce their loan payments. The forbearance agreement includes a release provision, which is designed to protect both the lender and the borrower from future claims or disputes related to the loan. This provision releases the lender from any liability arising from the borrower's default or non-payment during the forbearance period. There are different types of North Dakota Forbearance Agreement — With Release Provision, depending on the specific circumstances and the type of loan involved. Some common types include: 1. Mortgage Forbearance Agreement: This type of forbearance agreement is used when a borrower is facing difficulty in making their mortgage payments. It provides temporary relief by allowing the borrower to suspend or reduce their mortgage payments for a certain period. 2. Student Loan Forbearance Agreement: This type of forbearance agreement is commonly used by borrowers who are unable to make their student loan payments. It allows the borrower to temporarily suspend or reduce their loan payments, usually for a specified timeframe. 3. Business Loan Forbearance Agreement: This type of forbearance agreement is tailored for businesses that are experiencing financial hardship. It offers temporary respite by allowing the business to delay or reduce their loan payments, giving them an opportunity to stabilize their finances. 4. Personal Loan Forbearance Agreement: This type of forbearance agreement is used for individuals who are facing financial difficulties with personal loans. It provides relief by allowing the borrower to temporarily suspend or reduce their loan payments for a certain period. These North Dakota Forbearance Agreements — With Release Provision are meant to be mutually beneficial, as they provide temporary relief to the borrower while also protecting the lender from potential legal issues. It is important to note that the specific terms and conditions of a forbearance agreement may vary depending on the lender and individual circumstances. It is highly recommended for both parties to seek legal advice and carefully review the agreement before signing to ensure that their rights and obligations are adequately protected.
