Common use of Release in Event of Termination Clause in Contracts

Release in Event of Termination. In the event of a termination of this Agreement prior to the Closing as provided in Section 11.1 above, each Party does hereby release and forever discharge the other Party, and its respective directors, trustees, officers, agents, employees, attorneys, and the successors and assigns of each, of and from any and all claims, debts, liabilities, demands, obligations, costs, expenses, attorneys’ fees, actions and causes of actions arising out of or related to the negotiations leading up to, execution or performance of the terms and conditions of this Agreement, except for claims arising out of a violation of Section 9.11 or 9.12, which claims are not so released. Each of the Parties hereby waives the rights and benefits of Section 1542 of the California Civil Code, which provides as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”

Release in Event of Termination. In the event of a termination of this Agreement prior to the Closing as provided in Section 11.1 above, each Party does hereby release and forever discharge the other Party, and its respective directors, trustees, officers, agents, employees, attorneys, and the successors and assigns of each, of and from any and all claims, debts, liabilities, demands, obligations, costs, expenses, attorneys’ fees, actions and causes of actions arising out of or related to the negotiations leading up to, execution or performance of the terms and conditions of this Agreement, except for claims arising out of a violation of Section 9.11 9.11, 9.12 or 9.1212.7, which claims are not so released. Each of the Parties hereby waives the rights and benefits of Section 1542 of the California Civil Code, which provides as follows: “A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.”