Free Agreement to Compromise Debt Form 

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                        AGREEMENT TO COMPROMISE DEBT

  

               The undersigned a creditor of__________________________

        (Company) hereby agrees to compromise the indebtedness due the

        undersigned creditor on the following terms and conditions:

 

               1.  The Company and the undersigned agree that the present

        debt due is $ ___________.

 

               2.  The parties agree that the undersigned shall accept

        the sum of $_____________ as full payment on said debt and in

        complete discharge of all monies due, provided the sum herein

        shall be promptly paid in the following manner:

  

               3.  In the event the Company fails to promptly pay the

        compromised amount, the undersigned creditor shall have the

        right to prosecute its claim for the total debt due under

        Paragraph 1 less any payments made.

 

               4.  This Agreement shall be binding upon and inure to the

        benefit of the parties, their successors and assigns.

 

               Signed and sealed this____day of _____, 19__.

 

 
                                       _______________________________

 

  
                                       _______________________________