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D. The Forbearance Agreement further provides that upon default Peluso <br />shall execute a Quitclaim Deed and Assignment of Rights under the Lease in a form <br />prescribed by the City. <br />E. Peluso has defaulted under the Forbearance Agreement and has <br />concluded that it is unable to meet the prospective terms and obligations of the Lease <br />and of the payments required by the Forbearance Agreement. <br />F. The City and Peluso are now executing this Agreement and now desire <br />to terminate and cancel the Lease and tenancy as of August 23, 1995 and to release <br />each other from their respective obligations under the Lease. <br />NOW, THEREFORE, in exchange for consideration of the value which is <br />mutually acknowledged, the parties agree as follows: <br />1. The Lease shall be, and is terminated and canceled, and the term of the <br />Lease is brought to an end as of August 23, 1995 with the same force and effect as if <br />the duration of this Lease were by its terms fixed to expire on August 23, 1995, and <br />not as is provided in the Lease nor any purported extensions thereto, subject to the <br />terms and conditions set forth below. <br />2. City and Peluso are released and discharged from their respective <br />obligations to observe the terms and conditions of the Lease on their respective parts <br />to be observed. <br />3. Termination and cancellation of the Lease releases Peluso of the <br />antecedent debt arising from the Lease, and such release is consideration for this <br />Agreement to Terminate Lease, <br />Assign Rights and Quitclaim 3 <br />