THIS JOINT VENTURE DISSOLUTION AGREEMENT is entered into effective as of 05 May 2024.
Between
(1) PARTY_1_NAME whose principal place of business is at PARTY_1_ADDRESS_SINGLE_LINE ("JV Leader")
(2) PARTY_2_NAME whose principal place of business is at PARTY_2_ADDRESS_SINGLE_LINE ("Participant")
Whereas
It is agreed as follows:
1. Effective Date
The Effective Date of this agreement shall be 05 May 2024 ("Effective Date"). On the date of execution, the JV Leader shall make its payment to the Participant, the Participant shall transfer all of its rights, title and interest in the Joint Venture to the JV Leader, and from and after the Effective Date, the Joint Venture shall be dissolved and any and all business done from the Effective Date under the name shall be business conducted solely by JV Leader or such affiliate as it may select. From and after the Effective Date, the Participant shall have no further right, interest, obligation, liability or responsibility for the Joint Venture.
2. Payment of Consideration
The JV Leader will pay the Participant on the Effective Date.
3. Transfer and Assignment
The Participant shall transfer and assign all of its rights, title and interest in the Joint Venture and all of its right, title and interest in the leases and other assets of the Joint Venture, to the JV Leader on the Effective Date. The Joint Venture shall execute forms of the Assignment and Assumption of Leases in the form attached as Exhibit A and an Assignment and Assumption of Contracts in the form attached hereto as Exhibit B.
4. Assumption of Liabilities
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