General Release

[Mike Thoms]

In this General Release it would seem that the seller/optionor/assignor is paying X$s for the release from the buyer. Am I reading this right or have I misread the meaning. If so that just seems a little strange that you would pay for a release.

BE IT KNOWN, that _______________, (hereinafter referred to as "Releasor"), for and in consideration of the sum of ________________ ($_________) Dollars, and other valuable consideration received from or on behalf of ________________, (hereinafter referred to as "Releasee"), the receipt of which is hereby acknowledged, does hereby remise, release, acquit, satisfy, and forever discharge the said Releasee, of and from all manner of actions, causes of action, suits, debts, covenants, contracts, controversies, agreements, promises, claims and demands whatsoever, which said Releasor ever had, now has, or which any personal representative, successor, heir or assign of said Releasor, hereafter can, shall or may have, against said Releasee, by reason of any matter, cause or thing whatsoever, from the beginning of time to the date of this instrument.