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Termination Of Letter Of Intent And Mutual Release Agreement

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AVALANCHE INTERNATIONAL, CORP. | Avalanche Avalanche International Corp | JSTech JS Technologies, Inc

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Title: TERMINATION OF LETTER OF INTENT AND MUTUAL RELEASE AGREEMENT
Governing Law: California     Date: 7/1/2016
Industry: Conglomerates     Sector: Conglomerates

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Exhibit 10.1

 

 

 

 


 

 

 

 

 


 

 

 

TERMINATION OF LETTER OF INTENT AND MUTUAL RELEASE AGREEMENT   This Termination of Letter of Intent and Mutual Release Agreement(this "Termination and Release") is entered into on May 12, 2016 and is effective as of May   4,   2016 (the "Effective Date") and is by and between Avalanche International Corp, a    Nevada corporation ("Avalanche"), JS Technologies, Inc., a California corporation ("JSTech"), Steve Smith ("SSmith"), Joleen Smith ("JSmith"), John Suhr ("JSuhr"), Aura Suhr ("ASuhr"), and Kevin Suhr ("KSuhr") and together with SSmith, JSmith, JSuhr, and ASuhr, the "Sellers"). Avalanche, JSTech, and the Sellers may each be referred to herein as a "Party" and collectively as the "Parties."   RECITALS   WHEREAS, the Parties are parties to that certain Letter of Intent dated June 12, 2015 (the "Original Agreement"), as amended by an Amendment to Letter of Intent  dated August 4, 2015 (the "First Amendment");   WHEREAS, the Parties desire to terminate the Original Agreement, as amended by the First Amendment, and to release each other as set forth in this Termination and Release, including any breakup or liquidated damages fees set forth in Section 10 thereof.  NOW, THEREFORE, for good and adequate consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties agree as follows:   AGREEMENT   1.The Original Agreement, as amended by the First Amendment, is hereby terminated in its entirety. 2. Each of the Parties, on behalf of himself/herself as well as his/her fiduciaries, representatives, agents, estates, trusts, attorneys, executors, administrators, beneficiaries, successors and assigns, absolutely and unconditionally releases and forever discharges the other Parties (individually a "Releasee" and collectively the "Releasees"), from any and all actions or causes of action, suits, claims, complaints, contracts, liabilities, agreements, commitments, indebtedness, obligations, promises, judgments and damages of every nature and kind whatsoever, in law or equity, whether  existing or contingent, known or unknown, matured or unmatured, arising directly or indirectly from or related to the Original Agreement,


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