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Exhibit 10.1
MUTUAL RELEASE FROM LEASE AGREEMENT
MUTUAL RELEASE AGREEMENT, dated
this 2 nd day of November 2006 (this "Agreement"), by
and between Kreido Biofuels, Inc. (formerly known as Gemwood
Productions, Inc.), a Nevada corporation ("Lessee"), and Hortenzia
Magallenas ("Lessor").
R E C I T A L S
WHEREAS, Lessor and Lessee are
parties to that certain Lease Agreement, dated October 19, 2005 and
commencing April 1, 2006, by Lessor to Lessee and contemplating the
month-to-month rental of a commercial retail property located at
Calle Vista #13 Rosarito Beach, Baja California, Mexico 22710 (the
"Lease"); and
WHEREAS, the Lessor and the
Lessee wish to terminate the Lease and release each other party
thereto from certain duties, obligations and liabilities thereunder
or arising therefrom;
NOW, THEREFORE , in
consideration of the premises and the mutual undertakings and
covenants herein set forth, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, intending legally to be bound
hereby, as follows:
Release by Lessor . Lessor hereby
releases Lessee and its officers, directors, partners, employees
and shareholders from any and all claims, demands, causes of
action, contract obligations, damages, attorneys' fees or costs
whatsoever, at law or in equity or otherwise, whether direct or
indirect, known or unknown, which the releasing party now owns or
holds, or has at any time heretofore owned or held, or may in the
future own or hold, against the persons and entities they are
releasing, or any of them, in any capacity, which are or may be
based upon any facts, acts, omissions, representations, contracts,
agreements, events, or matters of any kind occurring or existing at
any time on or before the date of this Agreement.
Release by Lessee . Lessee hereby
releases Lessor, and its partners, and employees from any and all
claims, demands, causes of action, contract obligations, damages,
attorneys' fees or costs whatsoever, at law or in equity or
otherwise, whether direct or indirect, known or unknown, which the
releasing party now owns or holds, or has at any time heretofore
owned or held, or may in the future own or hold, against the
persons and entities they are releasing, or any of them, in any
capacity, which are or may be based upon any fac
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