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any liability that the other Party has assumed pursuant to this Agreement.
In the event that either Party is unable to secure a release for any
specific liability, the Party who assumes the liability agrees indemnify
the non-assuming Party from any loss, injury or damage that the
noa-assuming Party may or has sustained ~s a result of that liability.
Upon execution of this Agreement, the Parties shall nelther contract for or
incur any liability that obligates the other Party. In the event that any
third party seeks to hold one party liable for the obligation of the other,
the party responsible for liability shall indemnify the innocent party for
any loss, injUry or damage, including attorney's fees.
TA% LIABILITY
~he Partics :~ave fiied joini. rederal lncome Tax Returns during
the martial relationship. Each Party warrants that the Beturns are correct
and complete to the extent that income, credits, deductions, adjustments or
other matters of the Party are included on the Returns, that all deductions
have been properly taken and that no audit or examination of the Returns is
pending. If the Returns are examined by the Internal Revenue Service
subsequent to this Agreement and any deficiencies in tax are assessed, the
~ Party or Parties to whose income that deficiencies are attributable shall
~ pay all taxes, interest and penalties that are assessed" and shall hold the
~ other Party harmless from the taxes, interest and penalties and any
; expenses incurred because of the examination. If any refunds are received
~ as a result of an examination, the refunds shall be the property of the
; Party to whose income the refund is attributable. Each party promptly
I notify the other of any pending administrative or legal proceeding
j concerning the taxes. Each Party shall file seperate income tax returns
commencing with the 1989 tax year.
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EFFEGT OF BECONCILUTIUN
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~ It is intention of the Parties that this Agreement will remain in
~ full force and effect regardless of whether there is a reconciliation
~ between the Parties and a resumption of the marital relationship.
~ DOC[TI~P]T~
~ Each Party agrees that he or she sha11 promptly sign, execute and
4 deliver any and all documents, instruments and papers that may be
~ requested, required or necessary to fulfill the terms of this Agreement or
~ to record it. In the event that either Party is unavailable, unable or
unwilling to execute any document which the other requests, requires or
deems necessary to accomplish the provisions and intent of this Agreement,
each Party by this Agreement appoints his ar her attorney of record to
serve as an attorney-in-fact to execute any of the above stated documents.
GENESAL BELEASB A!ID YAIVEB
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Except as otherwise provided in this Agreement, each Party waives
~ any and all claims, demands, rights, title or interests thaL he or she may
~ have or hereafter acquire in any present or future asset of the other.
~ This release includes, but is not limited to, the right to elect to take
€ against any will or codicil of the other Party; the right to share in the
other Party's estate; the right to act as executor, administrator, or
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