An accord and satisfaction is a method of discharging a contract by substituting for the contract an agreement for its satisfaction and the execution of the substituted agreement. The accord is the agreement. The satisfaction is the execution or performance of the agreement.
In this form, Creditor agrees to secure a new mortgage loan secured by a mortgage or deed of trust on certain real property owned by Debtor. In the event that Creditor does secure a new mortgage loan, all moneys received by Creditor, over and above the existing secured indebtedness on the premises and over and above the expenses of obtaining a mortgage loan, will be credited to the account of Debtor. In the event that Creditor is able to obtain a new mortgage loan secured by the premises in an amount that would exceed the debt owing Creditor by Debtor, Creditor will refund to Debtor the excess amount. Creditor agrees that, after a mortgage loan has been secured on the above-described property, Creditor will immediately convey the property to Debtor for the sole consideration of the assumption by Debtor of the indebtedness secured by the property.
Until such time as a new mortgage loan is secured on this property, Creditor will rent the property to Debtor for a sum that will equal the monthly payments due on the existing mortgage loan.
The Arizona Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legal document that outlines the terms and conditions for refinancing a debtor's property. This agreement is commonly used in Arizona to resolve outstanding debts and provide relief to debtors while ensuring that creditors receive their due payments. Keywords: Arizona Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. This agreement is designed to facilitate an agreement between a debtor and a creditor by refinancing the debtor's property in the name of the creditor. It allows the debtor to consolidate their debts and obtain a new loan agreement with the creditor, easing their financial burden and potentially improving the terms of their loan. The Arizona Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor typically includes important details such as the names and addresses of both parties, the description of the property being refinanced, the outstanding debt amount, the terms of the new loan agreement, and any additional terms or conditions agreed upon by both parties. There are different types of Arizona Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor, categorized based on the specific circumstances of the debtor and creditor. Some common types include: 1. Residential Mortgage Refinancing Agreement: This type of agreement is used when a debtor refinances their residential property, such as a house or condominium, in the name of the creditor. It outlines the terms of the new mortgage loan and any changes in interest rates, repayment periods, or other loan terms. 2. Commercial Property Refinancing Agreement: In cases where a debtor wants to refinance commercial property, such as office buildings or retail spaces, with the creditor, a commercial property refinancing agreement is used. This agreement spells out the terms and conditions specific to commercial loans, such as lease terms, rental income considerations, and property valuation methods. 3. Land Refinancing Agreement: This type of agreement is used when a debtor seeks to refinance land, vacant lots, or agricultural property. The agreement includes terms related to land valuation, potential development plans, and any specific legal requirements related to land financing. It is important for both debtors and creditors in Arizona to understand and carefully review the terms of the Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor. Seeking legal advice or consulting an attorney familiar with Arizona law can ensure all parties' rights and obligations are protected throughout the refinancing process.
