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 District of Columbia Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal document that outlines the terms and conditions for refinancing a debtor's property in the name of the creditor. This agreement is specifically designed for use in the District of Columbia jurisdiction. In this agreement, both the debtor and the creditor agree to enter into a refinancing arrangement, whereby the creditor becomes the new owner of the property. The debtor, in turn, is relieved of their obligations related to the property, including any outstanding debts or loans. The agreement lays out various key aspects, including the identification of the debtor and the creditor, a detailed description of the property being refinanced, and the agreed-upon terms and conditions for the refinancing transaction. These terms typically include the new loan amount, the interest rate, repayment schedule, and any other specific provisions that the parties wish to include. Furthermore, the agreement encompasses the process of transferring ownership of the property from the debtor to the creditor. This may involve the execution of various legal documents, such as a deed and mortgage, to ensure a smooth and legally binding transfer. Different types or variations of the District of Columbia Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor may exist depending on the specific circumstances of the refinancing transaction. These could include agreements tailored for commercial properties, residential properties, or even specific types of loans, such as mortgage refinancing or debt consolidation. It is crucial to consult with a qualified legal professional to ensure that the agreement is properly customized to meet the specific needs and requirements of the debtor and creditor involved in the refinancing transaction in the District of Columbia.
