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 Iowa Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal document that outlines the terms and conditions under which a debtor's property can be refinanced in the name of the creditor as a means to settle a debt. This agreement is specific to Iowa and ensures that both parties are clear about their rights and obligations. Keywords: Iowa Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. In the state of Iowa, there are different types of Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor, depending on the specific circumstances: 1. Commercial Property Refinancing Agreement: This type of agreement is used when a debtor owns commercial property and wishes to settle their debt by refinancing the property under the creditor's name. The terms and conditions regarding the loan amount, interest rate, repayment period, and any additional clauses are clearly mentioned in this document. 2. Residential Property Refinancing Agreement: In cases where the debtor owns residential property, this type of agreement is used. It outlines the terms of refinancing the debtor's residential property, allowing the creditor to assume ownership as a means to satisfy the debt. The agreement includes details such as the property's address, appraisal value, and any necessary provisions for repayment. 3. Mortgage Refinancing Agreement: This agreement specifically pertains to refinancing a debtor's property that has a mortgage on it. It allows the creditor to take over the mortgage and provide the debtor with a new loan, effectively settling the debt. The agreement covers aspects like the original mortgage terms, new loan terms, interest rates, and repayment plans. It is essential for all parties involved, including the debtor, creditor, and any legal representatives, to thoroughly understand the terms and conditions mentioned in the Iowa Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor. By having a clear and comprehensive agreement, both the creditor and debtor can ensure they are protected legally and that the debt settlement process proceeds smoothly.
