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 Mississippi Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor refers to a legal agreement between a debtor and a creditor in Mississippi. This agreement is specifically related to the refinancing of a debtor's property, with the title being transferred to the creditor's name, as a means of resolving a debt or financial obligation. This type of agreement serves as a way for debtors and creditors to come to a satisfactory resolution for outstanding debts. By refinancing the debtor's property, the creditor gains ownership of the property, which can then be utilized to fulfill the debt owed. This agreement is often executed when the debtor is unable to repay the debt in full, and the creditor agrees to accept the property as a form of payment instead. Keywords: Mississippi Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. Different types or variations of this agreement may include: 1. Mortgage Refinancing Accord and Satisfaction: Refers to an agreement specifically related to refinancing a mortgage loan on the debtor's property. The creditor may agree to accept the property, with the title transferred to their name, as a method of satisfying the outstanding debt. 2. Loan Refinancing Accord and Satisfaction: This type of agreement pertains to the refinancing of a loan (not necessarily tied to a mortgage) secured by the debtor's property. The debtor and creditor agree that the property will be transferred to the creditor's name to settle the debt. 3. Commercial Property Refinancing Accord and Satisfaction: This particular agreement is specific to refinancing commercial properties, such as office buildings or retail spaces. The creditor may agree to accept the property as a means of resolving the debt owed by the debtor. It is crucial to note that the specific terms and conditions of a Mississippi Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor may vary depending on the circumstances, the parties involved, and the applicable laws in Mississippi.
