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 North Carolina Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legal document used in the state of North Carolina to settle a debt between a debtor and a creditor through refinancing the debtor's property. This agreement allows the debtor to refinance their property, such as a house or a piece of land, in the name of the creditor in order to satisfy the debt owed. By refinancing the property, the debtor can tap into the equity or value of the property to generate funds that can be used to repay the creditor. Keywords: North Carolina, Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. There may be variations of the North Carolina Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor, depending on the specific circumstances or parties involved. Some potential variations or types of this agreement could include: 1. Residential Property Refinancing Agreement: This type of agreement is specifically tailored for refinancing a debtor's residential property, such as a house or an apartment. 2. Commercial Property Refinancing Agreement: In cases where the debtor's property is commercial, such as a retail store or office building, a commercial property refinancing agreement can be used to settle the debt. 3. Land Refinancing Agreement: If the debtor owns vacant land or an undeveloped property, a land refinancing agreement can be utilized to refinance the property in the name of the creditor. 4. Joint Debtor Refinancing Agreement: This type of agreement is used when there are multiple debtors involved, allowing all parties to refinance their property collectively in the name of the creditor, providing a comprehensive solution to settle the debt. It is crucial to consult with a qualified attorney or legal expert who specializes in North Carolina law to ensure the accuracy and validity of the agreement while considering any specific nuances or requirements related to the debtor's property and the creditor's rights.
