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 Dakota 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 a borrower to refinance their property in the name of the creditor, in order to satisfy and settle any outstanding debts or obligations. This agreement serves as a means for debtors and creditors to reach a mutually beneficial solution for repayment. By refinancing the debtor's property under the creditor's name, the debtor can fulfill their financial obligations and the creditor can secure their rights and interests in the property. Keywords: North Dakota, Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. There are various types of North Dakota Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor that may be distinguished based on specific circumstances or considerations. These may include: 1. Residential Property Refinancing Agreement: This type of agreement is tailored for refinancing residential properties, such as houses or apartments. It outlines the terms and conditions specific to residential properties, including potential clauses regarding mortgage terms, interest rates, repayment plans, and any relevant legal provisions. 2. Commercial Property Refinancing Agreement: Designed for refinancing commercial properties, such as office buildings, retail spaces, or industrial facilities, this agreement addresses the unique considerations and complexities associated with commercial properties. It may include clauses pertaining to lease agreements, rental income distribution, taxes, property management, and any other relevant aspects. 3. Agricultural Property Refinancing Agreement: Specifically catered to refinancing agricultural properties, such as farms, ranches, or agricultural land, this agreement incorporates provisions related to agriculture-specific matters. It may cover aspects like crop production, livestock management, water rights, agricultural loans, and other relevant considerations for the agricultural industry. 4. Investment Property Refinancing Agreement: This type of agreement is suitable for refinancing investment properties, including rental properties or properties used for investment purposes. It may address aspects such as rental agreements, landlord-tenant relationships, property valuation, investment returns, and other considerations specific to investment properties. Each of these types of agreements may have specific clauses and provisions that cater to the unique requirements associated with the respective type of property. It is essential for debtors and creditors to carefully review and draft an agreement that best suits their needs and ensures a clear understanding of the terms and conditions for the refinancing process.
