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 New Hampshire Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legal document that outlines the terms and conditions for refinancing a debtor's property in the creditor's name as a means of resolving an outstanding debt. This agreement is specific to the state of New Hampshire and provides a comprehensive framework for both parties involved. In this agreement, the debtor and creditor agree to refinance the property in the creditor's name, essentially transferring ownership from the debtor to the creditor. This serves as a form of payment or satisfaction of the debtor's outstanding debt, allowing them to fulfill their obligations and avoid further legal actions. Keywords: New Hampshire, Agreement for Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. Different types or variations of the New Hampshire Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor may include: 1. Residential Property Refinancing Agreement: This type of agreement is specifically designed for refinancing residential properties such as houses, apartments, or condominiums. 2. Commercial Property Refinancing Agreement: This variation pertains to refinancing commercial properties like office buildings, retail spaces, or industrial facilities. 3. Mortgage Refinancing Agreement: This type of agreement focuses specifically on refinancing existing mortgage loans related to the debtor's property. 4. Land Refinancing Agreement: In cases where the debtor's outstanding debt is related to land or vacant properties, this variation of the agreement addresses the refinancing terms and conditions. 5. Time-Bound Refinancing Agreement: This type of agreement includes a specific duration or timeframe within which the refinancing must occur, ensuring prompt resolution of the debt. 6. Voluntary Refinancing Agreement: This variation is applicable when both parties mutually agree to refinancing the debtor's property as a means to satisfy the debt without involving any legal actions or court proceedings. It is essential to consult with a legal professional or attorney familiar with New Hampshire laws to ensure the specific requirements and provisions of the agreement are met.
