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 Mexico 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 a creditor as a means to fulfill the debt owed. This agreement allows the debtor to satisfy their debt obligation by transferring the ownership of their property to the creditor through refinancing. Key terms and conditions in this agreement may include the identification of the parties involved (debtor and creditor), details of the property being refinanced, the amount of the debt owed, the interest rate for the refinanced loan, repayment terms, and any additional provisions or requirements specific to the agreement. The New Mexico Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor can vary depending on the specific circumstances and intent of the parties involved. While there may not be different "types" of this agreement, it can be customized to suit the unique needs and preferences of the debtor and creditor. Some relevant keywords associated with the New Mexico Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor can include: — New Mexicagreementen— - Accord and Satisfaction — Refinancing debtopropertRTTrt— - Creditor — Debtor - Property transfe— - Refinanced loan — Debt obligation - Terms and conditions — Ownershitransferfe— - Repayment terms. It is important to consult with a legal professional experienced in New Mexico property and debtor-creditor laws to ensure the agreement is properly drafted, executed, and in compliance with applicable regulations.
