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.
Nevada Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal document that outlines the terms and conditions of a refinancing agreement between a debtor and a creditor. This agreement serves the purpose of settling any outstanding debts by allowing the creditor to have ownership of the debtor's property. In the state of Nevada, there are different types of Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor, each with its own unique features and considerations. Some of these types may include: 1. Traditional Refinancing Agreement: This type of agreement involves the debtor seeking refinancing options from a creditor to pay off their existing debts. The creditor agrees to refinance the debtor's property in their name, allowing them to take ownership and use the property as collateral for the new loan. 2. Mortgage Refinancing Agreement: This type of agreement specifically focuses on the refinancing of a mortgage loan. The debtor transfers the property's title to the creditor who then refinances the mortgage, potentially resulting in more favorable loan terms or to pay off other outstanding debts. 3. Settlement Agreement by Refinancing: In this type of agreement, the debtor and creditor come to a settlement regarding an outstanding debt. The debtor agrees to transfer the property's title to the creditor as a form of payment or partial payment of the debt owed. The creditor then refinances the property to cover the remaining debt. 4. Balloon Payment Refinancing Agreement: This type of agreement is often used when a debtor is unable to make payments on their existing loan and faces foreclosure. The debtor enters into an agreement with the creditor, where the title to the property is transferred in the creditor's name. A balloon payment is then structured, allowing the debtor to stay in the property while the creditor receives a lump sum payment at a future date. These are just a few examples of the different types of Nevada Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor. Each agreement can vary depending on the specific circumstances, the type of debt involved, and the terms negotiated between the debtor and creditor. It is essential for both parties to consult with legal professionals to ensure the agreement is legally binding and protects their interests.
