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 Ohio Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor refers to a legal arrangement that involves the refinancing of a debtor's property in the name of the creditor as a means to satisfy a debt. This agreement exists to establish a formal agreement and outline the terms and conditions under which the debtor's property will be refinanced. Keywords: Ohio Agreement, Accord and Satisfaction, Refinancing Debtor's Property, Creditor There are no specific types of Ohio Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor mentioned, as it primarily refers to a general legal concept applicable in the state of Ohio. However, it is important to note that refinancing debtor's property in the name of the creditor generally involves two parties: the debtor (who owns the property and has an existing debt) and the creditor (who holds the right to receive payment or satisfaction of the debt). The agreement typically includes several key elements: 1. Parties Involved: Clearly identifies the debtor and the creditor involved in the agreement. 2. Property Details: Provides a comprehensive description of the property being refinanced, including its address, legal description, and any encumbrances or liens. 3. Debt Description: Specifies the existing debt to be satisfied through the refinancing process, including the original amount owed, any interest or charges accrued, and the current outstanding balance. 4. Refinancing Terms: Outlines the terms and conditions of the refinancing, such as the new loan amount, interest rate, repayment period, and any other relevant financial terms. 5. Accord and Satisfaction Clause: This clause entails that by refinancing the debtor's property in the creditor's name, the debt is considered fully satisfied or discharged. It ensures that the creditor has control over the property's ownership and has received sufficient consideration to satisfy the debt. 6. Payments and Obligations: Addresses the debtor's responsibilities regarding timely payments, ensuring compliance with the new loan terms, maintenance of the property, and insurance requirements. 7. Default and Remedies: Explains the consequences and remedies in case of default by the debtor, such as penalties, foreclosure proceedings, or potential legal actions. 8. Governing Law and Jurisdiction: States that the agreement will be governed by Ohio law and specifies the appropriate jurisdiction for resolving any disputes that may arise. It is essential to consult with a qualified legal professional when engaging in such agreements to ensure compliance with Ohio laws and to protect the rights and interests of both parties involved.
