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 Wisconsin Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legal document that outlines the terms and conditions agreed upon between a debtor and a creditor in the state of Wisconsin. This agreement pertains specifically to the refinancing of the debtor's property and aims to provide a resolution to any unpaid debts or outstanding obligations. In this agreement, the debtor agrees to transfer the ownership of their property to the creditor in exchange for the satisfaction of their debts. The refinancing process involves the creditor assuming the mortgage of the property, effectively becoming the new owner. This ensures that the creditor can recoup the owed amount by selling or managing the property. The agreement encompasses various key elements, including the identification of both parties involved, detailed descriptions of the property to be refinanced, and the exact amount of outstanding debt. It also covers the terms of repayment, interest rates, and any additional fees or charges incurred during the refinancing process. The Wisconsin Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor may have different types depending on the specific circumstances. Some of these include: 1. Residential Property Refinancing Agreement: This type of agreement is used when the debtor's property is primarily residential, such as a house or condominium. It outlines the terms and conditions specifically applicable to residential properties. 2. Commercial Property Refinancing Agreement: When the debtor's property is commercial, such as an office building, retail space, or industrial facility, this agreement is tailored to address the unique aspects of commercial real estate, including lease agreements, zoning restrictions, and potential income generation. 3. Agricultural Property Refinancing Agreement: For debtors who own agricultural land or properties, this agreement considers the specific needs and requirements related to farming, livestock, and crop cultivation. It may address factors such as access to water, infrastructure for farm operations, or potential government subsidies. 4. Vacation Property Refinancing Agreement: This type of agreement is relevant when the debtor's property is used for recreational purposes, such as a vacation home or a timeshare. It may contain provisions related to the availability of the property for personal usage, rental agreements, or access to amenities. These are just a few examples of the different types of Wisconsin Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor. It is crucial to consult with legal professionals to ensure that the agreement is customized to reflect the specific circumstances and objectives of both parties involved in the refinancing process.
