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.
Florida 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 is refinanced and transferred to the creditor's name as a form of settlement for an outstanding debt. This agreement serves as a means to resolve financial disputes while simultaneously fulfilling the creditor's claim over the debtor's assets. Keywords: Florida, Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor There are two types of Florida Agreements for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor: 1. Florida Agreement for Accord and Satisfaction by Partial Refinancing: This type of agreement involves the debtor refinancing a portion of their property and transferring that portion to the creditor's name to settle a portion of the outstanding debt. The debtor and creditor negotiate the terms of this refinancing arrangement, including the agreed-upon repayment schedule and any specific conditions related to the property's transfer. 2. Florida Agreement for Accord and Satisfaction by Full Refinancing: In this agreement, the debtor refinances their entire property and transfers ownership to the creditor as a form of complete settlement for the debt. The creditor gains full ownership and control of the property, relieving the debtor of their financial obligations. The terms of this agreement include the details of the refinancing process, transfer of ownership, and any additional provisions agreed upon by both parties. Both types of agreements require the consent and understanding of both the debtor and the creditor, ensuring that all terms are clearly outlined and agreed upon by both parties. It is essential for all involved parties to seek legal advice to ensure that the agreement is enforceable and legally binding. Disclaimer: The content provided here is for informational purposes only and does not constitute legal advice. Please consult with a qualified attorney for assistance with your specific legal situation.
