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 Hawaii Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is a legally binding document that outlines the terms and conditions for refinancing a debtor's property in the name of the creditor in the state of Hawaii. This agreement is usually put in place when a debtor is unable to meet their financial obligations and seeks an alternative arrangement to repay their debts. Below, you will find a detailed description of this agreement, along with some relevant keywords. Keywords: Hawaii Agreement for Accord and Satisfaction, refinancing, debtor's property, creditor, terms and conditions Description: The Hawaii Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor is an agreement that allows a debtor to refinance their property in the name of the creditor. This agreement serves as a replacement for the initial debt owed by the debtor. By entering into this agreement, both parties agree to the terms and conditions set forth, which usually include: 1. Property Transfer: The debtor transfers the ownership of their property to the creditor in exchange for refinancing the outstanding debt amount. The property can be a residential or commercial property, depending on the nature of the debt and the agreement between the parties. 2. Debt Settlement: Once the property is transferred, the creditor assumes responsibility for the outstanding debt, and the debtor's previous debt obligations are deemed as satisfied. These reliefs the debtor from further repayment obligations, and the debt is considered settled. 3. Refinancing Terms: The agreement should clearly outline the refinancing terms and conditions, including the new loan amount, interest rate, repayment schedule, and any additional charges or fees involved. These terms are negotiated between the parties involved and must be mutually agreed upon. 4. Title Transfer: The debtor will cooperate in transferring the title of the property to the creditor's name and assist in completing any necessary paperwork or legal requirements associated with the transfer. 5. Default and Consequences: The agreement should specify the consequences of default by either party. This may include the right of the creditor to foreclose upon the property in case of non-payment or breach of the terms outlined in the agreement. Types of Hawaii Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor: 1. Residential Property Agreement: This type of agreement pertains to refinancing a residential property owned by the debtor. 2. Commercial Property Agreement: This type of agreement relates to refinancing a commercial property owned by the debtor, such as a storefront or office space. 3. Secured Loan Agreement: In this type of agreement, the creditor extends a loan to the debtor, using the property as collateral. If the debtor defaults on repayment, the creditor has the right to seize the property. 4. Unsecured Loan Agreement: Unlike a secured loan agreement, this type of agreement does not require collateral. The refinancing is solely based on the debtor's creditworthiness and ability to repay without involving the property as security. It is important to consult with a legal professional when drafting or entering into a Hawaii Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor to ensure compliance with state laws and regulations.
