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 Michigan Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legal document that outlines the terms and conditions for refinancing a debtor's property in the name of the creditor. This agreement serves as a framework to resolve any outstanding debts or obligations between the debtor and the creditor through refinancing. Keywords: Michigan Agreement for Accord and Satisfaction, refinancing, debtor's property, creditor, terms and conditions, outstanding debts, obligations, framework, resolve. There are no different types of Michigan Agreements for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor. However, it is important to note that the specific terms and conditions within the agreement may vary depending on the individual circumstances of the debtor and the creditor, as well as any existing agreements or legal requirements. The Michigan Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor typically includes the following key elements: 1. Parties: The agreement identifies the debtor (property owner) and creditor (party refinancing the property). 2. Property Details: The agreement provides a detailed description of the property being refinanced, including its address, legal description, and any accompanying documentation such as title deeds or mortgage documents. 3. Debt Settlement: The agreement outlines the outstanding debts or obligations that the debtor owes to the creditor. It specifies the total amount due, including any interest or fees, and establishes the intention to settle this debt through refinancing. 4. Refinancing Terms: This section outlines the terms and conditions of the refinancing arrangement. It includes information such as the loan amount, interest rate, repayment period, and any additional terms agreed upon by both parties to secure the refinancing. 5. Acknowledgment of Full Satisfaction: The agreement includes a clause where the debtor acknowledges that the refinancing of their property will fully satisfy and discharge all outstanding debts or obligations owed to the creditor. This clause serves as a formal acknowledgment that the refinancing arrangement resolves the debt. 6. Governing Law: The agreement states that the document is governed by the laws of the state of Michigan, ensuring that any disputes or legal matters arising from the agreement will be resolved according to Michigan's legal framework. It is imperative that both the debtor and creditor carefully review all terms and conditions within the Michigan Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor. It is highly recommended that both parties seek legal counsel to ensure their rights and obligations are fully understood and protected. Note: The information provided is for general informational purposes only and should not be construed as legal advice. Please consult with a qualified attorney for specific legal guidance regarding the Michigan Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor or any other legal matters.
