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 Oregon Agreement for Accord and Satisfaction by Refinancing Debtor's Property in 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 to settle an outstanding debt. This agreement facilitates a resolution between the debtor and creditor by allowing the debtor to obtain refinancing and use the proceeds to satisfy the outstanding debt. Keywords: Oregon, Agreement for Accord and Satisfaction, refinancing, debtor's property, name of creditor, legal document, terms and conditions, outstanding debt, resolution, refinancing proceeds. There are no specific types of Oregon Agreements for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor as it refers to a specific legal agreement that follows a standardized format to resolve a debt through property refinancing. However, different variations of refinancing agreements might exist based on the specific terms negotiated between the debtor and creditor. In general, this agreement ensures that the debtor's property is transferred to the creditor's name upon successful refinancing. It outlines the obligations and rights of both parties involved, including the terms of the refinancing loan, the repayment schedule, interest rates, fees, and any additional agreements to be fulfilled by the debtor. To ensure legal validity and enforceability, both parties must enter into this agreement voluntarily and with a clear understanding of its terms. It is crucial for all relevant details to be accurately documented, including property information, loan terms, and the outstanding debt being settled. Once the refinancing process is completed and the debtor's property is transferred to the creditor's name, the outstanding debt is considered satisfied, and the debtor is relieved from further obligation. The creditor, on the other hand, gains ownership of the property and has the right to enforce any other agreements made within the refinancing arrangement. It is important to note that the Oregon Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor, like any legal document, should be prepared or reviewed by a qualified attorney to ensure compliance with state laws and the specific circumstances of the debtor and creditor involved.
