Cook Illinois Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor

State:
Multi-State
County:
Cook
Control #:
US-00727BG
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Word
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Description

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 Cook Illinois Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legal agreement that involves a debtor refinancing their property under the name of their creditor as a means of fulfilling their debt. It is important to note that the specific terms and conditions of this agreement may vary, depending on the parties involved and the circumstances of the refinancing. Keywords: Cook Illinois Agreement, Accord and Satisfaction, Refinancing, Debtor's Property, Creditor. 1. Overview of the Cook Illinois Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor: The Cook Illinois Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor is a legally binding contract that outlines the terms of refinancing a debtor's property under the creditor's name. This agreement serves as a resolution to an existing debt, with the goal of transferring the property ownership to the creditor upon successful refinancing. 2. Purpose and Benefits of the Cook Illinois Agreement: The purpose of this agreement is to provide a mutually beneficial solution for both the debtor and the creditor. For the debtor, it offers a means to repay their debt by refinancing their property under the creditor's name. This can help the debtor reduce their financial burdens and potentially secure better loan terms. For the creditor, it provides a tangible asset as collateral and ensures repayment of the debt through the refinanced loan. 3. Key Elements of the Agreement: a. Identification of Parties: The agreement should clearly identify the debtor and the creditor involved in the refinancing transaction. b. Property Details: It should specify the property being refinanced, including its address and legal description. c. Refinancing Terms: The agreement should outline the specific terms of the refinanced loan, including interest rates, payment schedule, and other relevant conditions. d. Transfer of Ownership: It should state that upon successful refinancing, the ownership of the property will be transferred to the creditor. e. Debt Discharge: The agreement should include provisions regarding the full satisfaction and discharge of the debtor's previous debt upon completion of the refinancing. Types of Cook Illinois Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor: There may be variations of this agreement depending on specific circumstances and the parties involved. Some possible types include: a. Residential Property Refinancing Agreement: Specifically designed for refinancing residential properties, such as houses or apartments. b. Commercial Property Refinancing Agreement: Tailored for refinancing commercial properties, including office buildings, retail spaces, or industrial facilities. c. Agricultural Property Refinancing Agreement: Pertaining to refinancing agricultural properties, such as farmland or ranches. In conclusion, the Cook Illinois Agreement for Accord and Satisfaction by Refinancing Debtor's Property in the Name of Creditor serves as a legally-binding contract through which a debtor can repay their debt by refinancing their property under the creditor's name. Variations of this agreement exist, including those specifically tailored for residential, commercial, and agricultural properties.

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FAQ

What is accord and satisfaction affirmative defense? An accord and satisfaction is an agreement to solve a claim in which the parties to a contract agree on new terms which may be less stringent than the ones in the original contract. The party with a claim usually receives less than what is owed to settle the claim.

Under most state law, a valid accord and satisfaction requires four elements as a minimum, usually, (1) proper subject matter, (2) competent parties, (3) meeting of the minds of the parties and (4) adequate consideration.

Which of the following is true regarding an accord and satisfaction? When amounts agreed upon are paid, the debt is fully discharged.

554, 561 (2001), for the rule that three elements must exist for there to be an accord and satisfaction: (a) there must be a (good faith) dispute about the existence or extent of liability, (b) after the dispute arises, the parties must enter into an agreement in which one party must agree to pay more than that party

Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.

Accord and satisfaction is a settlement of an unliquidated debt. For example, a builder is contracted to build a homeowner a garage for $35,000. The contract called for $17,500 prior to starting construction, to disburse $10,000 during various stages of construction, and to make a final payment of $7,500 at completion.

Definition. An agreement (accord) between two contracting parties to accept alternate performance to discharge a preexisting duty between them and the subsequent performance (satisfaction) of that agreement.

Under most state law, a valid accord and satisfaction requires four elements as a minimum, usually, (1) proper subject matter, (2) competent parties, (3) meeting of the minds of the parties and (4) adequate consideration.

Key Takeaways. An accord and satisfaction is a new agreement that suspends the terms of an existing agreement in favor of a new one. The accord is the agreement on the new terms of the contract, and the satisfaction is the performance of those terms according to the agreement.

More info

When you lend money or offer goods or services on credit, how do you protect your interest in the case of nonpayment of the debt? Accord and satisfaction is a contract law concept about the purchase of the release from a debt obligation.1328(b) of this title does not discharge an individual debtor from any debt –. Creditor's responsibilities and duties under the Wisconsin consumer act. "The debtor is like a slave, the creditor is like a master. " Or again: "a debtor is a pheasant and his credi tor a hawk.

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Cook Illinois Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor