Fill and Sign the Form of Agreement of Accord and Satisfaction between Us

Agreement for Accord and Satisfaction by Refinancing Debtor's Property in Name of Creditor Agreement made on the ___ day of __________, 20___, between John Doe of (street address, city, county, state, zip code) , referred to herein as Debtor, and Acme, Inc., a corporation organized and existing under the laws of the state of ______________, with its principal office located at (street address, city, county, state, zip code) , referred to herein as Creditor. Whereas, Debtor is indebted to Creditor in the total amount of $____________for the purchase of (describe what Debtor purchased) from Creditor from (date) to (date); and Whereas, Debtor is unable, at the present time, to pay this debt and desires to make arrangements to give Creditor security for the debt and for its payment; and Whereas, Debtor is the owner of a lot and building located at (street address, city, county, state, zip code) , more fully described in certain land records recorded in the office of (county official who maintains land and mortgage/deed of trust records) in Book ___ and Page _____; and Whereas, Creditor desires security for this debt and is willing to attempt to refinance the premises in Creditor's name and to apply moneys thus raised to the debt; Now, therefore, for and in consideration of the foregoing and of the covenants and agreements of Creditor and Debtor set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties covenant and agree as follows: I. Conveyance of Property Debtor agrees to immediately convey the above-described property to Creditor, and Creditor agrees to accept this property and assume the existing indebtedness on the property which is secured by said (i.e., mortgage or deed of trust). II. Refinancing Creditor agrees to secure, if reasonably possible, a new mortgage loan secured by a (i.e., mortgage or deed of trust) on the above-described premises. In the event that Creditor does secure a new mortgage loan secured by said premises, 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. III. Use of Property until Refinanced 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. IV. Purpose of Agreement It is the purpose of this agreement, and the intent of the parties, to provide security for the debt owed by Debtor to Creditor, and further, to allow Creditor to attempt to refinance the above premises in order to raise money to pay the indebtedness owed by Debtor to Creditor. Creditor does not desire to make a profit from the property conveyed to Creditor. All moneys received by Creditor, after deducting Creditor's expenses, shall be applied to the debt owed by Debtor to Creditor. V. Repayment without Refinancing It is understood that, if the debt owed by Debtor to Creditor is paid by Debtor by means other than a new mortgage loan on the above property, Creditor will immediately reconvey the property to Debtor. VI. Failure to Refinance In the event that the property is not refinanced on or before (date) , Creditor will have the right, after that date, to sell the property; provided, however, that the property shall not be sold for less than $___________ . All moneys received from this sale, over and above the expense of the sale, will be first applied against the indebtedness owed by Debtor to Creditor and the balance, if any, paid to Debtor. VII. Mandatory Arbitration Notwithstanding the foregoing, and anything herein to the contrary notwithstanding, any dispute under this agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect. WITNESS our signatures as of the day and date first above stated. ACME, INC. ________________________ By__________________________ JOHN DOE (Name and Office in Corporation)