The Landlord Tenant Promissory Note For Rent Payment is typically used when a tenant has fallen behind on rent payments or needs to establish a formal payment plan for future rent obligations in Canadian jurisdictions. This document serves as a legally enforceable promise to pay, combining the formal requirements of a promissory note under the Bills of Exchange Act with specific provisions relevant to residential tenancy relationships. It's particularly useful in situations where landlords wish to formalize payment arrangements while maintaining their rights under both contract law and residential tenancy legislation. The document includes specific payment terms, interest rates (if applicable), default provisions, and may be used as evidence in tenancy tribunal proceedings or court actions. It provides a structured approach to rent payment arrangements while protecting both landlord and tenant interests under applicable federal and provincial laws.
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1. Parties: Identification of the Maker (Tenant) and Payee (Landlord) with full legal names and addresses
2. Background: Context of the promissory note, referencing the lease agreement and circumstances leading to this note
3. Definitions: Key terms used in the document including 'Principal Sum', 'Interest Rate', 'Payment Schedule', etc.
4. Promise to Pay: Unconditional promise to pay the specified amount, including the total sum of outstanding rent
5. Payment Terms: Detailed payment schedule, including amount, frequency, and due dates of payments
6. Interest Rate: Specification of any applicable interest rate and how it is calculated
7. Default and Acceleration: Consequences of missing payments and conditions under which the entire amount becomes immediately due
8. Security: Whether the note is secured or unsecured
9. Governing Law: Specification that the note is governed by Canadian law and relevant provincial legislation
10. Signatures: Execution section with date and signatures of all parties
1. Co-Signer: Section for guarantor details and obligations, used when a co-signer is required to guarantee the note
2. Prepayment Terms: Terms allowing early payment of the note, used when early payment options are offered
3. Late Payment Penalties: Additional charges for late payments, included when specific penalties will be imposed
4. Collection Costs: Responsibility for costs of collection, used when the landlord wants to ensure recovery of enforcement costs
5. Waiver of Presentment: Waiver of formal presentment requirements, used in cases where simplified enforcement is desired
6. Reference to Lease: Detailed reference to the underlying lease agreement, used when specific lease terms affect the note
1. Schedule A - Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Schedule B - Rent Arrears Calculation: Itemized list of outstanding rent payments that comprise the principal sum
3. Schedule C - Interest Calculation Method: Detailed explanation of how interest is calculated and applied
4. Appendix 1 - Copy of Lease Agreement: Reference copy of the underlying lease agreement
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