The Promissory Note For Late Rental Payment is utilized when a tenant has fallen behind on their rental payments and both parties agree to formalize a repayment arrangement. This document is particularly relevant in Canadian jurisdictions where it must comply with both federal legislation (such as the Bills of Exchange Act) and provincial residential tenancy laws. The note typically emerges from situations where a tenant acknowledges their debt and is willing to commit to a structured repayment plan, but requires formal terms and conditions. It includes essential details such as the principal amount owed, payment schedule, interest rates (within legal limits), and default provisions. This document serves as a crucial tool for property managers and landlords to protect their interests while providing tenants with a clear path to resolve their rental arrears. The note's enforceability under Canadian law makes it a preferred option for documenting and managing rental debt recovery.
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1. Promise to Pay: Clear statement of the promise to pay, including the principal amount owed for rental arrears
2. Parties: Identification of the maker (tenant/debtor) and payee (landlord/creditor) with full legal names and addresses
3. Payment Terms: Detailed payment schedule including installment amounts, due dates, and payment methods
4. Interest Rate: Specification of any applicable interest rate, ensuring compliance with legal limits
5. Default Provisions: Consequences of missing payments and definition of what constitutes default
6. Property Reference: Details of the rental property associated with the late payments
7. Date and Execution: Date of the note and signature blocks for all parties
1. Guarantor Provision: Used when a third party guarantees the payment of the note
2. Security/Collateral: Include when specific assets are pledged as security for the debt
3. Prepayment Terms: Include when early payment options and any associated penalties or benefits need to be specified
4. Late Payment Penalties: Optional additional charges for late payments beyond the regular interest rate
5. Amendment Clause: Include when parties want to specify how modifications to the note can be made
6. Governing Law: Include when parties want to specify which provincial laws govern the note
7. Severability Clause: Include to ensure remainder of note remains valid if any provision is found unenforceable
1. Schedule A - Payment History: Detailed breakdown of the rental payments missed and amounts owed
2. Schedule B - Payment Schedule: Detailed amortization schedule showing all future payments with dates and amounts
3. Appendix 1 - Property Details: Complete details of the rental property including address and rental agreement reference
4. Appendix 2 - Original Lease Reference: Copy or reference to the original lease agreement related to these rental payments
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Management
Residential Housing
Commercial Real Estate
Legal Services
Financial Services
Property Investment
Rental Property Management
Relevant Teams
Legal
Property Management
Finance
Operations
Risk Management
Collections
Tenant Relations
Asset Management
Compliance
Administrative Services
Relevant Roles
Property Manager
Leasing Manager
Real Estate Manager
Legal Counsel
Paralegal
Financial Controller
Collections Manager
Tenant Relations Manager
Asset Manager
Operations Manager
Risk Management Officer
Compliance Officer
Real Estate Administrator
Housing Coordinator
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