The Promissory Note For Past Due Rent is commonly used when tenants have fallen behind on their rent payments and both parties wish to formalize a repayment arrangement. This document, governed by English and Welsh law, serves as both an acknowledgment of the debt and a legally binding promise to pay. It's particularly useful in situations where landlords want to provide tenants with a structured payment plan while maintaining their legal rights to collect the debt. The document typically includes the total amount owed, specific payment terms, property details, and relevant dates, creating a clear paper trail and legal foundation for potential future enforcement actions.
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1. Date: Date of execution of the promissory note
2. Parties' Details: Full legal names and addresses of maker (tenant) and payee (landlord)
3. Amount Owed: Clear statement of the total past due rent amount in both numbers and words
4. Payment Terms: Specific payment schedule, including dates and amounts
5. Property Details: Address and description of the rental property
6. Period of Past Due Rent: Specific months/period for which rent is owed
7. Signature Block: Space for maker's signature and date
1. Interest Rate: Terms for interest on unpaid amounts, if applicable - use when parties agree to interest charges on late payments
2. Default Provisions: Consequences of failing to make payments - use when additional security or consequences are needed
3. Witness Statement: Space for witness signature and details - use when additional verification of signature is desired
1. Payment Schedule: Detailed breakdown of payment dates and amounts if installment payments are agreed
2. Rent Arrears Calculation: Detailed breakdown of how the total amount owed was calculated
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