The Promissory Note For Late Rental Payment is typically used in Hong Kong when a tenant has fallen behind on their rental payments and both parties wish to formalize the debt and establish a structured repayment plan. This document provides security for landlords while potentially offering tenants a manageable way to clear their rental arrears. It must comply with Hong Kong's Bills of Exchange Ordinance (Cap. 19) and the Landlord and Tenant (Consolidation) Ordinance, making it a legally enforceable instrument. The note typically specifies the exact amount owed, payment schedule, any applicable interest, and consequences of default. It's particularly useful in situations where landlords wish to maintain the tenancy while ensuring they have a legally binding commitment for the payment of arrears.
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1. Date and Place of Execution: Specific date and location where the promissory note is executed, which is crucial for enforcement and limitation periods
2. Parties: Clear identification of the maker (tenant/debtor) and the payee (landlord/creditor) including full legal names and addresses
3. Promise to Pay: Unconditional promise to pay a specific sum, including the exact amount in both numbers and words
4. Payment Terms: Detailed payment schedule including due dates, installment amounts if applicable, and method of payment
5. Original Debt Reference: Reference to the original lease agreement and the period for which rent was unpaid
6. Signature Block: Space for signature of the maker (tenant) with date and witness provisions
1. Interest Rate: Section specifying any applicable interest rate on the outstanding amount, to be included if parties agree on interest charges
2. Security/Collateral: Details of any security or collateral provided against the promise to pay, if applicable
3. Default Provisions: Consequences of default in payment and acceleration clauses, if desired by the parties
4. Prepayment Terms: Terms allowing early payment of the amount owed, if this option is to be provided
5. Governing Law and Jurisdiction: While Hong Kong law applies, this section can be included for additional clarity, especially if parties are from different jurisdictions
1. Schedule A - Payment Plan: Detailed breakdown of installment amounts and payment dates if the debt is to be paid in multiple installments
2. Schedule B - Original Lease Details: Copy or summary of relevant portions of the original lease agreement showing the rental amount and period of default
3. Schedule C - Statement of Account: Detailed calculation of the total amount owed, including any agreed interest or penalties
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