The Promissory Note For Rental Agreement is primarily used in Nigerian real estate transactions where additional payment security is required beyond the standard rental agreement. This document is particularly valuable when landlords seek enhanced enforceability of rental payments or require a negotiable instrument that can be used for financing purposes. The note typically includes specific payment terms, due dates, and remedies for default, all structured to comply with Nigerian contract law and the Bills of Exchange Act. It's commonly used in both commercial and residential leasing, especially for high-value properties or when dealing with corporate tenants. The document combines the security aspects of rental guarantees with the flexibility of negotiable instruments, making it a powerful tool for property managers and landlords in the Nigerian real estate market.
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1. Parties: Full legal names and addresses of both the promisor (tenant) and promisee (landlord)
2. Background: Reference to the underlying rental agreement and circumstances necessitating the promissory note
3. Definitions: Key terms used in the document including 'Promise to Pay', 'Due Date', 'Property', 'Rental Agreement'
4. Promise to Pay: Unconditional promise to pay a specific sum, including the exact amount in both numbers and words
5. Payment Terms: Specific details about when and how the payment(s) will be made, including due date(s)
6. Place of Payment: Where and how the payment should be made (e.g., bank details, physical location)
7. Default and Remedies: Consequences of failing to pay on time and available remedies
8. Governing Law: Specification that Nigerian law governs the promissory note
9. Execution: Signature blocks for all parties and witnesses
1. Interest Rate: Include when the promissory note carries interest charges, specifying the rate and calculation method
2. Installment Payments: Include when the payment will be made in multiple installments rather than a single payment
3. Security: Include when specific assets or guarantees are provided as security for the promise to pay
4. Acceleration Clause: Include when early payment can be demanded upon specific triggering events
5. Prepayment Terms: Include when early payment is allowed, including any applicable penalties or discounts
6. Assignment: Include when the note needs to be transferable to other parties
1. Payment Schedule: Detailed breakdown of payment dates and amounts if multiple installments are involved
2. Copy of Rental Agreement: Attached as reference to establish the underlying obligation
3. Security Details: If applicable, detailed description of any security or collateral provided
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Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Property Management
Legal Services
Financial Services
Housing Development
Corporate Real Estate
Retail Property
Industrial Property
Relevant Teams
Legal
Real Estate
Property Management
Finance
Treasury
Compliance
Risk Management
Facilities Management
Contract Administration
Relevant Roles
Property Manager
Real Estate Agent
Legal Counsel
Corporate Lawyer
Leasing Manager
Financial Controller
Real Estate Portfolio Manager
Facilities Manager
Property Administrator
Compliance Officer
Risk Manager
Contract Administrator
Real Estate Director
Treasury Manager
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