The Rent Payment Plan Letter is a critical document in Nigerian real estate practice, commonly used when tenants require a modified payment structure for their rent obligations. This document becomes necessary in various situations, such as when tenants face temporary financial constraints or when businesses prefer to align rent payments with their cash flow cycles. The letter must comply with Nigerian property law, including the Rent Control and Recovery of Residential Premises Act and relevant state-specific tenancy laws. It typically details the current rent status, proposed payment schedule, and commitment to the new terms. While maintaining the fundamental aspects of the original lease agreement, the Rent Payment Plan Letter serves as a formal addendum that protects both parties' interests and provides a clear framework for the modified payment arrangement.
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1. Letterhead and Date: Official letterhead of the tenant (if a business) or tenant's name and address, plus current date
2. Recipient Details: Landlord's/property manager's full name, title, and address
3. Subject Line: Clear indication that this is a Rent Payment Plan Request/Agreement
4. Property Identification: Full address and details of the rented property
5. Current Situation: Statement of current rent status, including any arrears or upcoming payments
6. Payment Plan Proposal: Detailed breakdown of proposed payment schedule and amounts
7. Commitment Statement: Clear statement of commitment to honor the payment plan
8. Acknowledgment of Terms: Recognition that original lease terms remain in effect
9. Signature Block: Space for both parties' signatures, names, and dates
1. Hardship Explanation: Used when there's a need to explain circumstances leading to payment difficulties
2. Additional Security: Include when offering additional security or guarantor for the payment plan
3. Default Consequences: Used when specific consequences of default need to be outlined
4. Good Faith Payment: When including details of an immediate partial payment as show of good faith
5. Communication Protocol: When specific communication requirements for payment updates need to be established
1. Schedule A - Payment Calendar: Detailed calendar showing dates and amounts of each scheduled payment
2. Schedule B - Current Statement: Statement showing current rent arrears or payment status
3. Appendix 1 - Supporting Documents: Any relevant supporting documentation (e.g., proof of income, bank statements)
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