The Partial Rent Payment Agreement is utilized when circumstances necessitate a temporary reduction in rent payments under an existing lease. This document is particularly relevant during periods of financial hardship, economic downturns, or exceptional circumstances affecting a tenant's ability to pay full rent. Under Singapore law, this agreement serves as a formal modification to the original lease, protecting both landlord and tenant interests while maintaining legal compliance. It specifies the reduced payment amount, duration, and terms while ensuring the original lease remains valid. The agreement is commonly used in both residential and commercial contexts, providing a structured approach to temporary rent reduction while maintaining legal protections for all parties.
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1. Parties: Identification of landlord and tenant with full legal names and addresses
2. Background: Context of the partial payment arrangement and original lease details
3. Definitions: Key terms used in the agreement
4. Payment Terms: Details of partial payment amount, schedule, and method
5. Duration: Period for which partial payment arrangement applies
6. Original Lease Status: Confirmation that original lease remains in effect
7. Signatures: Execution block for all parties
1. Force Majeure: Additional clause to address extraordinary circumstances affecting payment ability
2. Recovery Plan: Schedule and terms for returning to full payments when temporary reduction is planned
3. Additional Security: Provisions for extra guarantees or security measures for partial payments
1. Schedule 1: Payment Schedule: Detailed breakdown of partial payment amounts and dates
2. Schedule 2: Original Lease: Copy of the original lease agreement
3. Appendix A: Proof of Hardship: Documentation justifying need for partial payment (if applicable)
4. Appendix B: Bank Details: Payment processing information and bank account details
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