There will come a time when a current tenant may fall seriously behind or owe you for something due under the lease, such as an accumulated water bill, a bounced security deposit check or some damages they did to the premises. A promissory note is simply an agreement when one party agrees to pay another party a particular past due sum or currently due sum on a particular date or dates.
Some recommend that a promissory note should be used only with a past or departing tenant owes you money and desires to pay you on a certain date or dates according to the payment arrangement spelled out on the promissory note. These people also recommend never using such an arrangement with a current tenant. The tenant may vacate owing you past due rent, late charges, unpaid utility bills or anything owed under the terms of the lease This Note will memorialize the debt in writing and can be used later if the past tenant defaults, and you wish to pursue the debt.
These same people recommend that a promissory note should not be used with a current tenant who owes you money. They point out that unless the promissory note clearly states that the amount is rent due under the terms of the lease, the landlord may have unwittingly converted past due rent into simply a monetary obligation for which he will not be able to evict the tenant using a Statutory Notice Period. Also suppose the tenant fails to make a payment, what is owed: the full balance all at once; or only that missed payment? This matter may be clarified by an acceleration clause in both the lease and the Note.
A Utah Promissory Note for Past Due Rent is a legally binding agreement that establishes the terms and conditions for the repayment of overdue rent in the state of Utah. This note is utilized when a tenant has fallen behind on their rent payments and wishes to enter into an arrangement with the landlord to repay the outstanding balance over a specified period of time. In the state of Utah, there are two types of Promissory Notes for Past Due Rent that can be used, each with its specific purpose and conditions: 1. Utah Promissory Note for Past Due Rent — Lump Sum Repayment: This type of promissory note is used when the tenant agrees to repay the entire amount of past due rent in a single payment. The document will outline the amount owed, the due date of the payment, and any additional terms such as late fees or interest charges. By signing this agreement, the tenant acknowledges their debt and commits to making the payment by the agreed-upon date. 2. Utah Promissory Note for Past Due Rent — Installment Repayment: This type of promissory note is employed when the tenant is unable to repay the entire past due rent in a single payment and needs to spread the payments over an extended period. The note specifies the total amount owed, the repayment schedule (monthly, bi-monthly, etc.), and any applicable interest rates, late fees, or penalties. Both parties agree to these terms, and the tenant becomes obligated to make regular payments until the entire balance is settled. Keywords: Utah, Promissory Note, Past Due Rent, legal agreement, repayment, overdue rent, terms and conditions, tenant, landlord, outstanding balance, specified period of time, lump sum repayment, installment repayment, repayment schedule, interest rates, late fees, penalties.A Utah Promissory Note for Past Due Rent is a legally binding agreement that establishes the terms and conditions for the repayment of overdue rent in the state of Utah. This note is utilized when a tenant has fallen behind on their rent payments and wishes to enter into an arrangement with the landlord to repay the outstanding balance over a specified period of time. In the state of Utah, there are two types of Promissory Notes for Past Due Rent that can be used, each with its specific purpose and conditions: 1. Utah Promissory Note for Past Due Rent — Lump Sum Repayment: This type of promissory note is used when the tenant agrees to repay the entire amount of past due rent in a single payment. The document will outline the amount owed, the due date of the payment, and any additional terms such as late fees or interest charges. By signing this agreement, the tenant acknowledges their debt and commits to making the payment by the agreed-upon date. 2. Utah Promissory Note for Past Due Rent — Installment Repayment: This type of promissory note is employed when the tenant is unable to repay the entire past due rent in a single payment and needs to spread the payments over an extended period. The note specifies the total amount owed, the repayment schedule (monthly, bi-monthly, etc.), and any applicable interest rates, late fees, or penalties. Both parties agree to these terms, and the tenant becomes obligated to make regular payments until the entire balance is settled. Keywords: Utah, Promissory Note, Past Due Rent, legal agreement, repayment, overdue rent, terms and conditions, tenant, landlord, outstanding balance, specified period of time, lump sum repayment, installment repayment, repayment schedule, interest rates, late fees, penalties.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
