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 Bexar Texas Promissory Note for Past Due Rent is a legal document that outlines the agreement between a landlord and a tenant regarding unpaid rent. It serves as a legally binding contract, providing a written promise from the tenant to repay the overdue rent within a specified period. The Bexar Texas Promissory Note includes essential details such as the names and contact information of both the landlord and tenant, the rental property's address, and the amount of rent that is past due. It also specifies the due date for repayment and any applicable interest rates or late fees. There may be different types of Bexar Texas Promissory Notes for Past Due Rent depending on the specific circumstances. For example, there could be a standard note for tenants who are temporarily unable to pay rent and require a temporary repayment plan. Another type might be used for tenants facing long-term financial difficulties, requiring an extended repayment plan. In addition, there could be variations of the promissory note based on the negotiation between the landlord and the tenant. These variations might include specific terms regarding the repayment schedule, the inclusion of a co-signer, or provisions for collateral, such as the tenant's personal property or a security deposit. It's crucial for both parties to carefully read and understand the terms of the Bexar Texas Promissory Note for Past Due Rent before signing. This document can help ensure transparent communication and provide a framework for resolving any outstanding rent issues in a fair and orderly manner. Overall, a Bexar Texas Promissory Note for Past Due Rent serves as an essential tool to formalize an agreement between landlords and tenants when it comes to resolving unpaid rent. It helps protect the rights and obligations of both parties and ensures that any outstanding debts are repaid in a timely manner, preventing potential legal disputes or eviction actions.A Bexar Texas Promissory Note for Past Due Rent is a legal document that outlines the agreement between a landlord and a tenant regarding unpaid rent. It serves as a legally binding contract, providing a written promise from the tenant to repay the overdue rent within a specified period. The Bexar Texas Promissory Note includes essential details such as the names and contact information of both the landlord and tenant, the rental property's address, and the amount of rent that is past due. It also specifies the due date for repayment and any applicable interest rates or late fees. There may be different types of Bexar Texas Promissory Notes for Past Due Rent depending on the specific circumstances. For example, there could be a standard note for tenants who are temporarily unable to pay rent and require a temporary repayment plan. Another type might be used for tenants facing long-term financial difficulties, requiring an extended repayment plan. In addition, there could be variations of the promissory note based on the negotiation between the landlord and the tenant. These variations might include specific terms regarding the repayment schedule, the inclusion of a co-signer, or provisions for collateral, such as the tenant's personal property or a security deposit. It's crucial for both parties to carefully read and understand the terms of the Bexar Texas Promissory Note for Past Due Rent before signing. This document can help ensure transparent communication and provide a framework for resolving any outstanding rent issues in a fair and orderly manner. Overall, a Bexar Texas Promissory Note for Past Due Rent serves as an essential tool to formalize an agreement between landlords and tenants when it comes to resolving unpaid rent. It helps protect the rights and obligations of both parties and ensures that any outstanding debts are repaid in a timely manner, preventing potential legal disputes or eviction actions.
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.
