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.
Clark Nevada Promissory Note for Past Due Rent is a legally binding document that outlines the agreement between parties regarding the payment of rent arrears in Clark County, Nevada. It serves as a written promise from the tenant to repay the landlord the outstanding rent balance in installments, following a mutually agreed-upon schedule. The Clark Nevada Promissory Note for Past Due Rent typically includes essential details such as the names and addresses of both the landlord and tenant, the property address, the amount of past due rent owed, the agreed-upon repayment plan, and the due dates of each installment. It specifies the interest rate applicable to the outstanding balance, in case such an agreement is made. The purpose of this promissory note is to establish a clear and legally enforceable payment plan between the involved parties to resolve the outstanding rent, ensuring that the tenant fulfills their obligation to compensate the landlord for the overdue rent. Apart from the general Clark Nevada Promissory Note for Past Due Rent, there can be different types of promissory notes based on individual circumstances or specific agreements between the landlord and tenant. Some possible variations may include: 1. Installment Promissory Note: This type of promissory note specifies a fixed repayment schedule, usually monthly, with equal installments until the full past due rent is settled. 2. Lump-Sum Promissory Note: In cases where the tenant agrees to pay the entire past due rent balance in one payment, a lump-sum promissory note is used to establish the terms and conditions of the repayment. 3. Customized Promissory Note: If the landlord and tenant agree on unique terms for the repayment plan, such as varying installment amounts or different due dates, a customized promissory note can be created to suit their specific agreement. It is important to note that the Clark Nevada Promissory Note for Past Due Rent is a legally binding agreement, and any violation of the agreed-upon terms could result in legal consequences. Therefore, it is advisable for both parties to carefully read and understand the terms stated in the promissory note before signing and ensure that it accurately reflects their agreement.
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.
