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 Cuyahoga Ohio Promissory Note for Past Due Rent is a legal instrument that outlines an agreement between a landlord and a tenant regarding the repayment of overdue rent in Cuyahoga County, Ohio. It serves as a formal, written acknowledgment of the tenant's debt and the terms under which it will be settled. This promissory note establishes a binding commitment, typically signed by both parties, outlining the specific terms and conditions of the repayment agreement. It includes pertinent details such as the names and contact information of the landlord and tenant, the amount of the past-due rent, the agreed-upon repayment schedule, and any interest or late fees that may be applicable. Keywords: Cuyahoga Ohio Promissory Note, past-due rent, landlord-tenant agreement, repayment agreement, overdue rent, legal instrument, binding commitment, repayment schedule, interest, late fees. Different types of Cuyahoga Ohio Promissory Notes for Past Due Rent may include variations in terms and conditions depending on the specific circumstances. Examples of such variations may include: 1. Installment Promissory Note for Past Due Rent: This type of promissory note outlines a repayment plan where the past-due rent is divided into equal installments spread over a defined period. It specifies the due dates for these installments, along with any applicable interest or late fees. 2. Lump Sum Promissory Note for Past Due Rent: This promissory note establishes an agreement whereby the tenant commits to repaying the entire past-due rent amount in one lump sum by a specific due date. It may also specify interest or late fees for delayed payment. 3. Promissory Note with Collateral for Past Due Rent: In certain cases, landlords might require tenants to provide collateral, such as personal property or valuables, as security to ensure the repayment of past-due rent. This promissory note highlights the collateral provided and the terms associated with its retrieval in case of default. 4. Joint Promissory Note for Past Due Rent: This type of promissory note applies when multiple tenants are jointly responsible for the past-due rent. It outlines the repayment schedule for each tenant and their individual liabilities, ensuring that all parties are committed to fulfilling their share of the debt. Keywords: Installment Promissory Note, Lump Sum Promissory Note, Promissory Note with Collateral, Joint Promissory Note, specific circumstances, repayment plan, due dates, personal property, valuables, security, multiple tenants, joint responsibility, liabilities, debt.A Cuyahoga Ohio Promissory Note for Past Due Rent is a legal instrument that outlines an agreement between a landlord and a tenant regarding the repayment of overdue rent in Cuyahoga County, Ohio. It serves as a formal, written acknowledgment of the tenant's debt and the terms under which it will be settled. This promissory note establishes a binding commitment, typically signed by both parties, outlining the specific terms and conditions of the repayment agreement. It includes pertinent details such as the names and contact information of the landlord and tenant, the amount of the past-due rent, the agreed-upon repayment schedule, and any interest or late fees that may be applicable. Keywords: Cuyahoga Ohio Promissory Note, past-due rent, landlord-tenant agreement, repayment agreement, overdue rent, legal instrument, binding commitment, repayment schedule, interest, late fees. Different types of Cuyahoga Ohio Promissory Notes for Past Due Rent may include variations in terms and conditions depending on the specific circumstances. Examples of such variations may include: 1. Installment Promissory Note for Past Due Rent: This type of promissory note outlines a repayment plan where the past-due rent is divided into equal installments spread over a defined period. It specifies the due dates for these installments, along with any applicable interest or late fees. 2. Lump Sum Promissory Note for Past Due Rent: This promissory note establishes an agreement whereby the tenant commits to repaying the entire past-due rent amount in one lump sum by a specific due date. It may also specify interest or late fees for delayed payment. 3. Promissory Note with Collateral for Past Due Rent: In certain cases, landlords might require tenants to provide collateral, such as personal property or valuables, as security to ensure the repayment of past-due rent. This promissory note highlights the collateral provided and the terms associated with its retrieval in case of default. 4. Joint Promissory Note for Past Due Rent: This type of promissory note applies when multiple tenants are jointly responsible for the past-due rent. It outlines the repayment schedule for each tenant and their individual liabilities, ensuring that all parties are committed to fulfilling their share of the debt. Keywords: Installment Promissory Note, Lump Sum Promissory Note, Promissory Note with Collateral, Joint Promissory Note, specific circumstances, repayment plan, due dates, personal property, valuables, security, multiple tenants, joint responsibility, liabilities, debt.
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.
