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 Dallas Texas Promissory Note for Past Due Rent is a legally binding document used to outline the agreement between a landlord and tenant regarding the repayment of overdue rent. When a tenant fails to make rental payments on time, this note serves as an agreement stating the amount owed, the terms of repayment, and the consequences of non-payment. Keywords: Dallas Texas, Promissory Note, Past Due Rent, legally binding, landlord, tenant, overdue rent, rental payments, agreement, repayment, terms, consequences, non-payment. Different types of Dallas Texas Promissory Note for Past Due Rent may exist based on the specific circumstances and agreements between the landlord and tenant. Some variations can include: 1. Installment Payment Promissory Note: This type of note allows the tenant to repay the past due rent in fixed monthly installments, spreading the payment over a predetermined period. 2. Lump Sum Payment Promissory Note: This note requires the tenant to repay the entire past due rent amount in a single payment by a specified due date. 3. Secured Promissory Note: In this case, the tenant may provide collateral as security for the repayment of past due rent, such as a valuable asset or bank guarantee. 4. Unsecured Promissory Note: This type of note does not require any form of collateral, but it still holds the tenant legally responsible for repaying the overdue rent amount. It is essential for both the landlord and tenant to carefully review and understand the terms specified in the Dallas Texas Promissory Note for Past Due Rent before signing it, ensuring clarity and agreement on the repayment terms.A Dallas Texas Promissory Note for Past Due Rent is a legally binding document used to outline the agreement between a landlord and tenant regarding the repayment of overdue rent. When a tenant fails to make rental payments on time, this note serves as an agreement stating the amount owed, the terms of repayment, and the consequences of non-payment. Keywords: Dallas Texas, Promissory Note, Past Due Rent, legally binding, landlord, tenant, overdue rent, rental payments, agreement, repayment, terms, consequences, non-payment. Different types of Dallas Texas Promissory Note for Past Due Rent may exist based on the specific circumstances and agreements between the landlord and tenant. Some variations can include: 1. Installment Payment Promissory Note: This type of note allows the tenant to repay the past due rent in fixed monthly installments, spreading the payment over a predetermined period. 2. Lump Sum Payment Promissory Note: This note requires the tenant to repay the entire past due rent amount in a single payment by a specified due date. 3. Secured Promissory Note: In this case, the tenant may provide collateral as security for the repayment of past due rent, such as a valuable asset or bank guarantee. 4. Unsecured Promissory Note: This type of note does not require any form of collateral, but it still holds the tenant legally responsible for repaying the overdue rent amount. It is essential for both the landlord and tenant to carefully review and understand the terms specified in the Dallas Texas Promissory Note for Past Due Rent before signing it, ensuring clarity and agreement on the repayment terms.
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.
