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 King Washington Promissory Note for Past Due Rent is a legal document used to formalize an agreement between a landlord and a tenant for the repayment of rent that is overdue or in arrears. This note serves as a written record of the terms and conditions agreed upon by both parties regarding the repayment of the outstanding rent amount. The King Washington Promissory Note outlines the specific details of the overdue rent, including the due date, the amount owed, and any applicable interest rates or late fees. It also includes the agreed-upon repayment schedule, which outlines how and when the tenant will make the required payments to clear the outstanding rent balance. There may be different types of King Washington Promissory Note for Past Due Rent, depending on various factors such as the duration of overdue rent, the amount owed, and the agreed-upon repayment terms. Some different types may include: 1. Short-term Promissory Note for Past Due Rent: This type of note is used when the overdue rent is expected to be repaid within a relatively short period, typically within a few months. 2. Long-term Promissory Note for Past Due Rent: In cases where the overdue rent amount is significant or the tenant is unable to make immediate full repayment, a long-term promissory note may be entered into. This note allows for an extended repayment period, often spanning several months or even years. 3. Promissory Note with Interest: If the landlord has included an interest clause in the agreement, the promissory note will state the applicable interest rate, which the tenant will need to pay in addition to the outstanding rent amount. 4. Promissory Note with Late Fees: In situations where the tenant has consistently failed to pay rent on time, the promissory note may include a provision for late fees. This type of note defines the amount of late fees incurred and how they will be added to the outstanding balance. It is important for both the landlord and tenant to carefully review and understand the terms and conditions outlined in the King Washington Promissory Note for Past Due Rent. This document helps clarify the agreement, protects the rights of both parties, and provides legal recourse if any issues arise.A King Washington Promissory Note for Past Due Rent is a legal document used to formalize an agreement between a landlord and a tenant for the repayment of rent that is overdue or in arrears. This note serves as a written record of the terms and conditions agreed upon by both parties regarding the repayment of the outstanding rent amount. The King Washington Promissory Note outlines the specific details of the overdue rent, including the due date, the amount owed, and any applicable interest rates or late fees. It also includes the agreed-upon repayment schedule, which outlines how and when the tenant will make the required payments to clear the outstanding rent balance. There may be different types of King Washington Promissory Note for Past Due Rent, depending on various factors such as the duration of overdue rent, the amount owed, and the agreed-upon repayment terms. Some different types may include: 1. Short-term Promissory Note for Past Due Rent: This type of note is used when the overdue rent is expected to be repaid within a relatively short period, typically within a few months. 2. Long-term Promissory Note for Past Due Rent: In cases where the overdue rent amount is significant or the tenant is unable to make immediate full repayment, a long-term promissory note may be entered into. This note allows for an extended repayment period, often spanning several months or even years. 3. Promissory Note with Interest: If the landlord has included an interest clause in the agreement, the promissory note will state the applicable interest rate, which the tenant will need to pay in addition to the outstanding rent amount. 4. Promissory Note with Late Fees: In situations where the tenant has consistently failed to pay rent on time, the promissory note may include a provision for late fees. This type of note defines the amount of late fees incurred and how they will be added to the outstanding balance. It is important for both the landlord and tenant to carefully review and understand the terms and conditions outlined in the King Washington Promissory Note for Past Due Rent. This document helps clarify the agreement, protects the rights of both parties, and provides legal recourse if any issues arise.
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.
