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 Salt Lake Utah Promissory Note for Past Due Rent is a legally binding contract between a landlord and a tenant in Salt Lake City, Utah, specifically used to document and formalize an agreement regarding the repayment of rent that is past due. It serves as a written promise by the tenant to repay the outstanding rent within a specified period of time, typically outlining the terms and conditions agreed upon by both parties. The Salt Lake Utah Promissory Note for Past Due Rent provides a clear record of the outstanding rent amount, the date it became due, the agreed-upon repayment schedule, the interest rate (if applicable), and any penalties or late fees that may be imposed in case of default. It ensures transparency and protects the rights and interests of both the landlord and the tenant involved. Different types or variations of Salt Lake Utah Promissory Notes for Past Due Rent may include: 1. Fixed-Term Promissory Note: This type specifies a specific due date for the full repayment of the past due rent, typically in a lump sum or through scheduled installments. 2. Installment Promissory Note: With this type, the tenant commits to repaying the past due rent through multiple installments over a certain period, agreed upon by both parties. 3. Variable Interest Promissory Note: In cases where interest is applied to the outstanding rent, this type of promissory note outlines the specific interest rate, which may be fixed or variable, that accrues on the unpaid balance. 4. Secured Promissory Note: If the landlord requires additional security for the repayment of past due rent, such as a valuable asset or a guarantor, a secured promissory note may be used to outline these additional terms and conditions. When drafting or filling out a Salt Lake Utah Promissory Note for Past Due Rent, it is crucial to consult a legal professional familiar with local laws and regulations to ensure its compliance with the state's legal requirements.A Salt Lake Utah Promissory Note for Past Due Rent is a legally binding contract between a landlord and a tenant in Salt Lake City, Utah, specifically used to document and formalize an agreement regarding the repayment of rent that is past due. It serves as a written promise by the tenant to repay the outstanding rent within a specified period of time, typically outlining the terms and conditions agreed upon by both parties. The Salt Lake Utah Promissory Note for Past Due Rent provides a clear record of the outstanding rent amount, the date it became due, the agreed-upon repayment schedule, the interest rate (if applicable), and any penalties or late fees that may be imposed in case of default. It ensures transparency and protects the rights and interests of both the landlord and the tenant involved. Different types or variations of Salt Lake Utah Promissory Notes for Past Due Rent may include: 1. Fixed-Term Promissory Note: This type specifies a specific due date for the full repayment of the past due rent, typically in a lump sum or through scheduled installments. 2. Installment Promissory Note: With this type, the tenant commits to repaying the past due rent through multiple installments over a certain period, agreed upon by both parties. 3. Variable Interest Promissory Note: In cases where interest is applied to the outstanding rent, this type of promissory note outlines the specific interest rate, which may be fixed or variable, that accrues on the unpaid balance. 4. Secured Promissory Note: If the landlord requires additional security for the repayment of past due rent, such as a valuable asset or a guarantor, a secured promissory note may be used to outline these additional terms and conditions. When drafting or filling out a Salt Lake Utah Promissory Note for Past Due Rent, it is crucial to consult a legal professional familiar with local laws and regulations to ensure its compliance with the state's legal requirements.
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.
