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 San Diego California Promissory Note for Past Due Rent is a legally binding document used to outline the terms and conditions of a repayment agreement between a tenant and a landlord when rent payments have fallen behind schedule. This note serves as a written record of the agreement and provides clarity to both parties involved. Keywords: San Diego, California, Promissory Note, Past Due Rent There are several types of San Diego California Promissory Notes for Past Due Rent that may vary depending on the specific circumstances and agreements made between the tenant and the landlord: 1. Simple Promissory Note: This type of note includes basic details such as the names of the tenant and the landlord, the amount of past due rent, the repayment terms, interest rates (if applicable), and any penalties for non-payment. 2. Lump Sum Repayment Note: This promissory note outlines a one-time repayment plan where the tenant agrees to pay the entire past due rent in a single lump sum payment by a specified date. 3. Installment Repayment Note: This type of note establishes a series of regular, equal payments to be made by the tenant until the past due rent is fully repaid. The note specifies the date and amount of each installment payment, along with any interest or penalties. 4. Secured Promissory Note: In some cases, the landlord may require additional security, such as a property or personal asset, to guarantee the repayment of past due rent. A secured promissory note includes provisions that outline the specifics of this collateral arrangement. 5. Partial Payment Agreement: This note is used when the tenant can only make partial payments towards the past due rent. It specifies the amount and frequency of these payments and may also include specific arrangements or conditions that need to be met. 6. Forbearance Agreement: Sometimes, when a tenant is facing temporary financial difficulties, the landlord may allow for a period of forbearance, wherein the tenant is given some time to catch up on the rent payments. A Promissory Note for Past Due Rent is used to document the repayment plan agreed upon during the forbearance period. In San Diego, California, these different types of promissory notes offer flexibility for landlords and tenants to negotiate repayment terms based on their specific needs and circumstances. It is essential for both parties to carefully review and understand the terms outlined in the note before signing, ensuring clear communication and a fair agreement.A San Diego California Promissory Note for Past Due Rent is a legally binding document used to outline the terms and conditions of a repayment agreement between a tenant and a landlord when rent payments have fallen behind schedule. This note serves as a written record of the agreement and provides clarity to both parties involved. Keywords: San Diego, California, Promissory Note, Past Due Rent There are several types of San Diego California Promissory Notes for Past Due Rent that may vary depending on the specific circumstances and agreements made between the tenant and the landlord: 1. Simple Promissory Note: This type of note includes basic details such as the names of the tenant and the landlord, the amount of past due rent, the repayment terms, interest rates (if applicable), and any penalties for non-payment. 2. Lump Sum Repayment Note: This promissory note outlines a one-time repayment plan where the tenant agrees to pay the entire past due rent in a single lump sum payment by a specified date. 3. Installment Repayment Note: This type of note establishes a series of regular, equal payments to be made by the tenant until the past due rent is fully repaid. The note specifies the date and amount of each installment payment, along with any interest or penalties. 4. Secured Promissory Note: In some cases, the landlord may require additional security, such as a property or personal asset, to guarantee the repayment of past due rent. A secured promissory note includes provisions that outline the specifics of this collateral arrangement. 5. Partial Payment Agreement: This note is used when the tenant can only make partial payments towards the past due rent. It specifies the amount and frequency of these payments and may also include specific arrangements or conditions that need to be met. 6. Forbearance Agreement: Sometimes, when a tenant is facing temporary financial difficulties, the landlord may allow for a period of forbearance, wherein the tenant is given some time to catch up on the rent payments. A Promissory Note for Past Due Rent is used to document the repayment plan agreed upon during the forbearance period. In San Diego, California, these different types of promissory notes offer flexibility for landlords and tenants to negotiate repayment terms based on their specific needs and circumstances. It is essential for both parties to carefully review and understand the terms outlined in the note before signing, ensuring clear communication and a fair 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.
