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.
Massachusetts Promissory Note for Past Due Rent is a legal document used in the state of Massachusetts to create a binding agreement between a landlord and a tenant regarding any outstanding rent payments. This promissory note serves as a written acknowledgment of the outstanding rent amount and establishes a repayment plan for the tenant. Keyword: Massachusetts Promissory Note for Past Due Rent This type of promissory note outlines the terms and conditions agreed upon by the landlord and tenant, including the amount of past-due rent, the due dates for repayment, the agreed-upon interest rate (if any), and the consequences of default on the repayment plan. The Massachusetts Promissory Note for Past Due Rent serves as evidence of the tenant's commitment to repay the outstanding rent in a timely manner. It helps protect the landlord's rights and provides a legal basis for enforcing the repayment terms if necessary. Different types of Massachusetts Promissory Note for Past Due Rent may include: 1. Fixed-Term Promissory Note: This type of promissory note specifies a predetermined duration, typically for a specific number of months, during which the tenant must repay the past due rent. 2. Installment Promissory Note: This type of promissory note allows the tenant to repay the past due rent in equal installments over an agreed-upon period. The installment amount and repayment schedule are laid out in the note. 3. Lump-sum Promissory Note: In this type of promissory note, the tenant agrees to repay the entire past-due rent amount in a single payment by a specified date. It's essential for both parties to review the terms of the Massachusetts Promissory Note for Past Due Rent carefully and ensure that they agree with the repayment plan outlined in the document before signing. Seeking legal advice or assistance when drafting or reviewing the promissory note can provide added protection and clarity for both parties involved.Massachusetts Promissory Note for Past Due Rent is a legal document used in the state of Massachusetts to create a binding agreement between a landlord and a tenant regarding any outstanding rent payments. This promissory note serves as a written acknowledgment of the outstanding rent amount and establishes a repayment plan for the tenant. Keyword: Massachusetts Promissory Note for Past Due Rent This type of promissory note outlines the terms and conditions agreed upon by the landlord and tenant, including the amount of past-due rent, the due dates for repayment, the agreed-upon interest rate (if any), and the consequences of default on the repayment plan. The Massachusetts Promissory Note for Past Due Rent serves as evidence of the tenant's commitment to repay the outstanding rent in a timely manner. It helps protect the landlord's rights and provides a legal basis for enforcing the repayment terms if necessary. Different types of Massachusetts Promissory Note for Past Due Rent may include: 1. Fixed-Term Promissory Note: This type of promissory note specifies a predetermined duration, typically for a specific number of months, during which the tenant must repay the past due rent. 2. Installment Promissory Note: This type of promissory note allows the tenant to repay the past due rent in equal installments over an agreed-upon period. The installment amount and repayment schedule are laid out in the note. 3. Lump-sum Promissory Note: In this type of promissory note, the tenant agrees to repay the entire past-due rent amount in a single payment by a specified date. It's essential for both parties to review the terms of the Massachusetts Promissory Note for Past Due Rent carefully and ensure that they agree with the repayment plan outlined in the document before signing. Seeking legal advice or assistance when drafting or reviewing the promissory note can provide added protection and clarity for both parties involved.
