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 New Hampshire Promissory Note for Past Due Rent is a legally binding document that outlines the terms and conditions under which an individual or entity agrees to repay past due rent to a landlord or property owner. This note serves as a written agreement to formalize the repayment schedule and protect the rights of both parties involved. Key keywords: New Hampshire, promissory note, past due rent, repayment, landlord, property owner, legally binding, terms and conditions, written agreement, repayment schedule, rights. There are various types of New Hampshire Promissory Notes for Past Due Rent, each designed to meet specific needs or circumstances. Here are some common types: 1. Installment Promissory Note: This type of note specifies a repayment plan where the past due rent is divided into regular installments over a certain period. The note usually includes details such as the amount of each installment, due dates, interest rates, and any applicable late fees. 2. Lump-Sum Promissory Note: With this type of note, the past due rent is repaid in a single payment on a specified date. The note usually outlines the agreed-upon amount, due date, and any other relevant terms. 3. Secured Promissory Note: In cases where the landlord requires additional security for repayment, a secured promissory note can be used. This note includes details of the collateral provided by the tenant, such as personal property, real estate, or a guarantor, which can be collected in case of default. 4. Unsecured Promissory Note: Unlike a secured note, an unsecured promissory note does not require collateral. It outlines the terms and repayment schedule for past due rent without any specific security provision. 5. Personal Guarantee Promissory Note: In situations where a tenant is unable to repay past due rent, this note involves a third party who agrees to assume responsibility for the repayment. The personal guarantee provides an additional layer of security for the landlord. 6. Acceleration Promissory Note: This note allows the landlord to demand immediate payment of the entire past due rent if the tenant fails to adhere to the agreed-upon repayment schedule or violates other terms of the note. It is vital to consult with legal professionals or real estate experts to draft a New Hampshire Promissory Note for Past Due Rent that specifically addresses the needs and circumstances of the landlord and tenant.A New Hampshire Promissory Note for Past Due Rent is a legally binding document that outlines the terms and conditions under which an individual or entity agrees to repay past due rent to a landlord or property owner. This note serves as a written agreement to formalize the repayment schedule and protect the rights of both parties involved. Key keywords: New Hampshire, promissory note, past due rent, repayment, landlord, property owner, legally binding, terms and conditions, written agreement, repayment schedule, rights. There are various types of New Hampshire Promissory Notes for Past Due Rent, each designed to meet specific needs or circumstances. Here are some common types: 1. Installment Promissory Note: This type of note specifies a repayment plan where the past due rent is divided into regular installments over a certain period. The note usually includes details such as the amount of each installment, due dates, interest rates, and any applicable late fees. 2. Lump-Sum Promissory Note: With this type of note, the past due rent is repaid in a single payment on a specified date. The note usually outlines the agreed-upon amount, due date, and any other relevant terms. 3. Secured Promissory Note: In cases where the landlord requires additional security for repayment, a secured promissory note can be used. This note includes details of the collateral provided by the tenant, such as personal property, real estate, or a guarantor, which can be collected in case of default. 4. Unsecured Promissory Note: Unlike a secured note, an unsecured promissory note does not require collateral. It outlines the terms and repayment schedule for past due rent without any specific security provision. 5. Personal Guarantee Promissory Note: In situations where a tenant is unable to repay past due rent, this note involves a third party who agrees to assume responsibility for the repayment. The personal guarantee provides an additional layer of security for the landlord. 6. Acceleration Promissory Note: This note allows the landlord to demand immediate payment of the entire past due rent if the tenant fails to adhere to the agreed-upon repayment schedule or violates other terms of the note. It is vital to consult with legal professionals or real estate experts to draft a New Hampshire Promissory Note for Past Due Rent that specifically addresses the needs and circumstances of the landlord and tenant.
