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.
Ohio Promissory Note for Past Due Rent is a legally binding document that serves as a written agreement between a landlord and a tenant in the state of Ohio. This promissory note outlines the terms and conditions for the repayment of past due rent by the tenant, providing assurance to the landlord that the outstanding balance will be paid in full. The Ohio Promissory Note for Past Due Rent is designed to protect the rights of both parties involved. It clearly defines the amount of the past due rent, the agreed upon repayment schedule, and any applicable interest rates or late fees. By signing this promissory note, both the landlord and tenant acknowledge their mutual agreement to the repayment plan, preventing any potential disputes or misunderstandings in the future. There are several types of Ohio Promissory Notes for Past Due Rent, depending on the specific circumstances of the tenant and the landlord: 1. Standard Ohio Promissory Note for Past Due Rent: This is the most common type of promissory note used when a tenant has fallen behind on their rent payments. It outlines the repayment schedule and any applicable interest rates or late fees. 2. Ohio Promissory Note for Past Due Rent with Payment Plan: This type of promissory note is utilized when the tenant requires a more structured payment plan to repay the outstanding balance. The note includes a detailed repayment schedule, specifying the amount to be paid on each due date. 3. Ohio Promissory Note for Past Due Rent with Partial Payment: When a tenant is unable to repay the full amount of past due rent at once, this type of promissory note allows for partial payments. It specifies the agreed upon amount and frequency of these partial payments until the balance is repaid. 4. Ohio Promissory Note for Past Due Rent with Negotiated Settlement: In cases where the landlord and tenant have agreed to a reduced settlement amount for the outstanding rent, this type of promissory note is used. It outlines the negotiated settlement terms and conditions, including the repayment schedule. It's important for both landlords and tenants in Ohio to use a promissory note for past due rent to ensure a clear understanding of the repayment terms, protect their interests, and maintain a harmonious landlord-tenant relationship. Consultation with legal experts is always advisable to draft a comprehensive and enforceable Ohio Promissory Note for Past Due Rent.
