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 Virginia Promissory Note for Past Due Rent is a legal document used in Virginia to formalize an agreement between a landlord and a tenant when the tenant has fallen behind in rent payments. This document outlines the terms under which the tenant promises to repay the past due rent and any associated fees or charges. The Virginia Promissory Note for Past Due Rent is typically used when the landlord and tenant have reached an agreement to avoid eviction by allowing the tenant to repay the rent owed over time. It serves as a written record of the agreement and provides both parties with a clear understanding of their obligations. Keywords: Virginia, Promissory Note, Past Due Rent, legal document, landlord, tenant, rent payments, agreement, repayment, eviction, fees, charges. In Virginia, there are various types of Promissory Notes for Past Due Rent, each with its own specific purpose and conditions: 1. Installment Promissory Note for Past Due Rent: This type of promissory note specifies a repayment plan where the tenant agrees to make regular, scheduled payments over a defined period until the past due rent is fully repaid. It includes information such as the payment amount, frequency, and due dates. 2. Lump Sum Promissory Note for Past Due Rent: This type of promissory note involves the tenant agreeing to repay the entire past due rent amount in a single payment by a specific date specified in the note. This option is commonly used when the tenant has resources available to cover the total amount owed. 3. Amended Lease Agreement Promissory Note: In certain cases, the landlord and tenant may choose to modify the existing lease agreement to incorporate provisions for repayment of past due rent. This type of promissory note is used to document the amendments made to the original lease agreement regarding the payment of the outstanding rent and any changes to the terms or conditions. 4. Secured Promissory Note for Past Due Rent: In situations where the tenant provides collateral, such as personal property or a security deposit, to secure the repayment of past due rent, a secured promissory note is used. This note outlines the agreed-upon terms for repayment and includes details of the collateral pledged. In any case, it is recommended to consult with a professional legal advisor or an attorney when preparing or executing a Virginia Promissory Note for Past Due Rent, as the specific requirements and laws may vary depending on the circumstances.A Virginia Promissory Note for Past Due Rent is a legal document used in Virginia to formalize an agreement between a landlord and a tenant when the tenant has fallen behind in rent payments. This document outlines the terms under which the tenant promises to repay the past due rent and any associated fees or charges. The Virginia Promissory Note for Past Due Rent is typically used when the landlord and tenant have reached an agreement to avoid eviction by allowing the tenant to repay the rent owed over time. It serves as a written record of the agreement and provides both parties with a clear understanding of their obligations. Keywords: Virginia, Promissory Note, Past Due Rent, legal document, landlord, tenant, rent payments, agreement, repayment, eviction, fees, charges. In Virginia, there are various types of Promissory Notes for Past Due Rent, each with its own specific purpose and conditions: 1. Installment Promissory Note for Past Due Rent: This type of promissory note specifies a repayment plan where the tenant agrees to make regular, scheduled payments over a defined period until the past due rent is fully repaid. It includes information such as the payment amount, frequency, and due dates. 2. Lump Sum Promissory Note for Past Due Rent: This type of promissory note involves the tenant agreeing to repay the entire past due rent amount in a single payment by a specific date specified in the note. This option is commonly used when the tenant has resources available to cover the total amount owed. 3. Amended Lease Agreement Promissory Note: In certain cases, the landlord and tenant may choose to modify the existing lease agreement to incorporate provisions for repayment of past due rent. This type of promissory note is used to document the amendments made to the original lease agreement regarding the payment of the outstanding rent and any changes to the terms or conditions. 4. Secured Promissory Note for Past Due Rent: In situations where the tenant provides collateral, such as personal property or a security deposit, to secure the repayment of past due rent, a secured promissory note is used. This note outlines the agreed-upon terms for repayment and includes details of the collateral pledged. In any case, it is recommended to consult with a professional legal advisor or an attorney when preparing or executing a Virginia Promissory Note for Past Due Rent, as the specific requirements and laws may vary depending on the circumstances.
