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 West Virginia Promissory Note for Past Due Rent is a legally binding document used in the state of West Virginia to outline an agreement between a landlord and tenant regarding the repayment of overdue rental payments. It serves as a record of the tenant's promise to pay back the outstanding rent within a specified timeframe, typically including additional interest and any associated fees. This promissory note contains key details such as the parties involved (landlord and tenant), the date of the agreement, the exact amount of past-due rent owed, the interest rate (if applicable), and the agreed repayment terms. It is essential for both parties to sign the document, attesting to their understanding and consent to the terms stated. Below are several types of West Virginia Promissory Note for Past Due Rent, each serving a particular purpose: 1. Simple Promissory Note for Past Due Rent: This standard agreement outlines the repayment terms for past-due rent, specifying the amount owed, the interest rate if applicable, and the agreed-upon schedule for payments. 2. Installment Promissory Note for Past Due Rent: This type of note is used when the landlord and tenant agree to break down the repayment into smaller, regular installments over an extended period. The note outlines the payment amount, frequency, and any interest or fees associated with the repayment plan. 3. Lump-Sum Promissory Note for Past Due Rent: This note is used when the landlord and tenant agree for the tenant to repay the entire past-due rent in a single payment. It includes all necessary details such as the total amount owed, any applicable interest or fees, and the due date for the lump sum payment. 4. Secured Promissory Note for Past Due Rent: In situations where the landlord requires additional security for the repayment, this note includes a provision stating that the tenant will provide specific collateral (e.g., a valuable asset) in case of default on the agreed-upon repayment terms. Regardless of the type selected, it is crucial for both parties to carefully read and fully understand the terms of the West Virginia Promissory Note for Past Due Rent before signing, as it has enforceable legal implications.A West Virginia Promissory Note for Past Due Rent is a legally binding document used in the state of West Virginia to outline an agreement between a landlord and tenant regarding the repayment of overdue rental payments. It serves as a record of the tenant's promise to pay back the outstanding rent within a specified timeframe, typically including additional interest and any associated fees. This promissory note contains key details such as the parties involved (landlord and tenant), the date of the agreement, the exact amount of past-due rent owed, the interest rate (if applicable), and the agreed repayment terms. It is essential for both parties to sign the document, attesting to their understanding and consent to the terms stated. Below are several types of West Virginia Promissory Note for Past Due Rent, each serving a particular purpose: 1. Simple Promissory Note for Past Due Rent: This standard agreement outlines the repayment terms for past-due rent, specifying the amount owed, the interest rate if applicable, and the agreed-upon schedule for payments. 2. Installment Promissory Note for Past Due Rent: This type of note is used when the landlord and tenant agree to break down the repayment into smaller, regular installments over an extended period. The note outlines the payment amount, frequency, and any interest or fees associated with the repayment plan. 3. Lump-Sum Promissory Note for Past Due Rent: This note is used when the landlord and tenant agree for the tenant to repay the entire past-due rent in a single payment. It includes all necessary details such as the total amount owed, any applicable interest or fees, and the due date for the lump sum payment. 4. Secured Promissory Note for Past Due Rent: In situations where the landlord requires additional security for the repayment, this note includes a provision stating that the tenant will provide specific collateral (e.g., a valuable asset) in case of default on the agreed-upon repayment terms. Regardless of the type selected, it is crucial for both parties to carefully read and fully understand the terms of the West Virginia Promissory Note for Past Due Rent before signing, as it has enforceable legal implications.
