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 Wyoming Promissory Note for Past Due Rent is a legally binding document used to establish a written promise between a landlord and a tenant. This note outlines the tenant's agreement to repay the landlord a specified amount of past due rent over a set period of time, typically in a series of installments. Keywords: Wyoming, Promissory Note, Past Due Rent, legally binding, written promise, landlord, tenant, repay, specified amount, set period of time, installments. Different types of Wyoming Promissory Note for Past Due Rent may include: 1. Fixed Installment Promissory Note: This type of promissory note specifies a fixed amount of past due rent the tenant agrees to repay the landlord within a particular period, typically in equal monthly or weekly installments. 2. Balloon Payment Promissory Note: In this type of note, the tenant agrees to make regular installment payments of a certain amount, with a larger final payment (balloon payment) due at the end of the repayment term. 3. Interest-Bearing Promissory Note: An interest-bearing promissory note includes the repayment of past due rent along with a predetermined interest rate, which the tenant agrees to pay to the landlord on top of the principal amount. 4. Secured Promissory Note: This note involves the tenant providing collateral (such as personal property or real estate) to secure the repayment of the past due rent. If the tenant defaults, the landlord has the legal right to seize and sell the collateral to recover the owed amount. 5. Unsecured Promissory Note: An unsecured promissory note does not require any collateral. It relies solely on the tenant's promise to repay the past due rent without any additional security. 6. Lump Sum Promissory Note: This type of note entails the tenant agreeing to make a single, lump-sum payment of the entire past due rent owed by a specified date. In conclusion, a Wyoming Promissory Note for Past Due Rent is a legally binding agreement outlining a tenant's promise to repay a landlord for past due rent. The type of promissory note may vary based on the repayment structure, presence of interest, presence of collateral, and the payment method.A Wyoming Promissory Note for Past Due Rent is a legally binding document used to establish a written promise between a landlord and a tenant. This note outlines the tenant's agreement to repay the landlord a specified amount of past due rent over a set period of time, typically in a series of installments. Keywords: Wyoming, Promissory Note, Past Due Rent, legally binding, written promise, landlord, tenant, repay, specified amount, set period of time, installments. Different types of Wyoming Promissory Note for Past Due Rent may include: 1. Fixed Installment Promissory Note: This type of promissory note specifies a fixed amount of past due rent the tenant agrees to repay the landlord within a particular period, typically in equal monthly or weekly installments. 2. Balloon Payment Promissory Note: In this type of note, the tenant agrees to make regular installment payments of a certain amount, with a larger final payment (balloon payment) due at the end of the repayment term. 3. Interest-Bearing Promissory Note: An interest-bearing promissory note includes the repayment of past due rent along with a predetermined interest rate, which the tenant agrees to pay to the landlord on top of the principal amount. 4. Secured Promissory Note: This note involves the tenant providing collateral (such as personal property or real estate) to secure the repayment of the past due rent. If the tenant defaults, the landlord has the legal right to seize and sell the collateral to recover the owed amount. 5. Unsecured Promissory Note: An unsecured promissory note does not require any collateral. It relies solely on the tenant's promise to repay the past due rent without any additional security. 6. Lump Sum Promissory Note: This type of note entails the tenant agreeing to make a single, lump-sum payment of the entire past due rent owed by a specified date. In conclusion, a Wyoming Promissory Note for Past Due Rent is a legally binding agreement outlining a tenant's promise to repay a landlord for past due rent. The type of promissory note may vary based on the repayment structure, presence of interest, presence of collateral, and the payment method.
