Partial Payment and Promissory Note: This is an agreement between a Landlord and Tenant. It states that the Landlord, although not required by law, will accept partial rent as payment in full. He/She will only accept this arrangement if the Tenant continues to make payments toward his/her debt. This form is available for download in both Word and Rich Text formats.
The Phoenix Arizona Partial Payment Acceptance and Promissory Note for Rent Arbitrages is a legal document designed to establish an agreement between a landlord and a tenant regarding the payment of overdue rent in installments. This document outlines the terms and conditions for accepting partial rent payments and sets out the repayment schedule for the outstanding balance. This type of agreement is commonly used in situations where the tenant has fallen behind on rent payments and is unable to pay the full amount all at once. By entering into this agreement, the landlord agrees to accept partial payment of the rent arbitrages, while the tenant promises to repay the remaining balance in a specified timeframe. The Phoenix Arizona Partial Payment Acceptance and Promissory Note for Rent Arbitrages typically includes relevant keywords and clauses such as: 1. Parties involved: Identification of both the landlord and the tenant, including their legal names and contact information. 2. Rent arbitrages: A clear statement regarding the amount of rent that is currently due and unpaid by the tenant. 3. Partial payment acceptance: Confirmation that the landlord agrees to accept partial payment of the rent arbitrages from the tenant. 4. Repayment terms: Specification of the repayment plan, including the installment amount, the due dates, and the duration for completing the outstanding balance. 5. Penalties and late fees: Inclusion of any penalties or late fees that may be imposed in case of non-compliance with the agreed-upon terms. 6. Security deposit: Clarification on whether the security deposit will be used towards the rent arbitrages or held by the landlord until the full balance is repaid. 7. Interest charges: Disclosure of whether the outstanding balance will accrue interest over time and if so, the applicable interest rate. 8. Legal implications: Statement regarding the legal consequences that might arise in case of breach of the agreement by either party. Different types of Phoenix Arizona Partial Payment Acceptance and Promissory Note for Rent Arbitrages can exist depending on individual circumstances. These may include agreements with different repayment plans or specific conditions tailored to the unique needs of the tenant and landlord involved.
