Work out a payment plan for late rent: Late Rent Payment Agreement
What is a Late Rent Payment Agreement?
Evicting a tenant can be a complicated, challenging process. You can use a Late Rent Payment Agreement to help avoid eviction, and also receive the money that is owed to you. When the tenant signs the Late Rent Payment Agreement, he or she agrees to leave the rental property immediately if the late rent payment is not made by the specified date in the agreement. This way, as the landlord, you still have the option of eviction if the tenant does not end up making the late rent payment.
When to use a Late Rent Payment Agreement:
- You're a landlord and would like to give you tenant a few extra days to pay rent.
- You're a tenant who needs a little extra time to pay the rent, and want to avoid eviction.
Sample Late Rent Payment Agreement
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Late Rent Payment Agreement
This Late Rent Payment Agreement (the "Agreement"), is made on (the "Effective Date") by and between of , , (the "Landlord") and of , , (the "Tenant").
WHEREAS, the Tenant is currently renting the premises located at , , from the Landlord; and
WHEREAS, the Tenant is behind in paying rent at this time; and
WHEREAS, the Tenant owes in past due rent to the Landlord; and
WHEREAS, the Tenant promises to pay the above amount owed, in full, no later than (the "Pay Date"), with a good faith payment of paid at the time of signing this Agreement
WHEREAS, the Tenant will continue to be responsible for all current and future rent payments in addition to the payment for past due rent;
NOW THEREFORE, the parties agree to the following:
| 1. | In the event Tenant, for any reason, does not follow through with the above promise, Tenant will vacate said premises immediately and no later than the Pay Date mentioned above. |
| 2. | If the Tenant fails to fulfill the payments set forth above, including the continued timely payment of all current and future rental payments, Tenant realizes that, it is Tenant's responsibility to pick up Tenant's personal belongings and articles not later than after the Pay Date. |
| 3. | In consideration of the above, the Landlord grants the Tenant the time between the Effective Date and to pay all rents as stipulated above. |
| 4. | The Landlord agrees not to commence eviction or other legal action as long as the terms of the Agreement are being met in their entirety. |
| 5. | However, the Landlord reserves, the legal rights granted to Landlord under law for the remedy of non-payment of rent. |
| 6. | This Agreement constitutes an acknowledgement by the Tenant that the above rents are valid and accurate, and that the Landlord is legally entitled to them. |
IN WITNESS WHEREOF, the Landlord and Tenant have executed this Agreement in the manner prescribed by law as of the Effective Date.
Landlord:
| By: | Date: |
Tenant:
| By: | Date: |
