Set terms for deferral and repayment of rent: Rent Payment Plan
What is a Rent Payment Plan?
A Rent Payment Plan is a document that allows you to outline your terms for the deferral and repayment of rent. Rent Payment Plans can help landlords and tenants avoid conflicts by outlining clear rules for the repayment of deferred rent and can help both parties avoid an expensive and time consuming eviction lawsuit. This agreement will detail when the deferral period starts, the duration of the deferral period, the installment amount, and when installments are to be paid. The agreement also allows landlords to offer a discount on deferred rent in exchange for the performance of tasks like yard work or repairs.
While this document is intended to support tenants who have been unexpectedly laid off or furloughed, landlords should only enter into this agreement if they believe the tenant will make a good faith effort to repay the debt.
When to use a Rent Payment Plan:
- You are a landlord whose residential or commercial tenant can't pay rent.
- You have been asked by your tenant to defer rental payments because of COVID-19 and agree to this deferral.
- You want to set out the terms of the rent deferral and repayment.
- You want to temporarily reduce rent in exchange for help on the property.
Have questions about your Rent Payment Plan?
Whether you're preparing your Rent Payment Plan, reviewing one someone sent you, or just want to understand it better, here's how to get help.
- Understand what it says or review it. Use our AI legal assistant to ask questions about your Rent Payment Plan, understand what it says, and spot anything that may need a closer look.
- Ask an attorney a question. Connect with an attorney for legal information, with a written answer within one business day or a live consultation.
- Get advice on what to do. For privileged, confidential advice about your specific circumstances and next steps, book a Legal Advice Session with an attorney.
Sample Rent Payment Plan
The terms in your document will update based on the information you provide
This document has been customized over 6.7K times
Legally binding and enforceable
Consult an Attorney to ask questions or review your document
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This Rent Payment Plan is by and between (the "Landlord"), of , , , and the following tenant(s) located at , , :
(the "Tenant")
This Rent Payment Plan between the Landlord and Tenant, effective as of (the "Effective Date"), is entered into in connection with an existing rental agreement between the parties. This Rent Payment Plan is deemed to be incorporated into the original rental agreement by and between the Landlord and Tenant. Except as expressly set forth herein, the original rental agreement remains unamended and in full force and effect.
Purpose
The Landlord will allow the Tenant to defer rent payments and re-pay due rent in installments , as set out in this Rent Payment Plan.
Duration
This rent deferral will apply from and will apply for .
of week
IN WITNESS WHEREOF, the parties hereto have executed this Rent Payment Plan to be effective as of the day, month and year first written above.
| By: | Date: |
| By: | Date: |
