The Late Rent Payment Agreement serves as a critical tool in Canadian residential and commercial tenancy management, providing a legally compliant framework for addressing rent arrears situations. This document is typically used when a tenant has fallen behind on rent payments but both parties wish to maintain the tenancy relationship through a structured repayment plan. It includes essential details such as the total outstanding amount, payment schedule, default provisions, and any applicable interest charges, all while ensuring compliance with provincial residential tenancy laws and federal regulations. The agreement helps prevent eviction proceedings while protecting both landlord and tenant interests through a formal, documented arrangement. It's particularly relevant in situations where temporary financial hardship has led to rent arrears and both parties are willing to work towards a resolution.
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1. Parties: Identifies the landlord and tenant, including full legal names and addresses
2. Background: Outlines the existing tenancy agreement details and circumstances leading to the late rent situation
3. Definitions: Defines key terms used throughout the agreement
4. Outstanding Amount: Specifies the total amount of rent in arrears, including any applicable late fees or interest
5. Payment Plan: Details the agreed payment schedule, including installment amounts and due dates
6. Default Provisions: Outlines consequences of failing to meet the payment plan obligations
7. Effect on Existing Lease: Confirms that original lease terms remain in effect except as modified by this agreement
8. Representations and Warranties: Statements by both parties confirming their understanding and capacity to enter the agreement
9. Execution: Signature block and date of agreement
1. Interest Charges: Details any interest charges on the outstanding amount - include when interest is being charged
2. Security Deposit Arrangements: Include when existing security deposit is being applied or modified
3. Additional Guarantor: Include when a third party is guaranteeing the payment plan
4. Dispute Resolution: Include when parties want to specify specific dispute resolution procedures
5. Hardship Provisions: Include when parties agree to specific provisions for future financial hardship
6. Electronic Payment Terms: Include when specific electronic payment methods are being mandated
1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Schedule B - Outstanding Amount Calculation: Itemized list of outstanding rent, late fees, and other charges
3. Schedule C - Original Lease Reference: Copy or key terms of the original lease agreement
4. Appendix 1 - Proof of Income: Optional documentation supporting tenant's ability to meet payment plan
5. Appendix 2 - Authorization for Automatic Payments: If applicable, authorization forms for automatic payment arrangements
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