The Rental Promissory Note is commonly used in German rental transactions where additional payment security is desired beyond the standard rental agreement. It is particularly relevant in situations involving commercial leases, high-value residential rentals, or cases where the landlord requires enhanced payment assurance. The document combines the formal requirements of a promissory note under German law with specific references to the underlying rental relationship. It typically includes detailed identification of the parties, specific payment obligations, reference to the main lease agreement, and any applicable security arrangements. This document type is governed by German civil law, particularly the relevant sections of the Bürgerliches Gesetzbuch (BGB) concerning both rental law and promissory notes. It serves as both a payment security instrument and a clear documentation of rental payment obligations.
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1. Parties: Full legal names and addresses of the promisor (typically the tenant) and promisee (typically the landlord)
2. Background: Reference to the underlying rental agreement, including its date and essential terms, establishing the context for the promissory note
3. Definitions: Key terms used in the document, including reference to the rental property and any specific payment terms
4. Promise to Pay: Clear and unequivocal statement of the promise to pay, specifying the exact amount, currency, and payment schedule
5. Payment Terms: Detailed description of how and when payments are to be made, including payment method and due dates
6. Default Provisions: Consequences of failing to make payments as promised, including any applicable interest or penalties
7. Governing Law: Explicit statement that the note is governed by German law
8. Signatures: Space for dated signatures of all parties, with proper attestation if required
1. Security Provisions: Include when additional security or collateral is being provided for the promised payment
2. Guarantor Details: Include when a third party is guaranteeing the payment obligations
3. Early Payment Provisions: Include when there are specific terms for early or accelerated payment options
4. Assignment Rights: Include when either party needs the right to assign the promissory note to third parties
5. Dispute Resolution: Include when specific dispute resolution procedures are desired beyond standard court proceedings
1. Payment Schedule: Detailed breakdown of payment amounts and due dates if multiple payments are involved
2. Property Details: Detailed description of the rental property referenced in the promissory note
3. Copy of Rental Agreement: Attached copy of the referenced rental agreement to which the promissory note relates
4. Security Documentation: If applicable, documentation relating to any security or collateral provided
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Management
Residential Housing
Commercial Property
Student Housing
Senior Living
Retail Space Rental
Office Space Rental
Industrial Property Rental
Hospitality
Relevant Teams
Legal
Real Estate
Property Management
Operations
Compliance
Risk Management
Asset Management
Facilities Management
Contract Administration
Tenant Relations
Relevant Roles
Property Manager
Real Estate Manager
Leasing Manager
Legal Counsel
Contracts Administrator
Asset Manager
Property Administrator
Facilities Manager
Real Estate Attorney
Compliance Officer
Risk Manager
Housing Director
Tenant Relations Manager
Real Estate Operations Manager
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