The Partial Rent Payment Agreement is essential in situations where tenants face temporary financial constraints but maintain a commitment to fulfilling their rental obligations. This document is particularly relevant in the Nigerian property market, where economic fluctuations may impact tenants' ability to meet regular rent payments. It provides a legally sound framework for modifying payment terms while preserving the landlord's rights under Nigerian law. The agreement typically includes detailed payment schedules, default provisions, and references to the original lease agreement. It's commonly used during economic downturns, personal financial hardships, or other circumstances where temporary payment flexibility is needed while ensuring proper documentation and legal compliance with both federal and state-specific Nigerian property laws.
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1. Parties: Identifies and provides full details of the landlord and tenant, including their legal names, addresses, and contact information
2. Background: Explains the context of the agreement, including reference to the main lease agreement and the circumstances leading to this partial payment arrangement
3. Definitions: Defines key terms used throughout the agreement, including 'Partial Payment', 'Outstanding Rent', 'Payment Schedule', etc.
4. Original Rent Obligation: States the original rent amount, payment terms, and current outstanding balance
5. Partial Payment Terms: Details the agreed partial payment amount, frequency, and duration of the arrangement
6. Payment Schedule: Specifies exact dates, amounts, and methods of payment for each installment
7. Default Provisions: Outlines consequences of missing payments and remedies available to the landlord
8. Effect on Original Lease: Clarifies that all other terms of the original lease remain in force
9. Acknowledgment of Debt: Tenant's formal acknowledgment of the total outstanding rent amount
10. Governing Law: Specifies that the agreement is governed by Nigerian law and the specific state jurisdiction
11. Execution: Signature blocks for all parties and witnesses
1. Security Deposit Adjustment: Include when the partial payment arrangement affects the existing security deposit terms
2. Third-Party Guarantor: Include when a guarantor is providing additional security for the partial payments
3. Grace Period: Include when specific grace periods for late payments are being granted
4. Hardship Provisions: Include when specific circumstances (job loss, illness, etc.) may trigger payment modifications
5. Early Payment Incentives: Include when offering discounts or benefits for early or lump-sum payments
6. Utilities and Services: Include when the partial payment arrangement affects utility payment responsibilities
7. Property Maintenance: Include when maintenance responsibilities are being modified as part of the arrangement
1. Schedule A - Payment Calendar: Detailed calendar showing all payment dates, amounts, and running balance
2. Schedule B - Original Lease Reference: Copy or key terms of the original lease agreement referenced in this arrangement
3. Schedule C - Statement of Arrears: Detailed breakdown of all outstanding rent amounts and how they accumulated
4. Schedule D - Payment Methods: Specific details about accepted payment methods and processing information
5. Appendix 1 - Proof of Hardship: If applicable, documentation supporting the need for partial payments
6. Appendix 2 - Guarantor Information: If applicable, detailed information about the guarantor and their obligations
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Residential Property
Commercial Property
Retail
Industrial
Office Space
Hospitality
Mixed-Use Development
Agricultural Land
Educational Facilities
Relevant Teams
Legal
Real Estate
Property Management
Facilities
Operations
Risk & Compliance
Finance
Collections
Asset Management
Tenant Relations
Relevant Roles
Property Manager
Real Estate Agent
Legal Counsel
Leasing Manager
Asset Manager
Facilities Manager
Property Administrator
Tenant Relations Manager
Collections Manager
Real Estate Director
Housing Officer
Lease Administrator
Risk Manager
Compliance Officer
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