Past Due Rent Payment Agreement

Past Due Rent Payment Agreement Template for Nigeria

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Key Requirements PROMPT example:

"I need a Past Due Rent Payment Agreement for my residential tenant who owes 6 months of rent (₦100,000 total), to be paid in 12 monthly installments starting January 2025, with a clause for immediate termination if two payments are missed."

Document background

The Past Due Rent Payment Agreement is a crucial document used in Nigerian property management when tenants have fallen behind on their rent payments but both parties wish to maintain the tenancy relationship through a structured repayment plan. This document becomes necessary when regular rent payments have been missed and the parties need to formalize an arrangement for clearing the arrears while ensuring compliance with Nigerian property law, particularly the Recovery of Premises Act and state-specific rent control regulations. The agreement typically includes specific payment schedules, consequences of default, and provisions for ongoing rent payments alongside arrears payments. It serves as a legally binding document that can be used in Nigerian courts if enforcement becomes necessary, while also providing a clear framework for resolving the rent arrears situation amicably.

Suggested Sections

1. Parties: Identifies and provides full details of the landlord and tenant, including their legal names, addresses, and any relevant registration numbers

2. Background: Outlines the existing tenancy agreement details, confirms the outstanding rent amount, and establishes the context for the payment agreement

3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty

4. Acknowledgment of Debt: Formal acknowledgment by the tenant of the exact amount of rent arrears owed, including a breakdown by period

5. Payment Terms: Specifies the agreed payment schedule, including installment amounts, payment dates, and payment methods

6. Default Provisions: Outlines consequences of missing payments and remedies available to the landlord

7. Continuing Obligations: Confirms that current rent payments must continue alongside arrears payments

8. Representations and Warranties: Statements by both parties confirming their authority to enter into the agreement and the accuracy of information provided

9. Governing Law and Jurisdiction: Specifies that Nigerian law governs the agreement and establishes jurisdiction for dispute resolution

10. Execution: Signature blocks and execution requirements for all parties

Optional Sections

1. Security Deposit: Include when additional security deposit is required as part of the agreement

2. Interest Charges: Include when interest will be charged on the outstanding amount, specifying rates and calculation method

3. Guarantor Provisions: Include when a guarantor is providing additional security for the payment plan

4. Early Payment Provisions: Include when there are incentives or discounts for early payment

5. Property Maintenance: Include when specific property maintenance issues are linked to the payment agreement

6. Mortgage Lender Consent: Include when landlord's mortgage lender consent is required for extended payment terms

7. Dispute Resolution: Include when specific alternative dispute resolution mechanisms are agreed upon

Suggested Schedules

1. Schedule A - Rent Arrears Calculation: Detailed breakdown of all outstanding rent amounts, including dates and periods

2. Schedule B - Payment Schedule: Detailed payment plan showing all installment dates, amounts, and running balance

3. Schedule C - Original Tenancy Agreement: Copy or key terms of the original tenancy agreement referenced in this payment plan

4. Schedule D - Direct Debit Mandate: If applicable, the direct debit or standing order payment instructions

5. Appendix 1 - Guarantor Details: If applicable, full details of any guarantors and their obligations

6. Appendix 2 - Property Details: Full description and details of the rental property

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Real Estate

Property Management

Residential Housing

Commercial Property

Legal Services

Financial Services

Property Development

Retail

Hospitality

Office Space Management

Relevant Teams

Legal

Property Management

Real Estate Operations

Collections

Tenant Relations

Finance

Lease Administration

Asset Management

Risk Management

Credit Control

Relevant Roles

Property Manager

Real Estate Agent

Legal Counsel

Tenancy Relations Officer

Housing Officer

Credit Controller

Facilities Manager

Estate Administrator

Property Administrator

Collections Manager

Leasing Manager

Real Estate Attorney

Property Operations Manager

Asset Manager

Rent Collection Officer

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