The Lease Payment Agreement serves as a crucial document in Philippine lease arrangements, establishing clear terms for monetary obligations between parties. This agreement is typically used when parties need to establish detailed payment terms separate from or supplementary to the main lease agreement, or when modifying existing payment terms. It must comply with the Civil Code of the Philippines, particularly Title VIII on Lease, and the Rent Control Act where applicable. The document addresses payment schedules, methods, penalties, security deposits, tax implications, and default remedies. It's particularly relevant in both commercial and residential contexts, where structured payment terms need to be documented in accordance with Philippine law. The agreement can be used for new leases or as an amendment to existing arrangements, providing clarity and legal protection for both lessors and lessees in their financial obligations.
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1. Parties: Identification of the lessor and lessee with complete legal names and addresses
2. Background: Context of the agreement, including reference to the main lease agreement if separate
3. Definitions: Defined terms used throughout the agreement, including payment-related terminology
4. Payment Terms: Detailed breakdown of lease payments, including amount, frequency, and due dates
5. Payment Methods: Acceptable methods of payment and banking details
6. Security Deposit: Terms regarding the security deposit, its amount, holding, and conditions for return
7. Late Payment and Penalties: Consequences of late payments, including interest rates and penalties
8. Taxes and Other Charges: Responsibility for taxes, utilities, and other additional charges
9. Term and Renewal: Duration of the payment agreement and conditions for renewal
10. Default and Remedies: Events of default and available remedies for both parties
11. Governing Law: Specification of Philippine law as governing law and jurisdiction
12. Execution: Signature blocks and execution requirements
1. Escalation Clause: Terms for periodic increases in lease payments, used for longer-term agreements
2. Early Payment Incentives: Discounts or benefits for early or advance payments, optional motivational clause
3. Electronic Payment Terms: Specific provisions for electronic payment methods, needed if electronic payments are accepted
4. Currency Provisions: Required for agreements involving foreign currency payments
5. Force Majeure: Provisions for payment adjustments during extraordinary circumstances
6. Payment Reconciliation: Procedures for periodic review and reconciliation of payments, useful for complex payment structures
7. Guarantor Provisions: Required when a third-party guarantor is involved in securing the payments
1. Schedule A - Payment Schedule: Detailed payment schedule showing dates and amounts for the entire term
2. Schedule B - Utility Charges: Breakdown of utility charges and payment responsibilities
3. Schedule C - Bank Details: Complete banking information for payment processing
4. Appendix 1 - Late Payment Calculation Method: Detailed method for calculating late payment penalties and interest
5. Appendix 2 - Payment Receipt Format: Standard format for payment receipts and documentation
6. Appendix 3 - Tax Computation: Details of tax calculations and withholding requirements
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Commercial Property
Residential Property
Retail
Office Space
Industrial
Hospitality
Agriculture
Healthcare
Education
Relevant Teams
Legal
Finance
Real Estate
Operations
Property Management
Accounts Receivable
Compliance
Treasury
Facilities Management
Contract Administration
Relevant Roles
Property Manager
Real Estate Manager
Lease Administrator
Financial Controller
Legal Counsel
Contract Manager
Facilities Manager
Asset Manager
Real Estate Director
Treasury Manager
Accounts Receivable Manager
Property Operations Manager
Compliance Officer
Real Estate Agent
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