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Promissory Note For Past Due Rent

Promissory Note For Past Due Rent Template for Pakistan

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Key Requirements PROMPT example:

Promissory Note For Past Due Rent

"I need a Promissory Note For Past Due Rent for my residential tenant who owes PKR 150,000 in back rent, with the full amount to be paid by March 15, 2025, including a 10% annual interest rate."

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Document background
The Promissory Note For Past Due Rent is a crucial legal instrument used in Pakistani rental markets when tenants have accumulated rental arrears. This document serves to formalize the debt obligation and provides a clear framework for repayment. It is commonly used when landlords wish to provide tenants with a structured payment plan while maintaining their legal rights to collect the debt. The document must comply with the Negotiable Instruments Act, 1881, and other relevant Pakistani laws governing financial instruments and property rental agreements. It typically includes specific details about the rental property, the amount of past due rent, payment schedules, and any applicable interest rates. This type of promissory note is particularly useful in situations where parties wish to avoid immediate legal action and prefer to establish a formal, documented agreement for resolving the rental arrears.
Suggested Sections

1. Date and Place: The date and location where the promissory note is executed, essential for establishing jurisdiction and timeline

2. Parties Identification: Full legal names and addresses of the maker (tenant/debtor) and the payee (landlord/creditor)

3. Unconditional Promise to Pay: Clear statement of the unconditional promise to pay the specified amount

4. Amount: The total amount of past due rent in both numbers and words

5. Payment Terms: Specific details about when and how the payment will be made, including installment schedule if applicable

6. Interest Rate: Any applicable interest rate on the past due amount

7. Property Reference: Details of the rental property for which the rent is owed

8. Signature Block: Space for signatures of the maker and witness(es)

Optional Sections

1. Security Provisions: Include when additional security or collateral is being provided for the debt

2. Late Payment Penalties: Include when specific penalties for late payment are agreed upon

3. Acceleration Clause: Include when the entire amount becomes due upon default of any installment

4. Governing Law Declaration: Include when parties are from different jurisdictions or for added clarity

5. Witness Attestation: Include when additional verification of execution is desired or required

6. Joint and Several Liability: Include when there are multiple makers of the note

Suggested Schedules

1. Schedule A - Rent Calculation: Detailed breakdown of the past due rent amount, including periods and rates

2. Schedule B - Payment History: Record of previous partial payments or attempts to pay, if any

3. Schedule C - Payment Schedule: If installment payments are allowed, detailed schedule of payment dates and amounts

4. Appendix 1 - Original Lease Reference: Copy or reference details of the original lease agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

Residential Property

Commercial Property

Retail

Hospitality

Industrial

Office Space

Mixed-Use Development

Shopping Centers

Warehouse and Storage

Relevant Teams

Legal

Finance

Real Estate

Property Management

Collections

Risk Management

Compliance

Asset Management

Accounts Receivable

Administrative

Relevant Roles

Property Manager

Real Estate Manager

Legal Counsel

Paralegal

Finance Manager

Accounts Receivable Manager

Asset Manager

Leasing Manager

Collections Officer

Real Estate Administrator

Contract Administrator

Risk Manager

Compliance Officer

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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