Past Due Rent Payment Plan
I. Introduction
This Past Due Rent Payment Plan ("Agreement") is entered into between [Your Name] ("Landlord") and [Tenant's Name] ("Tenant") on the 20th of January 2059, regarding overdue rent payments for the property located at [Property Address].
The purpose of this Agreement is to outline the terms and conditions under which the Tenant will repay the overdue rent to the Landlord in manageable installments.
II. Terms
A. Outstanding Rent
As of the date of this Agreement, Tenant owes $1,500 in overdue rent payments.
B. Repayment Schedule
The tenant agrees to repay the outstanding rent according to the following schedule:
June 1, 2050: $500
July 1, 2050: $500
August 1, 2050: $500
C. Additional Fees:
If any installment payment is not made on or before the due date, the Tenant agrees to pay a late fee of $50.
D. Consequences of Non-Payment
Failure to adhere to this Agreement may result in legal action, eviction proceedings, and damage to Tenant's credit score.
III. Agreement Terms
A. Installment Payments
Tenant shall make installment payments of $500 on or before the due dates specified in the repayment schedule.
B. Late Payments
If Tenant fails to make a payment by the due date, Tenant shall be responsible for the late fee as outlined in this Agreement.
C. Communication
Tenant agrees to communicate promptly with Landlord regarding any issues or changes affecting their ability to adhere to the repayment schedule.
D. Modification of Agreement
Any modification to this Agreement must be made in writing and agreed upon by both parties.
E. Default
If the Tenant defaults on this Agreement, the Landlord reserves the right to pursue legal remedies, including eviction.
IV. Signatures
By signing below, the parties acknowledge that they have read and understand the terms of this Agreement and agree to be bound by them.
[YOUR NAME]
[DATE SIGNED]
[TENANT'S NAME]
[DATE SIGNED]
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