The Late Rent Payment Agreement is utilized when a tenant has fallen into rent arrears and both parties wish to establish a formal repayment plan. This document, governed by English and Welsh law, provides a structured approach to resolving rent arrears while avoiding court proceedings. It typically includes details of the outstanding amount, agreed payment schedule, and consequences of default. The agreement helps maintain the landlord-tenant relationship while ensuring legal compliance with relevant housing legislation and protecting both parties' interests.
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1. Parties: Identification of landlord and tenant, including full legal names and addresses
2. Background: Context of the rent arrears situation, reference to original tenancy agreement, and circumstances leading to the payment arrangement
3. Definitions: Key terms used in the agreement including 'Payment Plan', 'Arrears', 'Due Date', and other relevant definitions
4. Acknowledgment of Debt: Formal acknowledgment of the total amount owed and breakdown of how the debt arose
5. Payment Terms: Detailed terms of the payment arrangement including amounts, frequency, and method of payment
6. Default Provisions: Consequences of failing to meet the payment schedule and landlord's remedies
7. Execution: Signature blocks, witnessing requirements, and date of agreement
1. Interest Provisions: Terms for charging and calculating interest on late payments, if applicable
2. Additional Security: Provisions for any guarantors, security deposits, or other forms of security
3. Costs: Provisions regarding legal costs, administrative fees, and other associated expenses
1. Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance
2. Original Tenancy Agreement: Copy or reference to the underlying tenancy agreement terms
3. Statement of Arrears: Detailed calculation showing how the arrears amount has been determined
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