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.
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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
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
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
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