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Past Due Rent Payment Agreement

Past Due Rent Payment Agreement Template for Philippines

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Key Requirements PROMPT example:

Past Due Rent Payment Agreement

"I need a Past Due Rent Payment Agreement for my commercial tenant who owes 6 months of rent (鈧500,000 total) for my Manila office space, with a payment plan spreading the debt over 12 monthly installments starting January 2025, including a 5% interest rate and requiring a personal guarantor."

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Document background
The Past Due Rent Payment Agreement is a crucial document used in the Philippine real estate context when tenants have fallen behind on their rental payments but wish to maintain their tenancy while settling their arrears. This agreement, governed by Philippine law including the Civil Code and Rent Control Act, provides a structured approach to resolving rental defaults while protecting both landlord and tenant interests. It typically includes detailed payment schedules, acknowledgment of the debt, specific payment terms, and default provisions. The document is particularly relevant in situations where eviction might be avoided through a mutually agreed payment plan, and it can be used for both residential and commercial properties. It must comply with local regulations regarding rental arrangements and debt collection practices, making it an essential tool for property management in the Philippines.
Suggested Sections

1. Parties: Identification of the Landlord and Tenant, including complete names, addresses, and contact information

2. Background: Details of the original lease agreement, property description, and circumstances leading to the past due rent

3. Definitions: Key terms used in the agreement including 'Past Due Amount', 'Payment Plan', 'Default', etc.

4. Acknowledgment of Debt: Formal acknowledgment of the past due amount, including detailed breakdown of principal rent and any applicable charges

5. Payment Terms: Specific details of the payment plan including installment amounts, payment dates, and payment methods

6. Duration of Agreement: Timeline for the payment plan and its relationship to the existing lease

7. Default Provisions: Consequences of missing payments under this agreement, including remedies available to the landlord

8. Effect on Original Lease: Clarification that all other terms of the original lease remain in effect

9. Governing Law: Specification that the agreement is governed by Philippine law

10. Execution: Signature block and execution details

Optional Sections

1. Interest and Penalties: Include when parties agree to interest on the past due amount, ensuring compliance with Philippine usury laws

2. Security Deposit Provisions: Include when modifications to existing security deposit arrangements are part of the settlement

3. Guarantor: Include when a third party is guaranteeing the payment plan

4. Waiver of Claims: Include when parties wish to settle any existing disputes related to the past due rent

5. Early Payment Provisions: Include when allowing for early payment with potential discounts

6. Mediation/Arbitration: Include when parties wish to specify alternative dispute resolution methods

Suggested Schedules

1. Schedule A - Payment Schedule: Detailed breakdown of payment dates, amounts, and running balance

2. Schedule B - Past Due Rent Calculation: Itemized calculation of the total past due amount including any agreed charges

3. Schedule C - Original Lease Reference: Key details from the original lease agreement relevant to this payment plan

4. Appendix 1 - Payment Methods: Detailed instructions for accepted payment methods and procedures

5. Appendix 2 - Notice Requirements: Specific requirements for serving notices under this agreement

Authors

Alex Denne

Head of Growth (Open Source Law) @ 黑料视频 | 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

Office Space

Industrial

Hospitality

Mixed-Use Development

Agricultural Land Rental

Warehouse and Storage

Relevant Teams

Legal

Finance

Property Management

Real Estate Operations

Collections

Accounts Receivable

Tenant Relations

Asset Management

Credit Control

Building Operations

Relevant Roles

Property Manager

Real Estate Manager

Leasing Manager

Finance Director

Collections Manager

Legal Counsel

Real Estate Administrator

Asset Manager

Accounts Receivable Manager

Tenant Relations Manager

Building Manager

Real Estate Operations Director

Credit Control Manager

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, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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