If a tenant has temporary financial problems, they may ask the landlord for a Rent Deferral Agreement.
The agreement allows the tenant to pay a lower monthly rate for the designated period in deferment later, as defined in the Rent Deferral Agreement.
A Rent Deferral Agreement modifies the original lease agreement between a landlord and a tenant so the tenant can pay a reduced rental rate for a period, to be topped off in full later, potentially with interest.
Depending on your state, a Rent Deferral Agreement may also be known as:
Landlord and Tenant Deferment Agreement
Tenant Rent Deferral Agreement
A tenant can ask the landlord for a Rent Deferral Agreement if they need to postpone the monthly rent. Both residential and commercial tenants can use rent Deferral Agreements.
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To create your document, please provide:
Date: The date when the Rent Deferral Agreement is to be executed.
Original Rental Agreement: Define the beginning and the end of the effective lease agreement. Indicate if the deal is for a residential or commercial property.
Premises: Full address and description of the premises identified in the rental agreement.
Landlord information: Full name and address of the landlord. Select if the landlord is an individual or business/organization entity.
Tenant information: Full name and address of the tenant. Select if there is a guarantor in the lease agreement.
Select the reason for rent deferral: Reasons may include economic hardship, COVID-19, and force majeure. You can also define a custom reason.
Rent Deferral: Describe the current rent period and regular rent amount before selecting full or partial deferral.
Other amounts: Enter if the tenant is supposed to pay the landlord for additional obligations. They can also be deferred.
Deferral period: Enter the beginning and end of the deferred rent payment as agreed, including the number of payments deferred.
Rent Repayment: Define how the deferred payments will be satisfied.
Dispute Resolution: Define the preferred dispute resolution method, such as arbitration and court of law. This includes the local governing jurisdiction.
Guarantor: An organization or person guaranteeing against nonpayment. The guarantor is responsible if the primarily liable party is unable to meet liabilities.
Landlord: A person or organization owning the rental property in question.
Tenant: A person or organization who rents the property from the landlord.
Force majeure: In this context, this is an unforeseeable circumstance preventing the tenant from fulfilling the lease agreement.
A Rent Deferral Agreement needs to be signed by the tenant and landlord. For any entity tenant or landlord, an authorized representative will sign the document. It is not required to be notarized, but you can do so as a precaution against future challenges to the signatures.
After printing and signing the document, the landlord and tenant should each have a copy of the form for safe-keeping. The landlord may ask for other documents from a commercial tenant as proof of temporary business disruption.
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