Rent Payment Plan Letter

________
________
Telephone: ________
Email: ________

________

________
________
Telephone: ________

Dear ________,

RE: TEMPORARY RENT REDUCTION AND DEFERRED PAYMENT ARRANGEMENT IN RESPECT OF THE PREMISES SITUATE AT ________

This letter sets out the terms of a temporary rent variation arrangement ("this Arrangement") offered to you in respect of your tenancy of the premises situate at ________ (the "Demised Premises"), which tenancy is governed by the Tenancy Agreement dated ________ made between us (the "Tenancy Agreement").

§1. RECITALS

1. I am the Landlord of, and entitled to receive the rents and profits arising from, the Demised Premises.
2. You are the Tenant in lawful occupation of the Demised Premises under the Tenancy Agreement, the current annual/monthly rent reserved thereunder being ₦________ (________).
3. You have informed me that, owing to your present financial circumstances, you are presently unable to discharge the rent at the rate reserved under the Tenancy Agreement, and there is currently outstanding from you the sum of ₦________ (________) (the "Arrears").
4. Being desirous of accommodating your circumstances, and without prejudice to my rights under the Tenancy Agreement and applicable law, I am willing to grant the concession set out below.

§2. TEMPORARY REDUCED RENT

1. I hereby grant you a reduction of ________% (________ per cent) of your existing rent.
2. Accordingly, during the Concession Period defined below, you shall pay a reduced rent of ₦________ (________) per ________, payable in advance on or before the ________ day of each payment period into the following account:

Account Name: ________
Bank: ________
Account Number: ________

§3. CONCESSION PERIOD

1. This Arrangement shall take effect from ________ and shall expire on ________ (the "Concession Period").
2. Xxxxx xx xxxxxxx xxx xxxx xxxxxxxxx xx xxxxxx xxx xxxxxxxx xxxx xx xxxxx xxxxxxx xxx xxxxxx xxxx xxxxxxxxxx xx xxx xxxxxxx xxxxx xxxx xx xxxxxxxx xxx xxxxx xxxxx xx xxxxxxx xxx xxxx xxxxxxxxx xx xxxxxx xxx xxxxxxxx.

§4. REVERSION OF RENT

1. Upon the expiration of the Concession Period, the rent shall automatically revert to the original rate reserved under the Tenancy Agreement, namely ₦________ (________), and you shall resume payment thereof in accordance with the Tenancy Agreement without further notice or demand.
2. The Arrears, if any, shall be discharged in full on or before ________, or in such instalments as may be set out at §4.3 below.
3. Repayment of Arrears shall be made as follows: ________.

§5. PRESERVATION OF RIGHTS

1. Xxxxx xx xxxxxxx xxx xxxx xxxxxxxxx xx xxxxxx xxx xxxxxxxx xxxx xx xxxxx xxxxxxx xxx xxxxxx xxxx xxxxxxxxxx xx xxx xxxxxxx xxxxx xxxx xx.
2. This Arrangement is granted without prejudice to, and does not constitute a waiver of, my rights and remedies under the Tenancy Agreement, the applicable tenancy/recovery of premises legislation of ________ State, and the general law.
3. Nothing herein shall be construed as creating a new tenancy or extending the term granted by the Tenancy Agreement.

§6. ACCEPTANCE

1. Kindly signify your acceptance of this Arrangement by signing and returning the acknowledgement below within ________ days of the date hereof.
2. Should you require any clarification, you may contact me using the details set out above.

I look forward to your favourable response.

Yours faithfully,

____________________
________
(Landlord)

ACKNOWLEDGEMENT AND ACCEPTANCE BY TENANT

I, ________, the Tenant of the premises situate at ________, having read and understood the foregoing, hereby accept the terms of this temporary rent variation and deferred payment Arrangement and undertake to comply with same.

___________________
________
(Tenant)
Date: ________

WITNESS
Name: ________
Address: ________
Occupation: ________
Signature: ___________________
Date: ________