Rent Payment Plan Letter - Template, Sample Form Online Pro · US-law

TEMPORARY RENT DISCOUNT AGREEMENT
(Letter Amending Lease — Temporary Reduction of Rent)

________
________
Telephone: ________
Email: ________

Date: ________

________
________

RE: Temporary Reduction of Rent for the Premises Located at ________

Dear ________,

This letter agreement (this “Agreement”) is made and entered into as of ________ by and between ________ (“Landlord”) and ________ (“Tenant”), each a “Party” and collectively the “Parties.”

§ 1. Background and Reference to Lease. The Parties are presently bound by that certain residential lease agreement dated ________ (the “Lease”) governing the leased premises located at ________ (the “Premises”). The current monthly rent due under the Lease is $________ per month (the “Regular Rent”). In recognition of the Tenant’s present financial circumstances, and to preserve a good landlord-tenant relationship, the Landlord agrees to grant a temporary reduction of the Regular Rent on the terms set forth below.

§ 2. Temporary Rent Reduction. Commencing on ________ and continuing through ________ (the “Discount Period”), the Tenant shall be entitled to a reduction of ________% off the Regular Rent. During the Discount Period, the Tenant shall pay reduced rent in the amount of $________ (________ dollars) per month (the “Reduced Rent”), due and payable on the ________ day of each calendar month.

§ 3. Resumption of Regular Rent. Upon expiration of the Discount Period on ________, the temporary reduction shall automatically terminate without further notice, and the Tenant shall resume payment of the full, non-discounted Regular Rent in the amount of $________ per month as provided in the Lease.

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§ 5. Form and Manner of Payment. All payments of the Reduced Rent and, after the Discount Period, the Regular Rent, shall be made in the following form(s):

________

and remitted to the Landlord at the address set forth above or such other address as the Landlord may designate in writing.

§ 6. Late Payment. If any payment of the Reduced Rent or the Regular Rent is not received within ________ days after its due date, the Tenant shall be subject to the late charges and remedies set forth in the Lease and applicable law. A late payment shall not, of itself, void or modify the terms of this Agreement.

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§ 8. Entire Agreement; Amendments. This Agreement, together with the Lease, constitutes the entire understanding of the Parties with respect to the subject matter hereof and supersedes all prior negotiations and understandings relating thereto. Any future modification, extension, or further reduction of rent must be agreed upon in a writing signed by both Parties.

§ 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of ________, without regard to its conflict-of-laws principles. Any dispute arising under this Agreement shall be subject to the jurisdiction of the courts located in ________.

§ 10. Severability. If any provision of this Agreement is held to be invalid, illegal, or unenforceable by a court of competent jurisdiction, such provision shall be modified or severed to the minimum extent necessary, and the remaining provisions shall continue in full force and effect.

§ 11. Counterparts; Electronic Signatures. This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one instrument. Signatures transmitted electronically or by facsimile shall be deemed original signatures for all purposes.

Please indicate your understanding and acceptance of the foregoing terms by signing where indicated below. Should you have any questions or concerns, please do not hesitate to contact me.

Best Regards,

_____________________________
________, Landlord
Date: ________

ACKNOWLEDGED AND ACCEPTED:

_____________________________
________, Tenant
Date: ________