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1. Parties: Identification of the Maker (Tenant) and Payee (Landlord) with full legal names and addresses
2. Background: Context of the promissory note, referencing the lease agreement and circumstances leading to this note
3. Definitions: Key terms used in the document including 'Principal Sum', 'Interest Rate', 'Payment Schedule', etc.
4. Promise to Pay: Unconditional promise to pay the specified amount, including the total sum of outstanding rent
5. Payment Terms: Detailed payment schedule, including amount, frequency, and due dates of payments
6. Interest Rate: Specification of any applicable interest rate and how it is calculated
7. Default and Acceleration: Consequences of missing payments and conditions under which the entire amount becomes immediately due
8. Security: Whether the note is secured or unsecured
9. Governing Law: Specification that the note is governed by Canadian law and relevant provincial legislation
10. Signatures: Execution section with date and signatures of all parties
1. Co-Signer: Section for guarantor details and obligations, used when a co-signer is required to guarantee the note
2. Prepayment Terms: Terms allowing early payment of the note, used when early payment options are offered
3. Late Payment Penalties: Additional charges for late payments, included when specific penalties will be imposed
4. Collection Costs: Responsibility for costs of collection, used when the landlord wants to ensure recovery of enforcement costs
5. Waiver of Presentment: Waiver of formal presentment requirements, used in cases where simplified enforcement is desired
6. Reference to Lease: Detailed reference to the underlying lease agreement, used when specific lease terms affect the note
1. Schedule A - Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Schedule B - Rent Arrears Calculation: Itemized list of outstanding rent payments that comprise the principal sum
3. Schedule C - Interest Calculation Method: Detailed explanation of how interest is calculated and applied
4. Appendix 1 - Copy of Lease Agreement: Reference copy of the underlying lease agreement
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