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Promissory Note Rental Payment

Promissory Note Rental Payment Template for Indonesia

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Key Requirements PROMPT example:

Promissory Note Rental Payment

"I need a Promissory Note Rental Payment for my commercial warehouse space in Jakarta, with 12 monthly installments starting January 2025, including an acceleration clause in case of default."

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Document background
The Promissory Note Rental Payment is a specialized financial instrument commonly used in Indonesian property rental transactions to provide additional security for rental payment obligations. This document is particularly valuable when landlords require enhanced assurance of payment beyond standard lease agreements, or when structuring payment plans for rental arrears. It combines the legal enforceability of a promissory note under the Indonesian Commercial Code with specific provisions for rental payments, making it an effective tool for property management and rental collection. The document is commonly used in both commercial and residential contexts, providing a clear record of debt acknowledgment and payment terms while offering stronger legal recourse for collection compared to standard rental agreements.
Suggested Sections

1. Title and Date: Clear identification of the document as a Promissory Note for Rental Payment and the date of execution

2. Maker Information: Full legal name and address of the person/entity making the promise to pay (tenant)

3. Payee Information: Full legal name and address of the person/entity to whom payment is promised (landlord)

4. Promise to Pay: Unconditional promise to pay with specific amount in words and numbers

5. Payment Terms: Detailed payment schedule, including due dates, installment amounts, and total sum

6. Property Reference: Details of the rental property and reference to the underlying lease agreement

7. Interest and Late Fees: Applicable interest rates and late payment penalties

8. Place of Payment: Specified location or method where payments must be made

9. Signature Block: Space for maker's signature, witness signatures if required, and date

Optional Sections

1. Acceleration Clause: Include when immediate payment of all remaining amounts should be triggered upon default

2. Security Details: Include when the note is secured by additional collateral or guarantees

3. Prepayment Terms: Include when early payment options and any associated conditions need to be specified

4. Default Remedies: Include when specific remedies beyond standard legal recourse need to be outlined

5. Transfer Rights: Include when the note needs to be transferable or assignable

6. Joint and Several Liability: Include when multiple makers are involved in the promissory note

Suggested Schedules

1. Payment Schedule: Detailed breakdown of payment dates and amounts if involving multiple installments

2. Copy of Lease Agreement: Attached reference to the underlying lease agreement details

3. Security Documentation: If applicable, documents relating to any collateral or security provided

4. Guarantor Information: If applicable, details and signatures of any guarantors

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Real Estate

Commercial Property

Residential Property

Retail

Office Space Management

Industrial Property

Hospitality

Co-working Spaces

Shopping Centers

Warehousing

Manufacturing

Relevant Teams

Legal

Real Estate

Property Management

Finance

Operations

Risk Management

Collections

Asset Management

Tenant Relations

Contract Administration

Relevant Roles

Property Manager

Real Estate Manager

Leasing Manager

Legal Counsel

Contract Administrator

Financial Controller

Asset Manager

Facilities Manager

Commercial Real Estate Agent

Property Administrator

Risk Manager

Collections Manager

Tenant Relations Manager

Real Estate Operations Director

Industries
Indonesian Commercial Code (KUHD) Articles 174-177: Defines the legal requirements and characteristics of promissory notes (surat sanggup), including essential elements that must be present in the document
Indonesian Civil Code (KUHPerdata) Book III, Chapter 2: Governs the general principles of contracts and agreements, including requirements for valid contracts and contractual obligations
Indonesian Civil Code (KUHPerdata) Articles 1548-1600: Specific provisions regarding rental agreements (sewa-menyewa), defining rights and obligations of both landlord and tenant
Law No. 11 of 2020 (Omnibus Law): Contains updated provisions affecting business regulations and agreements, including certain aspects of commercial transactions and property matters
Government Regulation No. 14 of 2016: Regulations concerning housing and residential areas, which may affect residential rental agreements and payment terms
Law No. 8 of 1999: Consumer Protection Law that may apply to rental agreements, especially regarding fair treatment and clear terms in payment arrangements
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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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