The Rent Payment Plan Agreement is a crucial document used in Nigerian property management when standard rental payment terms need to be modified or restructured. This agreement is particularly relevant when tenants require flexible payment arrangements due to financial circumstances, or when landlords wish to formalize installment-based rent collection. The document complies with Nigerian federal legislation, including the Rent Control and Recovery of Residential Premises Act, and relevant state-specific tenancy laws. It outlines payment schedules, methods of payment, default provisions, and remedies, while ensuring all terms align with local legal requirements. The agreement is commonly used in both residential and commercial contexts, providing a legally sound framework for managing modified rental payment arrangements while protecting the interests of all parties involved.
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1. Parties: Identifies the landlord, tenant, and any other relevant parties to the agreement
2. Background: Recitals explaining the context of the agreement, including reference to the original tenancy and reasons for payment plan
3. Definitions: Defines key terms used throughout the agreement
4. Original Rent Obligation: Details of the original rent amount, terms, and any outstanding balance
5. Payment Plan Terms: Specific details of the new payment arrangement including installment amounts and due dates
6. Method of Payment: Acceptable payment methods and account details
7. Duration of Plan: Timeframe for the payment plan and conditions for extension if applicable
8. Default Provisions: Consequences of missing payments and remedies available to the landlord
9. Rights and Obligations: Ongoing responsibilities of both parties during the payment plan period
10. Termination: Circumstances under which the agreement can be terminated
11. Governing Law: Specification of Nigerian law and relevant jurisdiction
12. Entire Agreement: Standard clause confirming this document represents the complete agreement between parties
1. Guarantor Provisions: Required when a third party guarantees the payment plan
2. Property Usage Terms: Included for commercial properties or when usage restrictions are relevant
3. Interest and Penalties: When parties agree to specific penalties for late payments
4. Insurance Requirements: When specific insurance must be maintained during the payment plan period
5. Dispute Resolution: When parties wish to specify particular dispute resolution mechanisms
6. Force Majeure: When parties want to address extraordinary circumstances that might affect payment ability
7. Modification Terms: When flexibility for future modifications to the payment plan is desired
1. Payment Schedule: Detailed breakdown of payment amounts and due dates
2. Original Tenancy Agreement: Copy or key terms of the original tenancy agreement
3. Property Details: Description and details of the rental property
4. Statement of Arrears: If applicable, detailed calculation of rent arrears and how they will be settled
5. Direct Debit Mandate: If applicable, banking forms for automatic payment setup
6. Guarantor Details: If applicable, information about and obligations of the guarantor
Relevant legal definitions
Agreement
Arrears
Business Day
Commencement Date
Default Event
Due Date
Effective Date
Guarantor
Initial Payment
Installment Amount
Installment Period
Interest Rate
Landlord
Late Payment Fee
Original Tenancy Agreement
Outstanding Balance
Party/Parties
Payment Date
Payment Method
Payment Plan
Payment Schedule
Premises
Property
Rent
Security Deposit
Tenant
Term
Total Amount Due
Working Day
Arrears
Business Day
Commencement Date
Default Event
Due Date
Effective Date
Guarantor
Initial Payment
Installment Amount
Installment Period
Interest Rate
Landlord
Late Payment Fee
Original Tenancy Agreement
Outstanding Balance
Party/Parties
Payment Date
Payment Method
Payment Plan
Payment Schedule
Premises
Property
Rent
Security Deposit
Tenant
Term
Total Amount Due
Working Day
Clauses
Interpretation
Payment Terms
Payment Schedule
Default
Remedies
Representations and Warranties
Tenant Obligations
Landlord Rights
Force Majeure
Severability
Assignment
Notices
Amendment
Entire Agreement
Governing Law
Dispute Resolution
Termination
Costs
Waiver
Compliance with Laws
Interest and Penalties
Security
Further Assurance
Time of Essence
Payment Terms
Payment Schedule
Default
Remedies
Representations and Warranties
Tenant Obligations
Landlord Rights
Force Majeure
Severability
Assignment
Notices
Amendment
Entire Agreement
Governing Law
Dispute Resolution
Termination
Costs
Waiver
Compliance with Laws
Interest and Penalties
Security
Further Assurance
Time of Essence
Relevant Industries
Real Estate
Property Management
Residential Housing
Commercial Property
Retail
Office Space
Industrial
Hospitality
Mixed-Use Development
Student Housing
Relevant Teams
Legal
Property Management
Real Estate Operations
Facilities Management
Tenant Relations
Finance
Collections
Asset Management
Lease Administration
Property Administration
Relevant Roles
Property Manager
Real Estate Agent
Leasing Manager
Facilities Manager
Legal Counsel
Tenant Relations Manager
Asset Manager
Property Administrator
Collections Manager
Real Estate Operations Director
Housing Officer
Lease Administrator
Property Portfolio Manager
Real Estate Finance Manager
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