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This Agreement is a document that can be used by landlords to create a payment plan to assist tenants who are currently unable to pay their full rent as previously agreed upon due to exceptional circumstances. By using this document, the new rental agreement is written down, avoiding misunderstandings and future disputes over the amount of rent.
In some cases, tenants are laid off, dismissed or find themselves in a less stable work situation. A landlord can use this agreement in letter form to make an agreement with its tenants to modify, suspend or defer the payment of rent in a way that is more manageable and realistic in the economic environment that the tenant faces.
How to use this document?
This letter serves as a comprehensive guide for landlords informing their tenants about a temporary rent payment plan. It details the plan's workings, explaining whether the rent payment will be reduced, deferred for later payment, or suspended temporarily. Furthermore, it outlines the repayment process for deferred rent, specifying whether it will be a single payment or multiple installments.
Once this letter is completed with all the necessary information, the landlord must print and sign it and send it to the tenant for their signature. The tenant must sign the letter if he or she agrees to the terms, make a copy for his or her own records and return the original to the landlord. By retaining the letter, both the landlord and the tenant will be able to refer to the payment plan and how it is supposed to work in the event of a future dispute.
Landlord and tenant law is based on each Province or Territory. There are no specific laws applicable to a landlord who chooses to discount, defer or suspend the payment of rent to his tenant. However, there might be specific conditions in the original rental agreement signed by the tenant that regulate and inform such a request.
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