COVID-19 Payment Plan Agreement
This COVID-19 Payment Plan Agreement enables Landlords to create a short-term, flexible rent-payment plan for Tenants experiencing financial hardships due to COVID-19.
Document Last Modified: 4/1/2021
Many Tenants are struggling to pay rent due to financial challenges caused by the COVID-19 pandemic. Whether because of a lost job, missed work, or medical bills, millions of Americans around the country are finding themselves unable to keep up with rent payments. This is a difficult situation for Landlords who want to be empathetic but also face monthly expenses and ongoing financial pressure.
Drafting a COVID-19 Payment Plan Agreement can offer an ideal solution as it helps Tenants stay on track with rent and ensures that Landlords continue getting some portion of rent every month.
Further, the Payment Plan Agreement:
Provides a way for Landlords to document the full amount of rent that is delinquent, Specifies a period during which rent will be adjusted; and Outlines a plan for repayment of all back rent due.
Ultimately, it offers a way for Landlords to be empathetic to Tenants’ struggles while also ensuring that they’re collecting as much rent as possible and creating the necessary documentation to ensure that they’re protecting themselves and their property.
Note: This Agreement simply serves as an addendum to the lease that is already in place. It does not change any terms of the lease beyond the short-term adjustments specifically outlined in the Agreement. All other terms and conditions in the lease remained unchanged.
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