Binding effect – This section of a lease is a widely used clause that is implemented for the purpose of engaging and benefiting the parties involved, as well as their heirs, legal representatives and beneficiaries. Weekly Rental Agreement – A tenant who lives in a dwelling, with rent paid every seven (7) days. Renewal Letter – To renew a lease and make changes to the agreement, for example.B. the monthly rent. In case of late payment by the tenant, the owner has several possibilities. First, the lessor may accept late payment fees in the event of late payment. Second, and depending on state law, the lessor may provide a declaration of payment or termination in which it finds that the lessor has the right to terminate the lease if the lessee does not pay until a specific date.