Lease Protection Definitions

Coverage Event

The specific trigger that starts the applicable timeline for submissions (for example, a tenant default based on the lease rent due date). Refer to your selected enforcement path for the exact trigger used.

Account statement / Rent ledger

A statement showing charges, payments, credits, and the outstanding balance for the period. Keep it current and consistent across submissions.

Arrears statement

A snapshot of outstanding amounts owed as of a specific date (often required as of the termination date).

Tenant Default Notification

The initial notice to Padder that a default has occurred. This is time-sensitive and must be submitted within the stated window for Lease Protection.

Remedial action / Enforcement path

The route you are using to enforce the lease (e.g., termination, distraint, legal action). Your path determines timelines and required uploads.

Termination notice

The notice served to end the lease, in accordance with lease terms and applicable statutory requirements.

Distraint

An enforcement method that may involve seizing and selling tenant assets to recover arrears, typically requiring the tenant to be in possession and the lease to be active.

Mitigation

Reasonable efforts to reduce losses after default (e.g., marketing and re-letting efforts). Keep evidence of dates, listings, showings, and outreach.

Possession regained / Vacant possession

When you have legally regained control of the premises and the tenant is no longer occupying it.

Proof of re-letting / Marketing evidence

Listings, screenshots, “available” photos, broker outreach, show sheets, or other evidence showing active efforts to re-let.

Vacancy costs

Documented costs incurred during a vacancy period (where applicable). Provide invoices/receipts.

Legal costs

Documented legal fees and related expenses (where applicable). Provide invoices/receipts.

Stay of proceedings

A legal restriction that may limit enforcement actions during bankruptcy/insolvency. Always follow trustee/court requirements.

Monthly Continuation Form

A monthly update requested by your assigned Padder rep when the tenant remains in the unit and unpaid. Submit every 30 days until instructed to stop.