A Holdover Clause is a clause in a contract that allows a tenant to remain in a rental property after the initial agreement has expired, typically with the same conditions as the expired agreement. This clause can be included in a lease agreement, rental agreement, or other type of tenancy contract. There are two types of Holdover Clauses: automatic and voluntary. An automatic Holdover Clause is invoked when the tenant stays in the property after the contract has expired. A voluntary Holdover Clause is invoked when both the tenant and the landlord agree to extend the existing lease agreement. In either case, the terms of the original agreement will generally remain in effect until a new agreement is made.
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Description
Example of clause regarding Holdover of property by Tenant. A hold-over clause in a commercial lease typically provides that if a tenant remains in possession of the leased premises after the expiration of the stated lease term, the tenant must pay rent to the landlord in an amount substantially in excess of the rental rate at the end of the term – often as high as 150 percent
A Holdover Clause is a clause in a contract that allows a tenant to remain in a rental property after the initial agreement has expired, typically with the same conditions as the expired agreement. This clause can be included in a lease agreement, rental agreement, or other type of tenancy contract. There are two types of Holdover Clauses: automatic and voluntary. An automatic Holdover Clause is invoked when the tenant stays in the property after the contract has expired. A voluntary Holdover Clause is invoked when both the tenant and the landlord agree to extend the existing lease agreement. In either case, the terms of the original agreement will generally remain in effect until a new agreement is made.
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