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.
Holdover Clause
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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
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Which of the following is TRUE about a holdover tenant? The landlord must accept additional rent if the tenant remains on the premises.
For example, a typical hold-over clause may simply state that if the tenant holds over after the expiration of the lease term, the tenancy becomes a month-to-month tenancy at the increased rental rate.
During the holding over period, although the lease has expired, the terms are still in effect. This means the tenant has to meet all the obligations of their lease, including maintaining the premises and making all payments, including rent, unless there is a written agreement to vary the terms of the lease.
A holdover clause is a provision in a lease agreement that allows the landlord to charge a higher rent or take other actions if the tenant stays beyond the lease term without renewing or terminating the contract. This clause can help the landlord protect their property rights and avoid losing income from a vacant unit.
Holdover tenant refers to a renter staying in the property after their lease terminates without signing a new lease. In this situation, the landlord may take steps to remove the tenant from the property or bind the tenant to a new lease.
Sample holdover clause in a real estate agreement During such tenancy, Tenant shall be bound by all of the terms, covenants, and conditions mentioned herein, except Basic Rent, which shall be one hundred fifty percent (150 percent ) of the Basic Rent due before the term's expiration.
One of the most important clauses to negotiate in a commercial real estate lease is the holdover clause, sometimes called the holdover provision or the holdover rent clause.
