Common use of Surrender; Holdover Clause in Contracts

Surrender; Holdover. At the end of the Term (including if this Agreement is terminated prior to the end of the Term as provided in this Agreement), Licensee shall vacate the Parking Area and remove all of its vehicles, structures and installations, and other personal property (collectively, “Licensee Property”) and, if requested by Licensor, return the Parking Area to its condition prior to the start of the Term, ordinary wear and tear excepted (as determined by Licensor). Licensee consents and agrees that any Licensee Property remaining in the Parking Area may be towed, removed and stored at Licensee’s cost and expense without Licensor being deemed to have violated any applicable laws or becoming liable for any loss or damage thereto. If Licensee continues to use or occupy the Parking Area after the Term (including if this Agreement is terminated prior to the end of the Term as provided in this Agreement), Licensee shall pay Licensor a monthly amount equal to the greater of (a) 200% of the Parking Fee (for example, if the Parking Fee is $5,000 per month, then the Holdover Fee would be $10,000 per month) or (b) the amount of Licensor’s damages as a result of Licensee’s refusal or failure to vacate the Parking Area (either, a “Holdover Fee”).