Definition of Holdover Sample Clauses

Definition of Holdover. Because the penalty payments and Holdover Rent owed to Landlord in the event of any holding over by Tenant are significant, the parties wish to clarify their agreement as to the acts or omissions of Tenant which would constitute “holding over” under this Section 2.7. “Holding over” or “holdover” shall mean the failure of Tenant to deliver possession of the applicable Portion of the Leased Premises to Landlord free and clear of occupants, substantially free of its Furniture and in substantial compliance with Section 2.6. While it is the expectation of the parties that Tenant will have fully complied with its obligations under Section 2.6, if Tenant failed to remove all of its Furniture or failed to remove its exterior signage in accordance with Section 2.6, but has otherwise delivered exclusive possession of the relevant Portion of the Leased Premises free from occupants, and substantially free of its Furniture and otherwise substantially in compliance with Section 2.6, the same shall not constitute a holdover by Tenant triggering Landlord’s right to the penalty payments specified in Section 2.7(a) nor Holdover Rent. In that event, Landlord shall be entitled to the remedies specified in Section 2.6.
Sample 1
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