Common use of Holdover Charges Clause in Contracts

Holdover Charges. 39 A. Subject to the other terms hereof, possession of the entire Demised Premises 40 must be surrendered to Landlord at the expiration or sooner termination of the term hereof. The parties 41 recognize and agree that the damage to Landlord resulting from any failure by Tenant timely to 42 surrender possession of the Demised Premises as aforesaid may be substantial, may exceed the amount 43 of annual Fixed Rent and additional rent theretofore payable hereunder and may be impossible 44 accurately to measure. Tenant desires to limit such amounts and wishes to avoid the payment to 45 Landlord of any Consequential Damages if Tenant fails to timely surrender possession of the Demised 1 Premises. If possession of the entire Demised Premises is not surrendered to Landlord upon the 2 expiration or sooner termination of the term of this Lease, then during the first one hundred eighty (180) 3 days of such holding over, Tenant shall pay to Landlord for each month and for each portion of any 4 month during which Tenant holds over in all or any part of the Demised Premises, as liquidated damages 5 for use and occupancy, an amount equal to 200% of the greater of (i) one-twelfth of the sum of the 6 immediately prior Lease Year's total of Fixed Rent, Percentage Rent and additional rent or (ii) the then 7 market rent for the Premises, which amount Tenant agrees to pay to Landlord within twenty (20) days 8 after delivery of an invoice therefor, in full without setoff, and no extension or renewal of this Lease 9 shall be deemed to have occurred by such holding over, nor shall Landlord be precluded by accepting 10 such aggregate sum for use and occupancy from exercising all rights and remedies available to it to 11 obtain possession of the Demised Premises. The parties hereto acknowledge that during the first one 12 hundred eighty (180) days of such holding over, the foregoing charges (a) shall be paid by Tenant to 13 Landlord in lieu of the imposition by Landlord of any Consequential Damages with respect thereto and 14 (b) represent a fair and reasonable estimate of the fair market value for the use and occupancy of the 15 Premises during such period. 16 B. However, if possession of the entire Demised Premises is not surrendered to 17 Landlord within one hundred eighty (180) days after the expiration or sooner termination of the term of 18 this Lease, then at Landlord’s sole option (and in addition to the above use and occupancy charges paid 19 by Tenant during such period), Tenant shall also be liable to Landlord for all losses and damages, 20 including Consequential Damages, which Landlord may reasonably incur or sustain by reason of such 21 holding over, including damages incurred or sustained by reason of Landlord's inability to timely place a 22 new tenant in possession of the Demised Premises. 23 C. Notwithstanding anything herein to the contrary, the parties absolutely and 24 unconditionally waive any and all rights to dispute or otherwise adjudicate whether the remedies set 25 forth in Sections 22.02A and 22.02B constitute a penalty or are otherwise unenforceable, such waiver 26 being a material inducement to Landlord to enter into this Lease and to accept the terms of this Lease.

Holdover Charges. 39 A. Subject to the other terms hereof, possession of the entire Demised Premises 40 must be surrendered to Landlord at the expiration or sooner termination of the term hereofTerm. The parties 41 recognize and agree that the damage to Landlord resulting from any failure by Tenant timely to 42 surrender possession of the Demised Premises as aforesaid may be substantial, may exceed the amount 43 of annual Fixed Rent and additional rent theretofore payable hereunder and may be impossible 44 accurately to measure. Tenant desires to limit such amounts and wishes to avoid the payment to 45 Landlord of any Consequential Damages if Tenant fails to timely surrender possession of the Demised 1 Premises. If possession of the entire Demised Premises is not surrendered to Landlord upon the 2 expiration or sooner termination of the term of this LeaseTerm, then during the first one hundred eighty (180) 3 days of such holding over, Tenant shall pay to Landlord for each month and for each portion of any 4 month during which Tenant holds over in all or any part of the Demised Premises, as liquidated damages 5 for use and occupancy, an (a) during the first thirty (30) days of any such holding over, one and one half (1.5) times the amount equal to 200% of the greater of (i) one-twelfth of the sum of the 6 immediately prior Lease Year's total of Fixed Rent, Percentage Rent and additional rent or payable by Tenant under this Lease with respect to the entire Premises during the last year of the Term, and (iib) thereafter, two (2) times the then 7 market amount of Fixed Rent and additional rent for payable by Tenant under this Lease with respect to the Premisesentire Premises during the last month of the Term, which amount aggregate sum Tenant agrees to pay to Landlord within twenty (20) days 8 after delivery of an invoice thereforLandlord, in full without setoff, and no extension or renewal of this Lease 9 shall be deemed to have occurred by such holding over, nor shall Landlord be precluded by accepting 10 such aggregate sum for use and occupancy from exercising all rights and remedies available to it to 11 obtain possession of the Demised Premises. The parties hereto acknowledge that during the first one 12 hundred eighty ninety (18090) days of such holding over, the foregoing charges (a) shall be paid by Tenant to 13 Landlord in lieu of the imposition by Landlord of any Consequential Damages with respect thereto and 14 (b) represent a fair and reasonable estimate of the fair market value for the use and occupancy of the 15 Premises during such period. 16 B. However, if possession of the entire Demised Premises is not surrendered to 17 Landlord within one hundred eighty ninety (18090) days after the expiration or sooner termination of the term of 18 this LeaseTerm, then at Landlord’s 's sole option (and in addition to the above use and occupancy charges paid 19 by Tenant during such period), Tenant shall also be liable to Landlord for all losses and damages, 20 including Consequential Damages, which Landlord may reasonably incur or sustain by reason of such 21 holding over, including including, without limitation, damages incurred or sustained by reason of Landlord's inability to timely place a 22 new tenant in possession of the Demised PremisesPremises or any other portion of the floor or Building if resulting from such holding over. 23 C. Notwithstanding anything herein to the contrary, the parties absolutely and 24 unconditionally waive any and all rights to dispute or otherwise adjudicate whether the remedies set 25 forth in Sections 22.02A 22.02(A) and 22.02B 22.02(B) constitute a penalty or are otherwise unenforceable, such waiver 26 being a material inducement to Landlord to enter into this Lease and to accept the terms of this Lease.

Holdover Charges. 39 A. Subject to the other terms hereof, possession of the entire Demised Premises 40 must be surrendered to Landlord at the expiration or sooner termination of the term hereofTerm. The parties 41 recognize and agree that the damage to Landlord resulting from any failure by Tenant timely to 42 surrender possession of the Demised Premises as aforesaid may be substantial, may exceed the amount 43 of annual Fixed Rent and additional rent theretofore payable hereunder and may be impossible 44 accurately to measure. Tenant desires to limit such amounts and wishes to avoid the payment to 45 Landlord of any Consequential Damages if Tenant fails to timely surrender possession of the Demised 1 Premises. If possession of the entire Demised Premises is not surrendered to Landlord upon the 2 expiration or sooner termination of the term of this LeaseTerm, then during the first one hundred eighty (180) 3 days of such holding over, Tenant shall pay to Landlord for each month and for each portion of any 4 month during which Tenant holds over in all or any part of the Demised Premises, as liquidated damages 5 for use and occupancy, an amount equal to 200% of the greater of (i) one and one-twelfth half (1 1⁄2) times during the first thirty (30) days of such holding over and two (2) times thereafter, the sum of the 6 immediately prior Lease Year's total amount of Fixed Rent, Percentage Rent and additional rent or (ii) payable by Tenant under this Lease with respect to the then 7 market rent for entire Premises during the Premiseslast month of the term hereof, which amount aggregate sum Tenant agrees to pay to Landlord within twenty (20) days 8 after delivery of an invoice thereforLandlord, in full without setoff, and no extension or renewal of this Lease 9 shall be deemed to have occurred by such holding over, nor shall Landlord be precluded by accepting 10 such aggregate sum for use and occupancy from exercising all rights and remedies available to it to 11 obtain possession of the Demised Premises. The parties hereto acknowledge that during the first one 12 hundred eighty sixty (18060) days of such holding over, the foregoing charges (a) shall be paid by Tenant to 13 Landlord in lieu of the imposition by Landlord of any Consequential Damages with respect thereto and 14 (b) represent a fair and reasonable estimate of the fair market value for the use and occupancy of the 15 Premises during such period. 16 B. However, if possession of the entire Demised Premises is not surrendered to 17 Landlord within one hundred eighty ninety (18090) days after the expiration or sooner termination of the term Term (such ninety (90) day period subject to extension on account of 18 this Leasea Force Majeure event but such extension shall not exceed sixty (60) days in the aggregate), then at Landlord’s sole option (and in addition to the above use and occupancy charges paid 19 by Tenant during such period), Tenant shall also be liable to Landlord for all losses and damages, 20 including Consequential Damages, which Landlord may reasonably incur or sustain by reason of such 21 holding over, including including, without limitation, damages incurred or sustained by reason of Landlord's ’s inability to timely place a 22 new tenant in possession of the Demised PremisesPremises or any other portion of the floor or Building if resulting from such holding over. 23 C. Notwithstanding anything herein to the contrary, the parties absolutely and 24 unconditionally waive any and all rights to dispute or otherwise adjudicate whether the remedies set 25 forth in Sections 22.02A and 22.02B constitute a penalty or are otherwise unenforceable, such waiver 26 being a material inducement to Landlord to enter into this Lease and to accept the terms of this Lease.