Common use of HOLDOVER TENANT Clause in Contracts

HOLDOVER TENANT. If the Tenant shall not immediately surrender possession of the Premises at the termination of this Lease, Tenant shall become a Tenant from month-to-month, provided rent shall be paid and accepted by Landlord, in advance, at the rate of double the basic monthly rent and additional rent payable hereunder immediately prior to the termination of this Lease; but unless, and until, Landlord shall accept such rent from Tenant, Landlord shall continue to be entitled to retake or recover possession of the premises in the manner provided by this Lease upon the occurrence of an event of default, and Tenant shall be liable to Landlord for any loss or damage it may sustain by reason of the Tenant’s failure to surrender possession of the premises immediately upon the expiration of the term hereof. Tenant hereby agrees that all the obligations of Tenant and all rights of Landlord applicable during the term of this Lease shall be equally applicable during such period of subsequent occupancy, whether or not a month-to-month Tenancy shall have been created as aforesaid.