Common use of Overholding Tenant Clause in Contracts

Overholding Tenant. If the Tenant remains in possession of the Premises after the end of the Term and without the execution and delivery of a new lease, there will be no tacit renewal or extension of this Lease or the Term hereby granted, despite any statutory provision or legal presumption to the contrary, and the Tenant will be deemed to be occupying the Premises as a tenant from month to month, at a monthly rent payable in advance on the first day of each month equal to the sum of: (a) one-tenth of the Basic Rent payable during the last 12 months of the Term; and (b) one-tenth of the Additional Rent, payable hereunder during the last 12 months of the Term, and otherwise upon the same terms, conditions, and provisos as are set forth in this Lease insofar as the same are applicable to a monthly tenancy.

Overholding Tenant. If the Tenant remains in possession of the Premises after the end of the Term and without the execution and delivery of a new lease, there will be no tacit renewal or extension of this Lease or the Term hereby granted, despite any statutory provision or legal presumption to the contrary, and the Tenant will be deemed to be occupying the Premises as a tenant from month to month, at a monthly rent payable in advance on the first day of each month equal to the sum of: (a) of one-tenth sixth of the Annual Basic Rent payable during the last 12 months of the Term; and (b) one-tenth of the Additional Rent, payable hereunder during the last 12 months of the Term, Term and otherwise upon the same terms, conditions, and provisos as are set forth in this Lease insofar as the same are applicable to a monthly tenancy.