Common use of Surrender of Possession; Holding Over Clause in Contracts

Surrender of Possession; Holding Over. Upon the expiration or earlier termination of the Term, Tenant shall surrender the Leased Spaces and all keys, gate cards, parking passes, security cards, and locks to Landlord in good order and repair, ordinary wear and tear excepted. If Tenant does not surrender possession of the Leased Spaces at the expiration or earlier termination of the Term, Landlord shall be entitled to recover compensation for such use and occupancy at one hundred fifty percent (150%) of the Rent payable prior to the expiration or earlier termination of the Term, and Tenant shall be liable to Landlord for any loss or damage it may sustain by reason of Tenant’s failure to surrender possession of the Leased Spaces immediately upon the expiration or earlier termination of the Term.

Surrender of Possession; Holding Over. Upon the expiration or earlier termination of the Term, Tenant shall surrender the Leased Spaces and all keys, gate cards, parking passes, and security cards, and locks cards to Landlord in good order and repair, ordinary wear and tear excepted. If Tenant does not surrender possession of the Leased Spaces at the expiration or earlier termination of the Term, Landlord shall be entitled to recover compensation for such use and occupancy at one hundred fifty percent (150%) of the Basic Rent payable prior to the expiration or earlier termination of the Term, and Tenant shall be liable to Landlord for any loss or damage it may sustain by reason of Tenant’s failure to surrender possession of the Leased Spaces immediately upon the expiration or earlier termination of the Term.