The USPS has adopted a revised form of our modified double-net lease, which transfers the responsibility for additional maintenance expenses and obligations to the landlord, including some components of plumbing and electrical systems. As of the date of this report, we have not renewed or entered into revised leases for any of our leases with the USPS that are currently in holdover. In addition, we have not entered into any definitive agreement or addendum with to respect to the leases at the properties for which the USPS occupies as a holdover tenant.
If Tenant shall fail to surrender possession of the Original Demised Premises to Landlord by the date which is thirty (30) days after the Extended Term Commencement Date, then Tenant shall be deemed to be a holdover in respect thereof and shall be subject to all of Landlord's rights and remedies set forth in the Original Lease and this Amendment by reason of such holdover. Notwithstanding anything to the contrary contained herein, in the event of a holdover hereunder, Tenant shall be required to pay Landlord holdover rent for the Original Demised Premises as required under Article 52 of the Original Lease for each month (or portion thereof) during which Tenant holds over in the Original Demised Premises after the Outside Surrender Date, in addition to any Base Rent and additional rent for the New Demised Premises required hereunder.
15. Holding Over. If Subtenant fails to surrender the Subleased Premises at the expiration or earlier termination of this Sublease, occupancy of the Subleased Premises after the termination or expiration shall be that of a tenancy at sufferance. Subtenants occupancy of the Subleased Premises during the holdover shall be subject to all the terms and provisions of this Sublease and Subtenant shall pay an amount (on a per month basis without reduction for partial months during the holdover) equal to 150% of the sum of the Base Rent and Additional Rent due for the period immediately preceding the holdover. No holdover by Subtenant or payment by Subtenant after the expiration or early termination of this Sublease shall be construed to extend the Term or prevent Sublandlord from immediate recovery of possession of the Subleased Premises by summary proceedings or otherwise. In addition to the payment of the amounts provided above, if Sublandlord is unable to deliver possession of the Subleased Premises to Landlord as a result of Subtenants holdover, Subtenant shall be liable to Sublandlord for all actual damages, including, without limitation, contractual or holdover damages that Sublandlord suffers from the holdover; Subtenant expressly acknowledges that such damages may include all of the holdover rent charged by Landlord under the Master Lease as a result of Subtenants holdover, which Master Lease holdover rent may apply to the entire Master Lease Premises.
14.Surrender. No later than the Expiration Date or earlier termination of Tenant's right to possession of the Premises (“Surrender Date”), Tenant must vacate and surrender the Premises to Landlord in good order and condition, vacant, broom clean, and in conformity with the applicable provisions of this Lease. Tenant has no right to hold over beyond the Surrender Date, and if Tenant does not vacate as required such failure is deemed an Event of Default and Tenant's occupancy will not be construed to effect or constitute anything other than a tenancy at sufferance. During any period of occupancy beyond the Surrender Date, the amount of Rent owed by Tenant to Landlord will be the Holdover Percentage of the Rent that would otherwise be due under this Lease, without prorating for any partial month of holdover. The “Holdover Percentage” equals: (i) 150% for the first month of holdover; and (ii) 200% for any period of holdover beyond 1 month The provisions of this Section wilt not constitute a waiver by Landlord of any right of reentry as set forth in this Lease, nor will receipt of any Rent or any other act in apparent affirmance of the tenancy operate as a waiver of Landlord's right to terminate this Lease. If Tenant fails to vacate and surrender the Premises as and when required, Tenant must indemnify, defend, and hold harmless Landlord from all costs, losses, expenses, or liabilities incurred as a result of such failure No later than the Surrender Date, at Tenant's expense Tenant must remove from the Premises Tenant's Property, all alterations to the Premises made by or on behalf of Tenant, and all telephone, security, and communication equipment system wiring and cabling, and restore in a good and workmanlike manner any damage to the Premises and/or the Building caused by such removal or replace the damaged component of the Premises and/or the Building if such component cannot be restored as reasonably determined by Landlord. Tenant's obligation to pay Rent and to perform all other Lease obligations for the period through the Surrender Date and the terms of this Section survive the Expiration Date.
4. Holdover. Tenant has relinquished any and all rights to extend the Term of the Lease for an additional six (6)month period pursuant to Section14.19(a) of the Lease.
18. Holdover. Upon the expiration of the Sublease Term or earlier termination of this Sublease, Sublessee covenants to quit and surrender to Sublessor the Subleased Premises, broom clean, in such order and condition as is required under the Lease at the expiration of the Lease term, ordinary wear and tear and damage by fire or other casualty excepted, and at Sublessees expense, to remove all property of Sublessee. Any property not so removed shall be deemed to have been abandoned by Sublessee and may be retained or disposed of at Sublessees expense by Sublessor, as Sublessor shall desire. If Sublessee or any of its property remains on the Sublease Premises beyond the expiration or earlier termination of this Sublease, such holding over shall not be deemed to create any tenancy at will, but the Sublessee shall be a tenant at sufferance only and shall pay rent at a daily rate equal to one and one-half times the Rent due under the Lease with respect to the entire Premises, even if the Subleased Premises is less than the entire Premises, and other charges due thereunder and shall, in addition, perform and observe all other obligations and conditions to be performed or observed by Sublessee hereunder. In addition, Sublessee shall indemnify and hold harmless Sublessor from and against any and all liability, loss, cost, damage and expenses suffered or incurred by Sublessor arising out of or resulting from any failure on the part of Sublessee to yield up the Subleased Premises when and as required under this Sublease. The foregoing shall survive the expiration or early termination of this Sublease.
3.6 Holdover. Tenant is not authorized to hold over beyond the expiration or earlier termination of the Lease Term. If Landlord consents to a holdover and no other agreement is reached between Tenant and Landlord concerning the duration and terms of the Holdover, Tenants holdover shall be a month-to-month tenancy. During such tenancy, Tenant shall pay to Landlord one and one-half times the rate of Base Rent in effect on the expiration or termination of the Lease Term plus all Additional Rent and other sums payable under this Lease, and shall be bound by all of the other covenants and conditions specified in this Lease, so far as applicable. If the Landlord does not consent to the Tenants remaining in possession. Landlord shall have all the rights and remedies provided for by law and this Lease, including the right to recover consequential damages suffered by Landlord in the event of Tenants wrongful refusal to relinquish possession of the Premises. The Base Rent applicable for the period that Tenant wrongfully remains in possession shall in be increased to twice the rate of Base Rent in effect on the expiration or termination of the Lease Term.
16HOLDOVER. If Tenant fails to surrender the Premises upon the expiration or earlier termination hereof, Tenant’s tenancy shall be subject to the terms and conditions hereof; provided, however, that such tenancy shall be a tenancy at sufferance only, without claim of right, for the entire Premises, and Tenant shall pay Monthly Rent (on a per-month basis without reduction for any partial month) at a rate equal to twice the Monthly Rent applicable during the last calendar month of the Term. Nothing in this Section16 shall limit Landlord’s rights or remedies or be deemed a consent to any holdover. If Landlord is unable to deliver possession of the Premises to a new tenant or to perform improvements for a new tenant as a result of Tenant’s holdover, Tenant shall be liable for all resulting damages, including lost profits, incurred by Landlord.
26.Holdover. Subtenant will not be permitted to hold over possession of the Sublease Premises after the expiration or earlier termination of the Term without the express written consent of Sublandlord, which consent Sublandlord may withhold in its sole and absolute discretion with or without cause. If Subtenant holds over after the expiration or earlier termination of the Term with or without the express written consent of Sublandlord, then, in addition to all other remedies available to Sublandlord, Subtenant shall become a tenant at sufferance only, upon the terms and conditions set forth in this Sublease, but at a monthly Fixed Base Rent equal to one hundred fifty percent (150%) of the Monthly Rent under the Prime Lease applicable to the Sublease Premises. Any such holdover Rent shall be paid on a per month basis without reduction for partial months during the holdover. Acceptance by Sublandlord of Rent after such expiration or earlier termination shall not constitute consent to a hold over hereunder or result in an extension of this Sublease. This Section 26 shall not be construed to create any express or implied right to holdover beyond the expiration of the Term or any extension thereof. Subtenant shall be liable, and shall pay to Sublandlord within ten (10) days of demand, for all losses and damages incurred by Sublandlord as a result of such holdover, and shall indemnify, defend and hold Sublandlord harmless from and against all liabilities, damages, losses, claims, suits, costs and expenses (including reasonable attorneys’ fees and costs) arising from or relating to any such holdover tenancy, including without limitation, any claim for damages made by Prime Landlord or a succeeding subtenant. Subtenant’s indemnification obligation hereunder shall survive the expiration or earlier termination of this Sublease, or upon the early termination of Subtenant’s right to occupy the Sublease Premises. The foregoing provisions of this Section 26 are in addition to, and do not affect, Sublandlord’s right of re-entry or any other rights of Sublandlord hereunder or otherwise at law or in equity.
15. HOLDOVER. If Tenant retains possession of any part of the Premises after the Term, Tenant shall become a month-to-month tenant for the entire Premises upon all of the terms of this Lease as might be applicable to such month-to-month tenancy, except that Tenant shall pay all of Base Rent, Operating Cost Share Rent and Tax Share Rent at one hundred fifty percent (150%)of the rate in effect immediately prior to such holdover, computed on a monthly basis for each full or partial month Tenant remains in possession. Tenant shall also pay Landlord all of Landlords direct and consequential damages. No acceptance of Rent or other payments by Landlord under these holdover provisions shall operate as a waiver of Landlords right to regain possession or any other of Landlords remedies. If Tenant fails to surrender the Premises upon the termination or expiration of this Lease, in addition to any other liabilities to Landlord accruing therefrom, Tenant shall protect, defend, indemnify and hold Landlord and the Landlord Parties harmless from all loss, costs (including reasonable attorneys and experts fees) and liability resulting from such failure, including, without limiting the generality of the foregoing, any claims made by any succeeding tenant founded upon such failure to surrender and any lost profits to Landlord resulting therefrom.
HOLDOVER. If Tenant maintains possession of the Premises for any period after the termination of this Lease ("Holdover Period"), Tenant shall pay to Landlord lease payment(s) during the Holdover Period at a rate equal to the most recent rate preceding the Holdover Period. Such holdover shall constitute a month-to-month extension of this Lease.
26.No Right To Holdover. Lessee has no right to retain possession of the Premises or any part thereof beyond the expiration or termination of this Lease. In the event that Lessee holds over, then the Base Rent shall be increased to 150% of the Base Rent applicable immediately preceding the expiration or termination. Holdover Base Rent shall be calculated on monthly basis. Nothing contained herein shall be construed as consent by Lessor to any holding over by Lessee.
17. Holdover. If Tenant holds over after the expiration of the Term or earlier termination of this Lease, or shall fail to return same broom clean, vacant and in good condition and repair, such holding over shall not be deemed to create an extension of the Term, however during any such tenant shall be obliged to observe the terms and conditions of this (except as the same may be then inapplicable) as are in effect on the date of said expiration or earlier termination, except that the Tenant shall during each month (or portion thereof) of such Holdover pay a use and occupancy Holdover Fee to the Landlord at a rate of 200% of the monthly Base Rent payable in effect on the date of expiration or termination of the Term and shall additionally pay during such Holdover all Additional Rent which would have been payable under the terms of the Lease. Said Holdover status and the payment of the Holdover Fee shall not constitute a continuation of any right of occupancy (on a month to month basis or otherwise) and Landlord have all rights to have the Tenant removed as existed at the end of the Term. No “Notice to Quit” or other notice shall be required at the end of the Term or thereafter to advise the Tenant that all rights of occupancy have ended or that the Premises must be returned to the Landlord.
(k)Surrender; Holdover. Upon the expiration or sooner termination of the Term, Tenant shall timely surrender exclusive possession of the Equipment Space to Landlord, vacant, broom-clean (and free of all of Tenant's personal property, supplies, fixtures, equipment and installations), and with all of same in good order, condition and repair, reasonable wear and tear and damage by casualty, excepted.In no event shall Tenant remove any of Landlord's personalty, supplies, fixtures, equipment or furnishings (if any) from the Equipment Space, however.Time shall be of the essence with respect to Tenant's surrender obligations hereunder.If Tenant retains possession of (or fails to surrender possession) all or any part of the Equipment Space after the end of the Term, same shall not result in a renewal of this Amendment or an extension of the Term, but a holdover subject to the terms of Article 18 of the Lease. Landlord acknowledges and agrees that Tenant may elect to retain possession of the Equipment Space during the Elective Holdover Period.
9.Holdover Tenancy.Unless this Agreement has been extended by mutual written agreement of the Parties, there will be no holding over past the Term under the terms of this Agreement under any circumstances. If Tenant does retain possession past the Term, Tenant shall pay 100% of the then applicable rent computed on a monthly basis for each month or portion thereof during such holdover. In addition, Tenant shall be liable for any damages incurred by Landlord as a result of the holdover.
Holdover. Subtenant acknowledges it is critical Subtenant surrender the Subleased Premises on or before the expiration or earlier termination of the Sublease in accordance with the terms of this Sublease. Accordingly, Subtenant shall indemnify, defend and hold harmless Sublandlord from and against all losses, costs, claims, liabilities and damages resulting from Subtenant’s failure to surrender the Subleased Premises on or before the expiration or earlier termination of this Sublease in the condition required under the terms of this Sublease (including, without limitation, any liability or damages sustained by Sublandlord as a result of a holdover of the Master Premises by Sublandlord occasioned by the holdover of the Subleased Premises by Subtenant). In addition, Subtenant shall pay Sublandlord holdover rent equal to Thirty-two Thousand Eight Hundred Ninety-three and 76/100 Dollars ($32,893.76) per month and Tenant’s Proportionate Share of Excess Operating Costs and Tenant’s Proportionate Share of Excess Taxes under the Master Lease for any period from the Expiration Date through the date Subtenant surrenders the Subleased Premises in the condition required hereunder.
Landlord from immediate recovery of possession of the Premises by summary proceedings or otherwise. Any provision in this Lease to the contrary notwithstanding, any holdover by Tenant shall constitute a default on the part of Tenant under this Lease entitling Landlord to exercise, without obligation to provide Tenant any notice or cure period, all of the remedies available to Landlord in the event of a Tenant default, and Tenant shall be liable for all damages, including consequential damages, that Landlord suffers as a result of the holdover. At Tenants advance written request, Landlord agrees to give Tenant thirty (30)days prior written notice of any prospective damages that may arise from such holdover, including as a result of an executed lease for all or part of the Premises after the Term.
(b)If Tenant remains in possession of the Premises after the expiration or termination of this Lease, Tenant's occupancy of the Premises shall be that of a tenancy at sufferance. Tenant's occupancy during any holdover period shall otherwise be subject to the provisions of this Lease (unless clearly inapplicable), except that for the first month of any holdover, the Monthly Rent shall be 150% of the Monthly Rent payable for the last full month immediately preceding the holdover, and thereafter, the Monthly Rent shall be double the Monthly Rent payable for the last full month immediately preceding the holdover. No holdover or payment by Tenant after the expiration or termination of this Lease shall operate to extend the Term or prevent Landlord from immediate recovery of possession of the Premises by summary proceedings or otherwise. Any provision in this Lease to the contrary notwithstanding, any holdover by Tenant shall constitute a default on the part of Tenant under this Lease entitling Landlord to exercise, without obligation to provide Tenant any notice or cure period, all of the remedies available to Landlord in the event of a Tenant default, and Tenant shall be liable for all damages, including consequential damages, that Landlord suffers as a result of the holdover.
Section 20.1In addition to and not in limitation of the provisions of Section 15.1 of this Agreement, Licensee hereby acknowledges and agrees that damage to Licensor resulting from any failure by Licensee timely to surrender the Licensed Space and not subject to indemnification under such Section 15.1 will be substantial, will exceed the amount of monthly License Fee theretofore payable hereunder, and will be impossible of accurate measurement. Licensee therefore agrees that if possession of the Dedicated Space in the condition required by this Agreement is not surrendered to Licensor together with a cessation of use of the Common Space within one (1) day after the License Termination Date, then Licensee will pay Licensor as liquidated damages for any period during which Licensee holds over in the Licensed Space after the License Termination Date, a rate equal to 200% of the then current monthly License Fee hereunder pro-rated on a day-for-day basis for the period of such holdover. The aforesaid obligations shall survive the License Termination Date or sooner termination of this Agreement. Anything in this Agreement to the contrary notwithstanding, the acceptance of any fee shall not preclude Licensor from commencing and prosecuting a holdover or summary eviction proceeding, Licensor and Licensee hereby further agreeing that any statutory right to hold over beyond the License Termination Date or sooner termination of this Agreement is hereby waived to the fullest extent permitted by the law. Unless waived by Licensor, Licensee will be considered a holdover licensee and the provisions of this Section 20.1 shall apply until Licensee completes decommissioning of the Licensed Space pursuant to Section 9.1.
2. Lease Term for Expansion Premises; Holdover. The lease term for the Expansion Premises (Expansion Premises Term) shall commence on February1, 2014 (the Expansion Premises Commencement Date), and shall continue through and including 11:59 p.m. on July31, 2014 (the Expansion Premises Termination Date). Notwithstanding any contrary provision of the Lease with respect to Tenants holding over in the Existing Premises, solely with respect to the Expansion Premises, if Tenant fails to deliver possession of the Premises on the Expansion Premises Termination Date, and holds over in the Expansion Premises, then such tenancy shall be construed as a month-to-month tenancy on the same terms and conditions as are contained herein, and the Fixed Monthly Rent payable by Tenant during such period of holding (but not to extend after October31, 2014), shall be equal to one hundred percent (100%)of the Fixed Monthly Rent payable by Tenant for July 2014. If Tenant continues to holdover in the Expansion Premises after October31, 2014, with or without Landlords consent, then the terms of Section2.2 of the Lease shall apply to such holding over.
Holdover. If Subtenant does not surrender the Subleased Premises by the Expiration Date in accordance with the terms of this Sublease, Subtenant shall indemnify, defend, protect and hold harmless Sublandlord from and against all loss and liability resulting from Subtenant’s delay in surrendering the Subleased Premises to Sublandlord, and the holdover rent under Article 12 of the Master Lease shall be 200% of the Base Rent.
14. Holdover. In the event of Licensees failure to vacate the Licensed Premises in the manner and time frame required in this License and by the terms of the Lease and such failure causes Licensor to incur holdover rent costs or damages to the owner of the Building (Master Lease Holdover Rent), Licensee shall pay to Licensor the full amount of the Master Lease Holdover Rent resulting from Licensees failure to vacate the Licensed Premises.