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Landlord Holdover Fee Liability Clause

Book Publication Date: Oct 2013
Description: If a landlord fails to deliver premises to a commercial tenant by the commencement date of the lease the tenant may find themselves being a holdover tenant under their current expiring lease. In such a case the landlord who has failed to deliver should be liable under the new lease for any penalties incurred by the tenant due to the delay. This sample clause covers such a situation.
Type: Contract Clauses
PLI Item #: 60274
Practice Area: Banking and finance, Commercial real estate, Consumer finance, Environmental issues, Environmental law, Litigation, Mortgage loans, Real estate, Real estate litigation, Real estate transactions, Real property

Keywords: "real estate"; "commercial real estate"; landlord; tenant; premises; "failure of delivery"; improvements; "rent abatement"; "commencement date"; abatement; "termination right"; "holdover tenant"; "holdover penalty"; reimbursement

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