holdover tenant

(redirected from Holdover Tenants)

Holdover Tenant

A tenant who remains in possession of a rented residence or office after the expiration of the lease. The holdover tenant may be evicted, but is often permitted to remain on a month-to-month basis. However, some leases avoid the situation entirely by automatically renewing unless one party or the other elects in advance not to do so.

holdover tenant

A tenant who remains in possession of leased premises beyond the expiration of a lease term.Most commercial leases,and many residential leases,provide that a holdover tenant will be responsible for rent in an amount 125 to 200 percent greater than current market rents, but accepting the rent does not sacrifice any of the landlord's rights to obtain an eviction. (State laws may place a cap on the amount of increased rent charged to consumers.)
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After MKF took title to the property, it evicted holdover tenants and, in January 2013, the company began meeting with Metropolitan Pavilion, signing the tenant after a two-week, fast-track lease negotiation process.
Sheffield57 officials denied that Swig ever wanted to evict the tenants, and argued that holdover tenants are normally required to vacate an apartment once a lease expires.
Six of the eight holdover tenants signed renewals and committed to moving to new locations within the center and to performing substantial upgrades to their space finish.