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If you haven’t negotiated a favorable holdover clause in your lease with a tenant, you may end up getting stuck with low rent and high costs if it won’t move out of the space when its lease term is over. That’s because to get rid of a tenant that doesn’t move out when its lease ends, you may have to start an expensive, time-consuming eviction proceeding. And the trouble doesn’t stop there: If you’ve already re-rented the space, the new tenant may sue you for damages because it can’t move in.
