Tenant Must Pay Holdover Rent Rate in ‘Clear and Unambiguous’ Lease

Tenant Must Pay Holdover Rent Rate in ‘Clear and Unambiguous’ Lease



Facts: A law firm leased an entire floor in a commercial condominium building. The lease required the tenant to continuously maintain a letter of credit, and to replace that letter of credit if it was no longer valid at any point. A failure to do this would be a lease default. The lease gave the owner the right to terminate the lease in the event of such a default.

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