Common use of TERM OF OCCUPANCY Clause in Contracts

TERM OF OCCUPANCY. The Term of Occupancy begins on the day that this AGREEMENT is signed by the OWNER and OCCUPANT and shall terminate on the last day of the month in which this AGREEMENT is signed and OWNER shall pro rate the rent of the first month to reflect the portion of the month for which rent is charged. OCCUPANT agrees to be a “month to month occupant”. After the end of the initial period, the term of the Occupancy automatically renews thereafter in increments of one full month at a time only. Rental charge will not be pro rated for final month of occupancy. Rental payments are not refundable.