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What does HOLDOVER mean in Property Management?

What does HOLDOVER mean in property management? 
 
Property Management always has something interesting going on! 
We have been property managers since 2006 and their is always something interesting going on! I say interesting because I think most people would agree with me that if you are supposed to be out of a home by tomorrow you would be packed up and ready to go. I find it interesting that this tenant does not have a box in site!
It is safe to say he may be in HOLDOVER by tomorrow. HOLDOVER is a lease term written into the lease that says if a tenant is not out by the date that he gave on his written notice to move, the owner can charge him HOLDOVER. This is usually 3 times the daily rate of rent! This alone would motivate me to be packed and the property in the condition I found it in at the beginning of the lease. 
 
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