Sublet Policy Revised 8/8/2024

1. Shareholders must reside in the building for two (2) years prior to requesting permission to sublease. Shareholders may sublease one year at a time with option to renew and must obtain board approval. Shareholders may sublease for three (3) years out of every five (5) years. Shareholders must reside in their apartment for a minimum of two (2) years before requesting to sublet their apartment again. The fees are a percentage of the annual maintenance depending on how many years the apartment is being subleased:

  • 1st year 25% of annual maintenance billed in 12 equal monthly installments

  • 2nd year 35% of annual maintenance billed in 12 equal monthly installments

  • 3rd year 45% of annual maintenance billed in 12 equal monthly installments

2.  Approval of sublet applications by Corporation's board is not intended in any way to imply approval of sublet applicants' finances, nor should it be misconstrued as such. Shareholders remain responsible to Corporation for making timely maintenance, assessment, sublet fee or other payments due to Corporation for duration of sublet term and any subsequent approved renewal terms - irrespective of sublet applicants-tenants' performance of rent obligations to shareholders.

3.  No shareholder will be permitted to sublet (or renew or extend a sublet) unless such shareholder is current with all charges owed to the Corporation.

4.  All prospective subtenants must complete a sublet application and complete the entire process prior to approval by the Board of Directors.

5.  Subtenants do not have Shareholder privileges. They are not permitted to have pets or conduct renovations.

6.  Shareholder is responsible for all actions done by the sub-tenant. If any issues with the sub-tenant, Shareholder will be responsible and must correct immediately and pay any potential fines/costs for corrective measures needed. (i.e., excessive noises; damages to hallway; using roof after hours; smoke complaints etc.)

7.  The sublet is subject to following all the House Rules and the Shareholder is responsible for the consequences when they are not followed.

Amendment #1: Effective Date: August 8, 2024

We are amending the sublet rule, so that existing shareholders can rent out another shareholders apartment, past the normal 3 year term, under the following conditions:

1.          Both shareholders must have been, and currently be, in good standing with the Coop.

2.         The prior renters/rental agreement must be out and finished.

3.         We would only allow this modification for existing shareholders- both the renting apartment and the renter must be shareholders, with the renter being an existing resident shareholder.

4.         Renters can only rent for themselves- no other parties/relatives.

5.          This purpose of this modification is to allow existing shareholders who are doing renovations to potentially find an apartment to rent short term in the building, as a convenience. Any other usage of this modification is not permitted.

6.          Total rental period can be for a maximum of 12 months. (if one shareholder rents for 3 months, then another shareholder can rent for up to 9 months). Maximum 3 rentals comprising of the 12-month period.

7.         The rental surcharge of 25% will be in effect for each month rented out.

8.         NO PARTIAL months- Even one day into the next month would be considered r. full month.

9.         This rental period will NOT count towards the 2-year non-rental period that is currently in the sub-let rules. And aggregate (in full months) of 24 months must be vacant before apartment being rented will be allowed to rent again.

10.    Both shareholders are responsible to comply with building rules.

11.    Any variance on these rules will result in elimination of further renting privilege.

12.    Any moves by renting shareholder, which include furniture, movers, exclusive U3•.: of the elevator, or otherwise act like a normal move in/out will be subject to the move fee. If the renting shareholder will only be moving personal belongings, such as clothes, and single hand moveable personal items that can be done without intrusion on other shareholders, that can be done without a fee.

While full vetting is not needed, the lease agreement, and specific dates, must be presented to the Board and subject to final approval by the Board. Any extension of the leasing term must be advised to the Board and cannot go past the total aggregate 12-month time period.