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In revisiong the sublet policy on a an original PL, do we need to create a new PL or is there a legal procedure to change the policy with an addendum. Also what form would it take and where would it be physically placed in the PL
The sublet policy is part of the House Rules and may be modified by the board at any time. I would strongly suggest to have these reviewed by the legal counsel before distribution. The Proprietary Lease only contains wording to the effect that subletting of units may be permitted or not permitted and may mention recovery of reasonable fees if no sublet fee is specified as part of the PL.
If you wish to incorporate sublet fee into the PL, which is the way to go, you need to amend the PL. Your counsel will help redact the most comprehensive wording, but you need to submit the amendment to vote by the shareholders (majority or supermajority)according to your Bylaws and PL.
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We did an addendum last year. After taking a shareholder vote, the corp attorney wrote up the addendum and mailed it to all shareholders. No special form, just a legal letter. Yours would be put next to the original page for subletting.
Make sure the shareholders vote on your revision!
Just a thought...are you revising the entire policy or just adding a fee, length of lease, residency prior to leasing or anything like that. If this is the case, then you just have to adjust the house rules not the PL.
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