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Sublet Policy is not part of PLJun 14, 2011


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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