4. Application Procedures.
(a) Four (4) sets of a duly completed application to sublease must be delivered to the Board in care of the Corporation’s managing agent at least thirty (30) days prior to the first day of the month that the sublease term (or renewal or extended term, as the case may be) is to take effect.
(b) An application to sublease an apartment, or to extend or renew an existing sublease must contain the following:
i. A properly completed and signed application form;
ii. Permission to check the Applicant’s credit history;
iii. Copies of the Applicant’s State and Federal Income Tax Returns, and W2 forms for the two most recent years;
iv. Verification of the Applicant’s current employment stating position, length of employment, and salary;
v. Verification of Applicant’s current residence, including a copy of two months’ insurance bills, utility bills or credit card bills;
vi. Copy of three months’ most recent banking and brokerage accounts, together with a letter from each institution indicating types of accounts and the date(s) the accounts were opened;
vii. One business reference letters;
viii. Two personal reference letters;
ix. One letter of reference from Applicant’s current or most recent landlord (or its managing agent) stating length of residence and payment history together with rent receipts, cancelled checks/money orders on account of rent for the most recent twelve (12) month period;
x. The written consent of the Shareholder’s lending institution (if any) to the proposed sublease; and
xi. The fully executed counterpart original standard sublease agreement.
(c) Falsification or omission of information may result in the denial of the sublease application by the Board, and may also result in termination of the current sublease.
(d) All persons who will reside in the apartment with the Applicant must attend a Board interview. No person, other than those named in the Applicant’s application and the sublease, may occupy the sublet premises without prior written approval from the Board. Any such requests must be submitted to the Board in writing, along with a completed application form.
5. Fees.
(a) Each Shareholder to whom consent to sublease is granted must pay a sublet fee to the Corporation on the first day of each and every month of the sublease term, as follows:
i. 10% of the monthly maintenance for the first year or partial year of the sublease term, except as provided in (b) below; and
ii. 15% of the monthly maintenance for each additional year or partial year of any extended sublease term. For these purposes an “extended sublease term” shall include a sublease to a new sublessee if less than one year shall have elapsed since the expiration or termination of any prior sublease.
(b) The following fees must be paid to the Corporation at the time a sublease application is submitted:
i. A non-refundable $75 credit check fee;
ii. A refundable $500 moving deposit to cover possible damage to the building caused by the moving in or out of the subject apartment;
iii. A non-refundable $100 processing fee; and
iv. A non-refundable $250 interview fee.
(c) The following fees must be paid to the Corporation at the time an application to renew or extend an existing sublease application is submitted:
i. A non-refundable $100 processing fee; and
ii. A non-refundable $150 interview fee.