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do any of you that allow subleases require a specific sublease agreement?
Is that any reason not to allow a standard Blumburg sublease agreement form? Anything specific to look for in order to protect the coop?
TIA
The Blumburg apartment sublease?
Look at our sublease documents at:
http://www.thepinehurst.org/residents.htm
Scroll down to "Application forms" and then under "Sublet" you can download both the applicant's cover sheet and other forms.
The previous commenter's rider about the subtenant paying directly to the co-op in the case of delinquency or foreclosure is very interesting, but I wonder if it would hold up in court. Doesn't the mortgage holder have first dibs on being repayed?
It has held up in court on the Condominium side, and we have luckily only used it on the Cooperative side thus far for delinquent Maintenance payments for the Cooperative. We have not had to deal with the Shareholder's mortgagor.
Thanks -- the rider is certainly worth considering!
All it does is protect the building. Nothing damaging in that. Good luck.
No, the coop's claim to maintenance is senior to that of the lender. This is why often times a share loan for a coop has a higher rate of interest than a loan on real estate
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We use the standard agreement but one thing that we do put into place is a rider to the sublease which states:
This rider dated __________________ attached to and part of lease dated ______________ between ________________________ as landlord and __________________________ as subtenant in bldg # ____and Apt. # ______ at Cooperative or Condominium name in City, NY.
This agreement made part of lease dated _________________________ as follows;
In the event of bank foreclosure or if maintenance charges, etc. become delinquent on the unit _____ at Address, City , NY ZIP upon written notice from The Board of Directors or Managing Agent to subtenant, subtenant shall make all future monthly rental payments to The Board of Directors. Payments shall be payable in the following manner:
Cooperative or Condominium Name
C/O Excel Bradshaw Management Group, LLC
393 Old Country Road, Suite 204
Carle Place, NY 11514
The payment of the monthly rent to the Board and the acceptance of the rent by the Board shall not constitute a landlord/tenant relationship between the parties.
Upon resolution of all delinquent charges subtenant shall resume paying landlord, upon notice by The Board of Directors or Managing Agent.
___________________________________
OWNER:
___________________________________
TENANT:
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