If your unit is for lease, please note the rules listed below.
A. Lease of a Unit
Any Unit Owner shall have the right to lease all (but not less than all) of his Unit upon such terms and conditions as the Unit Owner may deem advisable**, except that no Unit shall be leased or sub-leased for transient or hotel purposes.
1. Any lease or sublease of a Unit for a period of less than six (6) months shall be deemed to be a lease or sublease for transient or hotel
purposes.
2. Any lease or sublease of a Unit shall be in writing and shall provide:
a. that the lease or sublease shall be subject to the terms of the Declaration, the Master Declaration, the Master Bylaws, the Bylaws
and Rules and that any failure of a lessee to comply with the terms of this Declaration, the Bylaws and Rules shall be in default
under the lease or sublease;
b. that the Association shall have the right to require the Unit Owner to deposit with the Association such an amount equal to one (1)
month’s rent but in no case less than $500.00 as security to provide funds for repairs and assure compliance
with Declaration, the Bylaws and Rules; and
c. that the limitations with respect to the leasing of Units shall not apply to the Developer or a first mortgagee of a Unit in connection
with a mortgage foreclosure (or acceptance) of a deed in lieu of foreclosure, or with respect to any sale or transfer by the
first mortgagee or any other party who acquired the Unit in connection with the foreclosure or deed-in-lieu.
**Owners must ensure that tenant information including names of all occupants, telephone numbers and emergency contact information is on file with the management company. Owners are responsible for their tenants compliance with association restrictions.
Any Unit Owner shall have the right to lease all (but not less than all) of his Unit upon such terms and conditions as the Unit Owner may deem advisable**, except that no Unit shall be leased or sub-leased for transient or hotel purposes.
1. Any lease or sublease of a Unit for a period of less than six (6) months shall be deemed to be a lease or sublease for transient or hotel
purposes.
2. Any lease or sublease of a Unit shall be in writing and shall provide:
a. that the lease or sublease shall be subject to the terms of the Declaration, the Master Declaration, the Master Bylaws, the Bylaws
and Rules and that any failure of a lessee to comply with the terms of this Declaration, the Bylaws and Rules shall be in default
under the lease or sublease;
b. that the Association shall have the right to require the Unit Owner to deposit with the Association such an amount equal to one (1)
month’s rent but in no case less than $500.00 as security to provide funds for repairs and assure compliance
with Declaration, the Bylaws and Rules; and
c. that the limitations with respect to the leasing of Units shall not apply to the Developer or a first mortgagee of a Unit in connection
with a mortgage foreclosure (or acceptance) of a deed in lieu of foreclosure, or with respect to any sale or transfer by the
first mortgagee or any other party who acquired the Unit in connection with the foreclosure or deed-in-lieu.
**Owners must ensure that tenant information including names of all occupants, telephone numbers and emergency contact information is on file with the management company. Owners are responsible for their tenants compliance with association restrictions.
