General Policies CO-PURCHASING= ALL MUST BE ON THE STOCK/   LEASE, CONTRACT AND BANK DOCUMENTS.
PARENTS BUYING FOR CHILDREN= ALL MUST BE ON THE CONTRACT AND RESIDE IN THE UNIT. GIFTING= GIFT LETTER and PROOF OF DEPOSIT (BANK STATEMENT)CHILDREN WORKING BUYING FOR NON WORKING PARENTS. ALL MUST BE ON THE STOCK AND LEASE AND MUST SUBMIT FULL APPLICATION.HB1 VISA- NOT PERMITTED LLC= NO TRUST= ALLOWED WITH SUBMISSION OF THE TRUST DOC IN THE APPLICATION AND COOP. ATTORNEY TO REVIEW THE TRUST AND LEGAL FEES PAID AT CLOSING. MUST INCLUDE NAME OF TRUSTEES AND ALL OCCUPANTS OF THE UNIT REFINANCE: NO INTEREST ONLY MORTGAGEINCOME TO DEBT RATIO at 30%.SUBLET POLICY effective March 14, 2023
Two Charlton House provides a strong sense of community and is nearly 100% owner occupied. Sublet requests are rare and are used mostly for work, emergency, or unusual situations. The goal of this sublet policy is to preserve the existing character of the building and to provide a stable residential environment. Under the terms of the Proprietary Lease, the power to approve sublet applications rests with the Board of Directors. The Lease provides that There shall be no limitation on the right of Directors or Lessees to grant or withhold consent, for any reason or for no reason, to subletting. The following sublet rules provide guidance and predictability to shareholders as to how the Board will exercise its business judgment in reviewing sublet requests. To be clear, though, the Board always reserves the right to modify these rules or condition its consent on a case-by-case basis as needed. A. Residency Requirement: Shareholder(s) must have owned and resided in the apartment for a minimum of two years before submitting a sublet request. B. Application Procedure: All prospective subtenant applicants must submit a financial statement of net worth, a list of three personal and financial references, and attend an interview with the appropriate committee of the Board of Directors. Intent to return to the building after the conclusion of the sublet will be considered by the reviewing committee. The shareholder must pay a processing fee for the application. If such application is denied, there will be an additional fee for each future applicant for the apartment. C. Security and Conditions: If an application is accepted, the subtenant must pay, prior to the commencement of occupancy, a sum of money equaling the maintenance fee and assessments, if applicable, for two months, to be held as security by Two Charlton Owners Corporation. As additional security, the subtenant must also provide proof of sufficient renters insurance (independent of the shareholders insurance) prior to the commencement of occupancy. All sublet agreements shall incorporate the terms and conditions of the Proprietary Lease. By-Laws, and House Rules (the Governing Documents), and the failure of the subtenant to comply with the terms and conditions of the Governing Documents shall be considered to be a breach thereof enforceable against both the subtenant and shareholder(s). In such an event, the Board may employ any and all legal measures provided for in the Governing Documents, including but not limited to an action to recover possession of the unit. D. Term of Sublet/Extension: All sublets will be for a period of one year. The shareholder and same subtenant may apply for the extension of the sublease for a consecutive second year so long as the shareholder continues to demonstrate immediate need for such an arrangement and all parties remain in compliance with the Governing Documents. Second-year extensions require the written, express prior consent of the Board and should not be presumed. The Board will not consider sublets for a period of less than one year, extensions beyond a second year of sublet, or replacement subtenants. No unit may be sublet for more than two consecutive years in any seven-year period. E. Sublet Fee: The shareholder(s) will pay a monthly sublet fee equal to 40% of the monthly maintenance on the apartment, payable as additional rent.
F. Home Owners Insurance - will be required with the sale application and at time of closing. The managing agent will require a yearly submission of HOI for records to keep. Please always maintain a current HOI policy. The minimum coverages of such Homeowners Insurance, which may be changed from time to time by the Board of Directors at its discretion, shall be: +(a) Comprehensive Personal Liability:$1,000,000 total limit per occurrence (which may be achieved through the combination of both primary limits and an Umbrella limit in any combination that results in the required total limit;