Effective April 1, 2003, any shareholder wishing to sublet his or her apartment must own and have resided in the apartment for a minimum of two years prior to submitting a request to sublease.
A sublease may be for a term of one (1) year renewable only on approval from the Board of Directors annually. An apartment may be sublet for no more than five (5) years (approval is required upon each year’s renewal). After the 5-year period, the shareholder will not be allowed to sublet for a minimum of two years prior to requesting to sublet their apartment again.
The following fees will apply
| Year 1 | 15% of the annual maintenance |
| Year 2 | 20% of the annual maintenance |
| Year 3 | 25% of the annual maintenance |
| Year 4 | 30% of the annual maintenance |
| Year 5 | 35% of the annual maintenance |
The Board, upon applications, will entertain an extension beyond the five year limit for an additional two years on a case by case basis. The fee would remain at the 35% of the annual maintenance. Any subleases on their 6th year or more gets charged 35% of ANNUAL RENTAL AMOUNT of the apartment billed in 12 equal monthly installments.
Sublease Requirements and Application
Please allow four (4) weeks for the processing of your Sublease Requirements. If you would like to have your prospective tenant move in by the first of the month, the package should be submitted the beginning of the prior month to allow time for processing.
Applications
Our applications are done online only through board packager. Please go to www.greenthal.com and click on board applications, that will take you to board packager you will look for the building and purchase application.
Please direct all questions to:
Ella Gabay at egabay@greenthal.com