SUBLET POLICIES

1. The Board's consent to sublet or to renew a sublet will not be granted to a shareholder:

     (a) for a period other than one year. Renewals after the one year period shall be subject to the further consent of the Board and to its then rules and policies.

     (b) who has made two or more late payments of any sum due to the co-op in any 12 month period, until a date commencing 12 months after the last day of the month in which the last late payment was made.

     (c) who owns an apartment for less than two years.

     (d) who is in arrears of the payment of any sum due to the Co-op.

     (e) who is in violation of any rule of the Co-op.

2. The Board will not consider granting its consent to any sublet (original or renewal) unless required paperwork (including insurance proof and other supporting documents) is submitted 100% complete and compliance is had with all procedural requirements (including supplying requisite copies, paying outstanding sums and fees and delivering necessary documentation). Documents must be submitted at least three business days in advance of the Board meeting prior to the commencement of the proposed sublease or renewal term. Failure to do so will result in a withholding of the Board's consent to the sublet. Requests for consent to renewals will then require the submission of paperwork as a new sublet and payment of the regular application fee.

3. Any sublet that lasts more than two years will be subject to a fee that is 50% higher than the normal sublet fee.