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The Board of Directors will consider subletting of units on a case-to-case basis under the rules and conditions laid out below. Terms of sublease may not be more than one year, with an additional one-year renewal at the option of the Board (provided that a written petition for renewal is submitted 60 days prior to the expiration of the sublease). A Shareholder may not sublet his/her apartment more than once in a five-year period.


Applicant Shareholders must use the Carolin Gardens standard sublease form and submit a fully executed copy to the Board, along with sublessee’s employer and landlord references and copies of recent pay stub, most recent W-2 form, or 1040 tax return.


Sublessee and all persons intending to occupy the apartment shall meet with the Board before approval is given.


Sublessee shall deposit into Carolin Gardens escrow account a sum equal to three months' maintenance to be held as security and to be used for repairs.


Shareholder shall pay to Carolin Gardens, Inc., an annual sublet fee equal to fifty percent (50%) of the Corporation "flip tax" then in effect.


The Shareholder shall bear the responsibility for any legal fees incurred by the Corporation in connection with the sublease.


The Shareholder shall continue to make, and remain primarily liable for, monthly maintenance payments to the Managing Agent.


The Shareholder shall be responsible for maintaining the condition of the apartment and the conduct of the sublessee.


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