LENRU APT CORP. SUBLETTING POLICY AS OF SEPTEMBER 2014

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1 5683 Riverdale Avenue, Suite 203 Riverdale, NY Office: (718) Fax: (718) SUBLETTING LENRU APT CORP. SUBLETTING POLICY AS OF SEPTEMBER 2014 The intent of these guidelines is for the building apartments to be owner occupied. However, the Board recognizes that due to current prevailing economic conditions, some broadening of the right to sublet is warranted for the short term. The Board will review the application for subleasing on its individual merits within the guidelines stated below. No sublease shall take effect or be valid without compliance with the sublet policy set forth below, nor shall any sublease be valid until approved in writing by the Board. A. SUBLET POLICIES 1. No Shareholder shall be permitted to sublet their apartment until they shall have owned their shares and lived in the Coop for a period of not less than two (2) consecutive years prior to the commencement date of the proposed sublease term; 2. Prior to submitting a sublet application, the Shareholder must submit a written request for permission to sublet their unit, stating the reason why they need to sublet; 3. If permission to sublet is granted by the Board, said permission expires after 90 days if the shareholder has not submitted a sublet application to the Board within the 90 day period; 4. An apartment may be sublet for a one (1) year term with the possibility of a one (1) year extension for a maximum of (2) years only. The Board will consider a written request from the shareholder to extend the terms of any proposed subleasing for the 2 nd year at least 3 months prior to the expiration of the current sublease; 5. Any proposed sublease must specifically state that it is subject to all of the terms and conditions of the House Rules, the Proprietary Lease and the Corporations by-laws and that it is subordinate to the Proprietary Lease, and the Corporations by-laws. Each proposed Subtenant (or existing Subtenant who is seeking to extend their sublease) must agree in writing, prior to the submission of the sublet application, to comply with the Corporations House Rules as same exist as of the date thereof and as same may be added to, subtracted from or amended, from time to time by the Board; 6. Shareholders are responsible for all acts of or by their subtenants, guests and invitees directed against any resident which are contrary to the House Rules, the Proprietary Lease and the Corporations by-laws or objectionable in any way;

2 7. The applicant and all persons who reside in the apartment with the subtenant must attend a Board interview. No person, other than those named in the applicants application and the sublease, may occupy the premises without prior written approval of the Board in each instance. Any such request must be submitted to the Board in writing, along with a completed application form; 8. The Board expressly reserves the right to limit the percentage of sublet apartments to no more than ten (10%) percent of all apartments in the Corporation. As such applications for subletting shall be considered and granted on a first-come first served basis; 9. Rent Guarantee; 10. Shareholders must provide a current, valid, signed sublease when submitting a sublet application to be kept on file with the Managing Agent for each sublet apartment; 11. Sublet leases may only be written for a term of not less or more than one year. In addition, each sublet term must begin on the first day of a calendar month. SUBLET FEE *This is no pet Building* There will be a monthly sublet fee of $ per month which will be billed on the monthly maintenance statement.

3 5683 Riverdale Avenue, Suite 203 Riverdale, NY Office: (718) Fax: (718) Sublease Application (Enclosed) A. Sublet Application Data Form B. Balance Sheet (Asset & Liabilities) C. Emergency Contact Form D. Credit Release Form 2. Sublease Agreement (Blumberg P-193 Form) LENRU APARTMENT CORP SUBLEASE APPLICATION 3. Employment Verification Letter w/income and length of time. If self employed please provide a CPA letter with last years income and projected current income 4. Two (2) recent pay stubs 5. Landlord Reference Letter w/ most current cashed rent checks (3 months) 6. Assets: Financial/Bank Statements for past (3) Months 7. Two (2) personal reference letters, (Per applicant) 8. Letter explaining reason for request to sublease (Shareholder) 9. Copies of last two (2) years Income Tax Returns 10. Sublet Fee: $ per month billed monthly on Shareholders Statement 11. All subleases are to be for one (1) year. New approval required two (2) months prior to lease expiration for second year. 12. Sublet Fee Agreement- Signed by the Shareholder (Enclosed) Fees to be submitted with the application Bank Certified checks or money orders for processing fee payable to: Goodman Management Co., Inc., in the amount of $ per person unless it is a married couple. Please note these fees are non refundable. Upon Approval a Move-In Deposit of $ is required and made payable to: Lenru Apt. Corp. Deposit is refundable after the completion of the move-in process. Please note: One (1) copy plus the original two (2) of all papers are required by Goodman Management Co., Inc. for submission to the Board of the Directors. All papers must be collated into individual sets. Your completed application must be sent to: Goodman Management Co., Inc., 5683 Riverdale Avenue, Suite 203, Riverdale, NY Attn: Tarshia Champagne Incomplete packages will not be processed and returned. NOTE: Please be advised that the processing procedure can take up to ten (10) business days from the time we receive ALL required documents and consider the application complete.

4 5683 Riverdale Avenue, Suite 203 Riverdale, NY Office: (718) Fax: (718) SUBLET APPLICATION DATA FORM Applicant Name: Applicant Current Address: Home Number: Cell Number: Address: Co- Applicant Name: Co-Applicant Address: Home Number: Cell Number: Address: Real Estate Agent s Name: Company: Address: Telephone Number:

5 ALL APPLICANTS ARE SUBJECT TO THE APPROVAL OF THE ADMISSIONS COMMITTEE BALANCE SHEET AT THE LAST DAY OF MONTH IMMEDIATELY PRECEEDING DATE OF APPLICATION ASSETS 1. CASH $ 2. CHECKING ACCOUNTS $ 3. SAVINGS ACCOUNTS, MONEY FUNDS $ 4. TOTAL CASH, BANKS AND MONEY FUNDS $ 5. MARKETABLE SECURITIES (furnish cover sheet showing $ balance of most recent statement for any major account) 6. LIFE INSURANCE NET CASH VALUE (list below) $ 7. SUBTOTAL LIQUID ASSETS $ 8. NON-MARKETABLE SECURITIES (list below) $ 9. REAL ESTATE OWNED (list below) $ 10. VESTED INTEREST IN RETIREMENT FUND $ 11. NET WORTH OF BUSINESS OWNED $ 12. AUTOMOBILES/PLEASURE BOATS (list below) $ 13. MARKET VALUE OF FURNITURE & $ PERSONAL PROPERTY 14. NOTES RECEIVABLE $ 15. OTHER ASSETS (explain below) $ 16. TOTAL ASSETS (explain below) $ **Please number explanatory material to correspond to numbers on this statement under the notes section**

6 BALANCE SHEET AT THE LAST DAY OF MONTH IMMEDIATELY PRECEEDING DATE OF APPLICATION LIABILITIES 17. INSTALLMENT DEBT PAYABLE $ (list below) 18. OTHER UNSECURED LOANS $ (list below) 19. REAL ESTATE LOANS & MORTGAGES $ (list below) 20. AUTOMOBILE/BOAT LOANS $ (list below) 21. OTHER SECURED LOANS $ (list below) 22. OTHER LIABILITIES (explain below) $ 23. TOTAL LIABILITIES $ 24. NET WORTH (assets minus liabilities) $ **NOTES**

7 5683 Riverdale Avenue, Suite 203 Riverdale, NY Office: (718) Fax: (718) EMERGENCY CONTACT FORM HOME NUMBER *between the hours of* and WORK NUMBER *between the hours of* and Address: WORK NUMBER *between the hours of* and Address: ALTERNATE ADDRESS EMERGENCY CONTACT Name: Relationship Address: Phone: *between the hours of * and

8 Credit Release Form GOODMAN MANAGEMENT CO., INC RIVERDALE AVENUE- SUITE 203 RIVERDALE, NY FAX: APPLICANT Name Date of Birth S.S. # SPOUSE/ CO- APPLICANT Name Date of Birth S.S. # APPLICANT RESIDENCY Present Address: Apt #: City: State: Zip: Home Tel.: Monthly Rent: Date From to Utilities Included? Present Landlord s Name: Landlord s Address: City: State: Zip: Date: From to Landlord s Telephone # Has a Landlord ever sued for non-payment of rent or repossession? SPOUSE/ CO- APPLICANT Present Address: Apt #: City: State: Zip: Home Telephone: Monthly Rent: Date from to Utilities Included? Present Landlord s Name: Landlord s Address: City: State: Zip: Date: From to Landlord s Telephone # Has a Landlord ever sued for non-payment of rent or repossession? APPLICANT EMPLOYMENT Present Employer Address City State Zip Tel # Supervisor Position Annual Salary Employment Date: From to Previous Employer (If less than 1 yr) Address City State Zip Tel # Supervisor Position Annual Salary Employment Date: From to Other Monthly Income Source (Alimony, Assets, Child Support, Social Security, Unemployment, Veterans Supplement, etc.) CO- APPLICANT EMPLOYMENT Present Employer Address City State Zip Tel # Supervisor Position Annual Salary Employment Date: From to Previous Employer (If less than 1 yr) Address City State Zip Tel # Supervisor Position Annual Salary Employment Date: From to Other Monthly Income Source (Alimony, Assets, Child Support, Social Security, Unemployment, Veterans Supplement, etc.) Proposed Occupants including children (other than those listed above): Name Date of Birth Relationship to Applicant Income (if applicable) Are you now in the Service or dependant of serviceman? This application is made subject to the approval of And may be without designating cause be disproved by them, it being agreed that any such disproval shall not be considered a reflection upon the applicant. This application is to be made part of the lease entered into by the applicant and the landlord. The truth of the information contained herein is essential and if the aforementioned property deems any answer or statement herein to be false, or misleading it shall be considered that any lease granted by virtue of this application may be canceled at their option. I/We hereby authorize Goodman Management Co., Inc. to use any consumer reporting, credit bureau, or other investigative agencies employed by such, to investigate the references herein listed or statements or other data obtained from me or from any other person pertaining to my employment history, credit, prior tenancies, character, general reputation, personal characteristics. And mode of living, to obtain a consumer report and such other credit information which may result thereby and to disclose and refurnish such information to the owner/agent listed above in support of this application. I have been advised that I have the right under section 606B of the Fair Credit Reporting Act to make a written request, within reasonable time, for a complete and accurate disclosure of the nature and scope of any investigation Signature of Applicant Signature of Co- Applicant

9 The parties agree as follows: SUBLEASE AGREEMENT Blumberg - P193 Date of this Sublease: Parties to this Sublease: Over-tenant: Address for notices: You, the Under-tenant: Address for notices: If there are more than one Overtenant or Undertenant, the words Overtenant and Undertenant used in this Sublease includes them. Information from Over-lease: Landlord: Address for notices: Overtenant: Address for notices: Date of the Over-lease: Term: from: to: A copy of the Over-lease is attached as an important part of the Sublease. Term: 1. years: months: Beginning: Ending: Premises Rented: Use of Premises: Rent: Security: Agreement to lease: and pay rent Notices: Subject to: Overtenant s duties: Consents: Adopting the Over-Lease and Exceptions: 2. 3.The premises may be used for only. 4. The yearly rent is $. You the Undertenant, will pay this yearly rent to the Over- Tenant in twelve equal monthly payments of $. Payments shall be paid in advance on the first day of each month during the Term. 5. The security for the Undertenant performance is $. Overtenant states that Over- Tenant has received it. Overtenant shall hold the security in accordance with Paragraph of the over-lease. 6. Overtenant sublets the premises to you, the Undertenant, for the Term. Overtenant states that it has the authority to do so. You, the undertenant agrees to pay the Rent and other charges as required in the Sublease. You, the Undertenant, agree to do everything required of you in the Sublease. 7. All notices in the Sublease shall be sent by certified mail, return receipt requested. 8. The Sublease is subject to the Over-Lease. It is also subject to any agreement to which the Overlease is subject. You, the Undertenant, state that you have read and initialed the Over-Lease and will not violate it in any way. 9. The Over-Lease describes the Landlord s duties. The Overtenant is not obligated to perform the Landlord s duties. If the Landlord fails to perform, you, the Undertenant, must send the Over- Tenant a notice. Upon receipt of the notice, the Overtenant shall then promptly notify the Landlord and demand that the Over-Lease agreements be carried out. The Overtenant shall continue the demands until the Landlord performs. 10. If the Landlord s consent to the Sublease is required, this consent must be received within days from the date of this Sublesae. If the Landlord s consent is not received within this time, the Sublease will be void. In such event all parties are automatically released and all payments shall be refunded to you, the Undertenant. 11. The provision of the Over-Lease are part of this Sublease. All the provisions of the Over-Lease applying to the Overtenant are binding on you, the Undertenant, except these: a) These numbered paragraphs of the Over-Lease shall not apply: b) These numbered paragraphs of the Over-Lease are changed as follows:

10 No Authority: Successors: Changes: Signatures: 12. You, the Undertenant have no authority to contact or make any agreement with the Landlord about the premises or the Over-Lease. You, the Undertenant, may not pay rent or other charges to the Landlord, but only to the Overtenant. 13. Unless otherwise stated, the Sublease is binding on all parties who lawfully succeed to the rights take the place of the Overtenant or you, the Undertenant. Examples are an assign, heir, or a legal representative such as an executor of your will or administrator of your estate. 14. This sublease can be changed only by an agreement in writing signed by the parties to the Sublease. OVERTENANT: You, the UNDERTENANT: Witness: STATE OF COUNTY OF ss.: On before me personally appeared before me and known to me to be the Individual(s) described in and who executed the foregoing Sublease, and duly acknowledged before me that he/she executed the same GUARANTY OF PAYMENT WHICH IS PART OF THE SUBLEASE Date of Guarantee: Guarantor and address: Reason for Guaranty: 1. I know that the Overtenant would not rent the premises to the Undertenant unless I guarantee Undertenant s performance. I have also requested the Overtenant to enter into the Sublease with the Undertenant. I have a substantial interest in making sure that the Overtenant rents the premises to the Undertenant. Guaranty: Changes in Sublease Waiver to notices: Performances: Waiver of Jury Trial: Changes: 2. The following is my Guaranty: I guaranty the full performance of the Sublese by the Undertenant. This Guaranty is absolute and without any condition. It includes, but is not limited to, the payment of rent and other money changes. In addition, I agree to these other items: 3. This Guaranty will not be affected by any change in the Sublease, whatsoever. This includes but is have not effect: not limited to, any extention of time or renewals. The Guaranty will be binding even if I am not a party to these changes. 4. I do not have to be informed about any failure of performance by Undertenant. I waive notice of non-payment or non-performances. 5. If the Undertenant fails to perform under the Sublease, the Overtenant may require me to perform without first demanding that the Undertenant perform. 6. I give up my right to trial by jury in any claim related to the Sublease or this Guaranty. 7. This Guaranty of payment and performance can be changed only by written agreement signed by all parties to the Sublease and Guaranty. Signatures: WITNESS: GUARANTOR:...

11 5683 Riverdale Avenue, Suite 203 Riverdale, NY Office: (718) Fax: (718) Lenru Apartment Corp. SUBLET FEE AGREEMENT The sublet fee is $ per month and will appear on the monthly maintenance statement. I (We) have read the above and accept the terms of this agreement. Signed: Signed: By: Print name Dated: Print name Dated:

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