To be attached to all leases between a Lot/Unit Owner and a Tenant THE LANDINGS AT BERKELEY SHORES CONDOMINIUM ASSOCIATION, INC LEASE RIDER THIS AGREEMENT is made this day of, 20, between THE LANDINGS AT BERKELEY SHORES CONDOMINIUM ASSOCIATION, INC. ("Association"), ("Landlord") also known as the lot/unit owner, and ("Tenant(s)"), which is any person who rents, leases or otherwise occupies the unit. It is the intention of this Agreement that the covenants and agreements made herein between the Association, the Landlord and Tenant(s) shall be made a part of the terms of the Lease between the Landlord and Tenant(s) dated, 20, and that this Agreement shall continue to be in full force and effect indefinitely regardless of the expiration of the above referenced Lease. IN CONSIDERATION HEREOF, the Landlord and Tenant agree to the following: 1. RECEIPT OF DOCUMENTS. Tenant hereby acknowledges receipt of (1) a copy of the Association's Amended and Restated Master Deed, Amended and Restated By-Laws and Rules and Regulations and any amendments thereto and (2) Resolution #10-3, Rules and Regulations on Leasing of units; I (we) have reviewed the documents referenced above and understand the restrictions, covenants and Rules and Regulations that are in effect, and agree to abide by them. Date: Date: Tenant Tenant 2. STAND-BY ASSIGNMENT OF RENTS. The Landlord hereby assigns to the Association all of the rents payable by the Tenant(s) under the Lease. This assignment shall become operative upon any default in the payment of common expense assessment, special assessments and/or other changes due. This assignment of rent authorizes the Association, at its option, by the employees or agents, to give the Landlord written notice of the default requiring the account to be brought current within thirty (30) days of receipt of same, before the 1
Association demands payment from the Tenant who shall be responsible for paying directly to the Association the full amount of Tenant's monthly rent, use and occupancy charges, or any other payment obligations the Lot/Unit Owner under the Lease. Tenant's obligation to the Association will continue, without further notice from the Association, until the Association notifies Tenant in writing that all arrears owed by the Landlord to the Association have been paid. It is not the Landlord's intention that such entry by the Association shall constitute the Association a "mortgage in possession" in contemplation of law. It is the Landlord's intention that the Association may enforce this provision. If Tenant fails to make such payment(s), the Association may sue to evict Tenant, foreclose Tenant's rights, and/or pursue any other legal or equitable remedies against Tenant, including any remedies that are available against the Landlord. Once all arrears owed by the Landlord to the Association have been paid, any excess rent that the Association has received from the Tenant shall be remitted to the Landlord. 3. COMPLIANCE WITH GOVERNING DOCUMENTS/REVOCATION OF PRIVILEGES. The Tenant, his family, guests and visitors shall be bound by the Amended and Restated Master Deed, the Amended and Restated By-Laws, the Rules and Regulations of the Condominium (hereinafter sometimes collectively referred to as the "Condominium Documents"), all as may be subsequently amended. This means that the Tenant may use the common elements and facilities of the complex subject to the right of the Association to suspend all rights and privileges for violation of the Condominium Documents. As authorized by Article IV, Section 4.18 of the Association s Master Deed, the Association shall have the right to notify the Landlord or the Tenant in the event of such a failure to comply with the terms and conditions of the Condominium Association and demand that the Tenant and/or the Landlord remedy the violation. If the violation is not corrected within thirty (30) days, then the Landlord, at his sole cost and expense, shall (I) remedy, cure or correct such violation and (ii) institute and diligently prosecute an eviction or claim for monetary damages against the tenant on account of such violation(s). Such action shall not be settled without the prior written consent of the Association. The parties acknowledge that if the Landlord fails to fulfill the foregoing obligations, then the Association shall have the right, but not the duty, to institute and prosecute such actions as attorney-in-fact for the Landlord and at Landlord's sole cost and expense, including all legal fees and court costs incurred by the Association, which shall be added to the Landlord s account and shall constitute an additional assessment against such Landlord and unit and shall constitute a lien on the particular unit involved. Collection thereof may be enforced by the Association in the same manner as the Association is entitled to enforce collection from delinquent unit owners of common expense and other past due charges. Any violation of same by the Tenant shall be deemed a violation by the Landlord. The parties recognize that any action taken by the Association because of a Tenant's violation of the 2
provisions of this Amended and Restated Master Deed, the Amended and Restated By-Laws and Rules and Regulations shall be taken against both the Landlord and the Tenant. The Landlord shall be responsible for all costs incurred by the Association in taking such action, including reasonable attorneys fees. However, the Tenant agrees to indemnify and hold the Landlord harmless for these violations. 4. ASSOCIATION APPROVAL. This lease is contingent upon the approval of the Association within fourteen (14) days from the date hereof to make sure lease does not contradict and is compatible with the Condominium Documents, including the Rules and Regulations on Leasing. 5. NOTICE TO ASSOCIATION. Landlord represents that he or she has complied with the Rules and Regulations on Leasing by filing a Notice of Lease with the Association. The parties recognize that any attempt to lease the unit without prior approval of the Association is not permissible. 6. ASSOCIATION'S RIGHT TO LEASE VACANT UNITS/INDEMNIFICATION. In the event that the Landlord is in arrears on payment of any regular or special assessment due and the Landlord's unit is vacated by a tenant or Landlord rendering the unit vacant, the Association may lease the unit to a third party and collect rents from that person(s) to be used to offset the total arrears, including legal fees and costs for advertising, insuring and maintenance costs incurred to rent the premises. The Landlord will hold the Association harmless and indemnify the Association from and against any loss claim, judgment or action of any kind arising by the rental of the unit. 7. LEASE SUBJECT TO AMENDED AND RESTATED MASTER DEED, AMENDED AND RESTATED BY-LAWS, AND RULES AND REGULATIONS. This Lease is expressly made subject to the terms of the Amended and Restated Master Deed, the Amended and Restated By-Laws, the Rules and Regulations, and Articles of Incorporation of the Association, all as may be subsequently modified or amended. 8. FINE OR PENALTIES FOR VIOLATIONS. Landlord and Tenant acknowledge that through Article V, Section 5.05(g) and Article IV, Section 4.18 of the Master Deed and Article IX, Section 9.1(d) of the By-Laws, as well as other law, the Association has the power to impose reasonable Rules and Regulations, and to levy fines for violations of these Rules and Regulations and other Restrictions in accordance with the Amended and Restated Master Deed, Amended and Restated By-Laws, and Rules and Regulations. 9. POWER OF ATTORNEY TO PRESIDENT OF BOARD. The Landlord hereby names and constitutes the President of the Board of Trustees of the Condominium Association, or in his absence or inability to act, any other officers of the Association, on behalf of the Association, as his or her attorney-irrevocably for the purposes of taking any and all legal actions 3
against the Tenant of the Unit, including eviction pursuant to N.J.S.A. 2A:18-61.1 et seq. This Power of Attorney may be exercised by the attorney-in-fact if the Tenant violates any of the provisions of the governing documents, or the lease, provided that the Landlord has been given notice of the intention of the attorney-in-fact to exercise these rights and has not commenced such action as is necessary to cure the violation of the governing documents within thirty (30) days. This Power of Attorney shall enable the attorney-in-fact to exercise against the Tenant each and every right which the Association may have to enforce the governing documents. In the event the Association takes any such action, it may recover from the Landlord all of its reasonable costs and expenses of same, including, but not limited to, reasonable attorney's fees. 10. LIMITATION OF LIABILITY OF ASSOCIATION. The Association shall have no responsibility with respect to the use of their form lease. The Unit Owner leasing his unit and the Tenant both agree to indemnify and hold harmless the Association for any and all claims arising directly or indirectly under the Lease or any terms or provisions contained therein. The Tenant hereby waives any and all rights of any nature whatsoever against the Association arising directly or indirectly out of the condition of the Unit, the use of the property or the inability to provide utilities and/or services which are beyond the control of the Association or caused by the failure of any systems in the buildings or on the grounds relating to same. 11. RECOMMENDATION FOR REVIEW BY ATTORNEYS FOR LANDLORD AND TENANT. It is also recommended that the Lease Rider should be reviewed by the attorneys for the respective parties together with the form of lease utilized. 4
IT IS ALSO RECOMMENDED THAT THE "LEASE RIDER" SHOULD BE REVIEWED BY THE ATTORNEYS FOR THE RESPECTIVE PARTIES TOGETHER WITH THE FORM OF LEASE UTILIZED. WITNESS:, as Unit Owner/Landlord Date, as Unit Owner/Landlord Date, as Tenant Date, as Tenant Date Representative of The Landings at Berkeley Shores Date Condominium Association, Inc. landings\leasing rules\lease rider 5