IMPORTANT INFORMATION REGARDING SOCIAL SECURITY NUMBERS, BANK ACCOUNT NUMBERS AND GENERAL PACKAGE SUBMISSION **PROTECTING YOUR PRIVACY** **The original Credit Report Release that shows the social security number should ONLY be in the original package. YOU MUST REMOVE OR BLACKOUT the social security number in the additional copies*** In order to protect your privacy, please REMOVE or BLACKOUT your SOCIAL SECURITY NUMBER and BANK ACCOUNT NUMBERS from any HARD COPY, CD or FLASH DRIVE COPY of ALL FINANCIAL DOCUMENTS. However, the bank account numbers and social security numbers are to be INCLUDED IN THE ORIGINAL PACKAGE ONLY. These will be used to verify assets and this copy will be securely kept in our office. Please be sure that any reference to any portion of the social security numbers are to be removed from the following documents: Application Financials Contract of Sale Bank Statements Brokerage Statements Tax Returns & W2 s* *When submitting Income Tax Returns and W2 s, only COPIES of are to be submitted (even in the original package). DO NOT INCLUDE ORIGINALS. The application MARKED ORIGINAL will NOT be returned for any reason. Please be sure to make a copy to keep for your records. SUBMISSION OF FEES All Processing and Credit Check Fees are to be submitted on BANK CHECKS ONLY. ALL PROCESSING FEES MUST BE SUBMITTED WITH THE PACKAGE. FAILURE TO INCLUDE FEES WILL RESULT IN YOUR PACKAGE BEING RETURNED FOR RESUBMISSION. IF YOU DO NOT REMOVE ALL SOCIAL SECURITY NUMBERS AND BANK ACCOUNT NUMBERS FROM ALL COPIES (PAPER & DIGITAL), YOUR PACKAGE WILL NOT BE REVIEWED AND THE ENTIRE PACKAGE WILL NEED TO BE PICKED UP, REVISED AND RESUBMITTED. If you have any questions, please contact Anita Sehwani at asehwani@orsidr.com. 1740 Broadway, New York, NY 10019 fax: 212.586.4524 phone: 212.247.2603
REQUIREMENTS FOR THE RENEWAL OF SUBTENANT OF AN APARTMENT AT 320 EAST 42 ND STREET, NEW YORK (WOODSTOCK OWNERS CORP.) Please submit ONE (1) ORIGINAL AND ONE (1) COLLATED COPY. MUST BE IN LISTED ORDER. 1. Sublease Agreement Form (form attached), must be signed by ALL parties. 2. Copy of picture id for all applicants is required with this application. 3. Certified check or money order made payable to Orsid Realty Corp of $125.00 for sublet renewal application processing fee (Must be included in the package). This fee is non-refundable (No personal checks will be accepted). 4. Certified check or money order, payable to Woodstock Owners Corp. for $50.00 processing & handling fee (Must be included in the package). This fee is non-refundable (No personal checks will be accepted). 5. Renters Insurance, signed. 6. Guest Policy Rider, signed. 7. Carpet Rider, must be signed (form enclosed). 8. Air-Condition Rider, must be signed (form enclosed). 9. Pet Rider, must be signed (form enclosed). 10. Sublet fee is 30% of monthly maintenance fee, per month, billed monthly. Only completed sublet application will be processed. Please forward the application to: ORSID REALTY CORP. 1740 BROADWAY, 2 ND FLOOR NEW YORK, NY 10019 ATTN: ANITA SEHWANI IMPORTANT NOTE: No short term leases will be allowed. The minimum term is one year at a time. If for any reason tenant breaks the lease, the shareholder will be held responsible to pay for the full sublet fee until the end of the term of the lease. PLEASE MAKE SURE TO FOLLOW ALL THE ITEMS REQUIRED ON THE APPLICATION. IF THE PAKCAGE IS NOT COMPLETE IT WILL BE RETURNED BACK TO YOU ALONG WITH ALL OTHER SETS OF COPIES. PLEASE PAY ATTENTION TO EACH ITEM REQUESTED IN THE SUBLET RENEWAL APPLICATION. IF YOU HAVE ANY QUESTIONS PLEASE CONTACT ANITA SEHWANI AT 212-247-2603. As of 5/8/17
TO: ALL SHAREHOLDERS DATE: SEPTEMBER 10, 2014 Woodstock Sublet Policy As most of you are aware, a shareholder entered into litigation against the Corporation in 2009 in connection with the Corporation s sublet policy. The policy specifically prohibited apartments that were sold or otherwise transferred after October 2002 from being sublet. The sublet policy was made by the Board of Directors in 2002 in an effort to increase the owner occupancy rate of the building. It was successful - over the past 11 years, the owner occupancy of our cooperative has increased from 30% to 65%. It is important to note that the policy improved the quality of life in the cooperative, and it made the cooperative more credit worthy because many financial institutions mandate that cooperatives /condominiums have an owner occupancy rate of at least 60%. After a lengthy five year legal process, the court has determined that the Cooperation s no sublet policy for shareholders purchasing after 2002 violates the Business Corporation Law which requires that all shares in the same class must be equal. As a result of the court s decision, the Board consulted with other co-op Boards and with legal counsel regarding sublet policies. The court s decision necessitates a change in Woodstock s overall sublet policy. The court s decision also presented the Board with the opportunity to make overdue adjustments to some of the financial aspects of the old policy. Many of the items that bring income into the building were based on fixed values and not tied to market value and therefore had not been adjusted to current rates for many years. Fixed values have not allowed fees to keep pace with the increased costs of running the building. Effective immediately, the Board has adopted an open sublet policy for all units (except for sponsor units or units occupied by rent-regulated tenants, as noted below) within the building. All apartments will be permitted to be sublet for renewable one year terms, upon submission of the complete sublet package and approval of the application and the proposed tenant by the Board of Directors. All shareholders who are subletting their apartment(s) will be charged a monthly sublet fee of 30% of the monthly maintenance fee. For example, if your monthly maintenance is $600, the monthly sublet fee will be $180.00. Please note the following regarding the new policy: For existing sublet apartments where there is a lease currently in effect: The new policy and sublet fee will apply for all future renewal leases whether the lease is renewed with the existing tenant or a new tenant when the current lease expires. Should an existing tenant move out before the expiration of the lease, the policy will apply to any request for a new sublet. For new sublets: Any shareholder who wishes to sublet an apartment will be subject to the new policy and must submit a sublet application package and will be charged the sublet fee at a rate of 30% of maintenance per unit, per month, billed monthly. For existing sublet apartments where there is an expired lease and a renewal application has not been submitted: Any apartment which does not have a current approved lease (upon the date of this letter) must immediately comply with the new sublet policy. The shareholder has until October 1, 2014 to submit a sublease package with the new lease and all required fees
and documentation. If a package is not submitted within the deadline, the matter will be sent to legal to commence proceedings to remove the tenant and the failure to have an approved lease penalty will be in effect at the rate of $250 per month in addition to the 30% sublet fee until the lease is renewed. This charge is without prejudice to the Board s right to institute legal proceedings if the shareholder fails to apply to renew the lease within the October 1, 2014 deadline. Please note this applies to expired leases only not illegal sublets, which are discussed below. We are instituting the following new policies effective upon the date of this letter: For all sublets: Failure to pay any/all fees on time for 3 consecutive months will result in the Board referring the matter to Corporate counsel to commence eviction proceedings. The shareholder will be charged all incurred costs. In addition to eviction proceedings, the Board reserves the right to impose a 2 year probationary period during which the owner may not sublet the apartment. The Board reserves the right to alter sublet fees, or any other aspects of this policy, at any time, which would be effective as above upon renewal of an existing approved lease or immediately if there is no existing lease. All tenant leases are required to be one year. If a subletting tenant moves out of an apartment before the lease expires, sublet fees will NOT be pro-rated; the shareholder will be responsible to pay the sublet fees for the remainder of the lease. The Board reserves the right to deny sublet applications in its reasonable business judgment as authorized by Paragraph 15 of the Proprietary Lease without explanation. Illegal sublets (sublets without Board approval) are forbidden. Should the Board become aware of an illegal sublet, the Board will institute legal proceedings to evict the tenant immediately and the shareholder will be charged a $1000/mo penalty until the tenant is evicted. The shareholder will be charged all incurred costs. The Board reserves the right to impose a 2 year probationary period during which the shareholder may not sublet the apartment. All shareholders and tenants must comply with the Corporation s House Rules. Failure of a tenant to comply may result in the Board referring the matter to legal counsel to begin eviction proceedings. The Board has altered the following administrative fees: FEE Breakdown NEW POLICY Application fee for new tenant $350 Per applicant credit report $50 Sublet renewal fee for renewal of lease for existing tenant $175 Non-refundable move-in fee (Not applicable for existing tenants renewing a lease or furnished apartments that do not require the use of the service elevator). Can be paid by shareholder or tenant. $300
Non-refundable move-out fee, paid by shareholder or tenant $300 Refundable move in damage deposit, paid by shareholder or tenant Refundable move out damage deposit, paid by shareholder or tenant Failure to have an approved lease (expired lease) fee Illegal sublet fee $250 $250 $250/mo $1,000/mo The new policy will apply to all shareholders with the exception of apartments (i) owned by the Sponsor or (ii) occupied by rent-regulated tenants, whether owned by the Sponsor or by a shareholder (this is pursuant to the rent guidelines which were incorporated into the offering plan when the building was converted to a cooperative in 1987). Sponsors have the right pursuant to the Offering Plan to rent their apartments until their units are sold. Once the rent-regulated tenant moves out of an apartment owned by a non-sponsor shareholder, the policy will apply to that apartment. We appreciate your support as we labored over this difficult decision. If you have any questions or require any additional information, please contact Ben Shuman at 212-484-3788. Sincerely, Board of Directors Woodstock Owners Corp.
WOODSTOCK OWNERS CORP. 320 EAST 42 ND STREET NEW YORK, NY 10017 BOARD REVIEW FORM FOR PROPOSED TRANSFERS SALES, SULEASES ABD SUBLEASE RENEWALS The Board of Directors has reviewed the transaction listed below and rendered its determination. DATE: TRANSFER / SALE OF APT. #: SUBLEASE OF APT. #: SUBLEASE RENEWAL OF APT. #: CURRENT SHAREHOLDER(S) NAME: APPLICANT(S) NAME: Review Result: Approved: Disapproved: (PLEASE CIRCLE AS APPROPRIATE) Woodstock Owners Corp.
October 25, 2005 NOTICE TO ALL SHAREHOLDERS WOODSTOCK OWNERS CORP. 320 EAST 42 nd STREET NEW YORK, NEW YORK 10017 Re: Homeowners Insurance Coverage Dear Shareholder: All shareholders are reminded of the importance of having Homeowners insurance coverage. In accordance with the proprietary lease, the cooperative corporation is not responsible for any damage to your personal property and/or any improvements you may have made to your apartment even if such damage was caused by a building component or system. In general, if damage is caused by a building system, the cooperative is only responsible to restore to original building standard. For instance, if there is damage to your plaster, paint and wallpaper, the building is only responsible to restore the plaster and furnish a prime coat of paint. Since wallpaper is a shareholder improvement, the coop is not liable to restore such damage. In addition, damage may be caused by your fixture which would result in a claim against you by either a neighbor or the cooperative or the cooperative's insurance carrier. Subtenants are also required to have renters' insurance for their personal property. Evidence of such coverage must be submitted to the managing agent prior to the subtenant taking occupancy of the apartment. The Board of Directors recommends the following shareholder coverage: General Liability coverage in the amount of $300,000 and Property Damage in the amount of $50,000 for contents and $10,000 for fixtures. Of course, each shareholder and/or subtenant should contact their insurance representative to ascertain the appropriate coverage for their individual requirements. If you have any questions, do not hesitate to contact me at 212-484-3788 or email bshuman@orsidr.com. Thank you. Sincerely, Ben Shuman Account Executive Signature of Shareholder Signature of Applicant
Rider 1 to Sublet Agreement- RENTERS INSURANCE The Subtenant agrees to obtain renters insurance for the contents of the subject apartment as the Woodstock Owners Corp., their Managing Agent and the Overtenant are not responsible for the loss, theft, or damage of personal property contained within the subject unit. Signature of Subtenant Date
August 21, 2006 To the Shareholders of The Woodstock Owners Corp. 320 East 42 nd Street New York, NY 10016 Re: Guest Policy Dear Shareholder (s): It has been brought to our attention that there are guests residing in some shareholder apartments who are unfamiliar to the building staff and Board of Directors. In an effort to maintain building security, we would like to restate the policy and remind you of the guidelines when having a guest: Guests are only permitted to stay for thirty days. The request must be submitted in person by completing a Visitor Authorization Form. These forms are located at the Concierge Desk. Faxes and verbal telephone calls will not be honored. Guests are not permitted to stay in any apartment if the shareholder is not present. The Board of Directors will be pleased to consider any written requests, should you require any special needs. We thank you for your cooperation in helping us continue to make the Woodstock a first class community. Very truly yours, Ben Shuman Account Executive Signature of Shareholder Signature of Subtenant
WOODSTOCK OWNERS CORP. 320 EAST 42 ND STREET NEW YORK, NY 10017 APARTMENT CARPETING REQUIREMENT The shareholder acknowledges and agrees to comply with paragraph (21) of the House Rules of the Proprietary lease which states, "Unless expressly authorized by the Board of Directors in each case, the floors of each Apartment must be covered with rugs or carpeting or equally effective noise-reducing material, to the extent of at least 80% of the floor area of each room, excepting only kitchens, pantries, bathrooms, maid's rooms, closets, and foyer." Compliance with the carpeting requirement must be completed within 30 days of purchase of the unit. Apartment Number: Shareholder: Date: Agreed to and understood: Signature of Shareholder Date Signature of Subtenant Date
WOODSTOCK OWNERS CORP. 320 EAST 42 ND STREET NEW YORK, NY 10017 INSTALLATION OF WINDOW AIR CONDITIONING UNITS The shareholder acknowledges and agrees to comply with paragraph (7) of the House Rules of the Proprietary Lease which states, "No awnings, window airconditioning units or ventilators shall be used in or about the Building except such as shall have been expressly approved by the Lessor or the managing agent, nor shall anything be projected out of any window of the Building without similar approval." Failure to comply with this House Rule will represent a violation of a substantial obligation of the Proprietary Lease and will result in legal action. Apartment Number: Shareholder: Date: Agreed to and understood: Signature of Shareholder Date Signature of Subtenant Date
WOODSTOCK OWNERS CORP. 320 EAST 42 ND STREET NEW YORK, NY 10017 PET POLICY FOR SUBTENANTS Paragraph 30 of the House Rules states In no event shall any subtenant of shareholder be permitted to harbor dogs of any kind in said shareholder's apartment. No sublease without these provisions will be approved." Failure to comply with this House Rule may result in the revocation of the sublease approval by the Board of Directors and legal action. Apartment Number: Agreed to and understood: Signature of Shareholder Date Signature of Subtenant Date