Sublet Policy Proposal

Resolved, that Article II Seventh of the Mogul Park, Inc. Proprietary Lease be amended and effective upon adoption, the following sublet privileges and restrictions shall apply, and all preceding sublet rules shall be repealed:

No unit may be occupied by a non-shareholder without the unit's shareholder residing in the unit, except in accordance with the following sub-tenancy rules. Prior to any sub-
tenancy, both the unit owner(s) and subtenant(s) must sign an acknowledgment that the sublet rental is subject to the following rules and conditions.

1.	No unit may be sublet within 2 years of purchase or ownership transfer. Before any subtenant may occupy a unit, the unit's shareholder must provide the Board prior notice of intent to sublet, identifying whether the prospective tenant is an immediate family member not.

2.	Shareholders may sublet to an immediate family member for an unlimited term. Immediate family members include only the sibling, parent, child, step-sibling, step-
parent, step-child and grandchild of the owner and/or owner's spouse. Proof of family relationship may be required by the Board.

3.	Shareholders may sublet their unit to non-immediate family members for a maximum period of six years, provided that the prospective subtenant is first interviewed and approved by the Board. All members of the subtenant's household over the age of 12 must attend the Board interview in person. A copy of the subtenant's lease must be provided to the Board before the interview.

4.	Each month or portion thereof that a unit is occupied by a subtenant, the owner shall pay a $70 sublet fee to Mogul Park. This payment is owed regardless of whether or not the subtenant pays rent to the shareholder.

5.	The shareholder shall be responsible for the conduct of any subtenant, and ensure that subtenants comply with all coop rules applicable to residents of Mogul Park. Failure to supervise a subtenant or correct a subtenant's violation of any coop rule within fourteen days of notice from the Board will result in termination of the subletting privilege. Failure of the shareholder to then immediately commence eviction of the subtenant(s) by court process will result in termination of the shareholder's proprietary lease and forfeiture of Mogul Park shares.

6.	Subletting is a privilege that at all times is subject to the shareholder's compliance with all other obligations and responsibilities. For example, should a subletting shareholder's maintenance charges be in arrears, unit and grounds not be properly maintained, or other coop rule be violated, the subletting privilege shall be suspended by the Board and no subtenant may occupy the unit until the shareholder cures the violation.

7.	A maximum of 6 units may be sublet at one time. If a shareholder requests to sublet when five other sublets exist, the Board will give notice by email to all shareholders inviting any owner wishing to sublet must immediately notify the Board. If multiple requests to sublet the sixth unit are submitted, priority shall be given to an immediate family member subtenant over a non-relative subtenant request. If both pending requests are of the same priority status, the unit that has not been sublet by its shareholder shall be granted permission ahead of a request from a shareholder with prior subletting history by the current shareholder. If all other factors are the same, then the shareholder who has owned a unit the longest shall have priority. The shareholder whose sublet request was not granted at that time will have first priority whenever one of the other five subleases ends. No additional units may be sublet if there already are six non-
owner occupied units.

The foregoing amendment to the Mogul Park Proprietary Lease was presented to the Shareholders and adopted by majority vote at a duly called meeting on the 23 day of June, 2012.

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Secretary