CRESTWOOD TERRACE CONDOMINIUM OWNERS' ASSOCIATION

House Rules Addendum - Allocation of Rental Units

Revision Sept-2013 Unit Rental Request: 1. Submittal of Rental Request: Owners wanting to rent/lease their unit are to submit their request to the Board in writing, using the Crestwood Terrace Owner Application to Rent or Lease Unit form. This form is available from the Association management company (e.g. RPM). The Board will review such requests at scheduled Board Meetings, make a decision, and notify the owner of the status of their rental request in writing via email or U.S. Mail. Any Owner notified that their rent/lease request has been denied may resubmit an Owner Application to Rent or Lease Unit form to the Board at any subsequent Board Meeting. It is strictly the unit owners responsibility to re-request approval to rent/lease their unit. 2. Term of Unit Rental Allocation: Upon receipt of notification from the Board of acceptance, unless otherwise specified, the owner has 90 days in which to fully execute rental or lease of their unit. If not rented or leased within 90 days, the unit rental allocation for said owner terminates. Should the owner still want to rent/lease their unit, they must re-apply to the Board. Unless otherwise specified by the Board, unit rental allocations assigned to an owner are to have a maximum duration of four (4) years. All rental/lease agreement(s) executed between an owner and tenant(s) are to be bound by and terminate within this four (4) year period. Owners may reapply for a unit rental allocation within the final year of their current rental allocation term. Unit rental allocations are not the property of the owner, are not transferrable, and terminate immediately upon the sale or transfer of the ownership of a unit. Hardship Exception: 1. Should the four (4) maximum number of unit rental allocations be filled, a unit owner may request rental of their unit via this hardship exception. The owner will need to submit compelling evidence that they will incur an undue personal, physical and/or financial hardship if they are not permitted to rent their unit, and where the Board further determines that an exception to the policies contained therein would not detrimentally affect the other homeowners secondary mortgage market financing, lender approval, or VA or FHA loan approval. 2. Hardship Exception Request: To obtain a hardship exception, an owner must submit a request for such exception to the Board in writing, specifying the type(s) of owner hardship (see below), and provide evidence of hardship (see below). The Board will review such requests at scheduled Board Meetings, make a decision, and inform the owner of the status of their Hardship Exception request in writing via email or U.S. Mail. The Board may grant a waiver of the rental ceiling for a temporary period not to exceed twelve (12) months. a. Types of Owner Hardships: Work related transfer or relocation; temporary or permanent. Military deployment. Illness that requires owner absence. Owner required elsewhere as personal caregiver for immediate family member. Marriage, divorce, death of owner. Loss of unit to foreclosure if it cannot be leased for a temporary period. b. Evidence Of Hardship: Letter from employer confirming temporary job transfer. Copy of military orders. Letter from physician indicating owner needs health care away from their unit. Letter confirming owner is required as a live-in caregiver away from their unit. Copy of legal documents evidencing marriage, divorce or death of owner. Copy of communication from lender indicating foreclosure is imminent.

CTC Allocation of Rental Units.doc