1. Leases shall be for a minimum term of six (6) months (except that mortgage holders acquiring title to a Unit through foreclosure or deed in lieu of foreclosure shall be exempt, and the Board may waive the requirement for emergencies or extenuating circumstances).
2. The entire Unit (not individual rooms or spaces) must be leased, unless the Owner contemporaneously occupies the Unit.
3. All leases shall be in writing, and a signed copy must be provided to the On Site Property Manager.
4. An addendum with Assignment of Rents, in the form approved by the Board, must be attached to all leases prior to their execution and a signed copy provided to the On Site Property Manager. Prior to commencing the background check noted below, the Owner must provide evidence that the Owner is in compliance with the City of Minneapolis landlord registration requirements. Owners must obtain the required license through the city prior to rental.
5. Each Owner, prior to the execution of a lease for the Owner’s Unit, must submit an application through the association using a reputable, licensed screening organization approved by the Board for the purpose of screening the prospective lessee . The approval or non-approval of the applicant will be the sole responsibility of the homeowner. The fee for processing the application shall be $75 per person. This fee may be changed. The Owner desiring to lease the Unit shall pay the cost of the application. The application process shall be conducted in a nondiscriminatory manner and in accordance with all applicable laws. No personal data may be sought with respect to any prospective lessee with regard to race, gender, religious preference, sexual orientation, marital status or any other factor which identifies the prospective lessee as being within a protected class under the Fair Housing Amendments Act of 1988 or the Minnesota Human Rights Act. Further, no procedure may require that the prospective lessee submit to a personal interview with the Association or provide a picture or other physical identification.
6. A fully executed Collateral Assignment of Rents agreement must accompany the lease and Addendum.
7. Any default under a Lease, or the failure of the Owner to comply with the requirements of these Leasing/Occupancy procedures shall be a basis for (i) the Lessor to terminate the Lease and evict the Lessee and any other occupant of the Unit, (ii) the Association to deny
the Lessee’s or other occupant’s right to use the Condominium building amenities, and/or (iii) the Association to exercise its right under the Assignment of Rents to obtain the Unit rents and other Lease payments for payment of the Owner/Lessor’s past-due Assessments. In addition, the Association may levy a fine against the Owner/Lessor or pursue any other legal remedy against the Owner/Lessor. In any such case, the Owner/Lessor shall be responsible to pay or reimburse the Association for all attorneys’ fees or other costs
incurred in the enforcement process, all of which shall be a personal obligation of the Owner and an assessment and lien against the Owner’s Unit.
8. A $100 non-refundable move in fee must be paid to the Association by ALL homeowners or by those leasing/renting from owners. The fee must be paid before a move is scheduled. The fee is intended to cover normal wear and tear that occurs during a move. For new
homeowners the $100 payment will be due at closing. If closing has already occurred the fee must be paid by check to the On Site Property Manager at the time a move is scheduled