Cooperative Apartment Sublease Agreement

Cooperative Apartment Sublease Agreement

Sublease Agreement made on the , between

of

,

referred to herein as Sublessor, and ,

of , referred to herein as Sublessee.

Whereas, Sublessor is a member of , located at

,

hereinafter called the Cooperative; and

Whereas, Sublessor leases from the Cooperative a dwelling unit in the Cooperative which Sublessor desires to sublease to Sublessee; and

Whereas, Sublessee desires to sublease the dwelling unit, hereinafter called the Premises, from Sublessor.

Now, therefore, for and in consideration of the mutual covenants contained in this Agreement, and other good and valuable consideration, the parties agree as follows:

I. Unit Leased; Term; Rental

Sublessor subleases to Sublessee for use as a dwelling, the Premises known as dwelling unit number in the structure of the Cooperative located at

, from to . As

consideration for granting said sublease, Sublessee agrees to pay to Sublessor, as rental, the sum of $ per month on the first day of each month (to be paid

in advance) beginning . Said payments shall be made to

Sublessor at , or to such other address as Sublessee shall inform Sublessor in writing.

II. Covenants of Sublessee; Rights of Sublessor and Cooperative

A. Sublessee agrees as follows:

1. To take and hold the Premises for the above purposes for the stated period;

2. To pay the rent when and as it shall become due, without demand and without any deduction;

3. To pay the gas and electric bills for the Premises when and as they become due, making all required deposits with public utility companies;

4. To maintain the plumbing in the Premises free from stoppage and disrepair;

5. Not to assign this Sublease or sublet the Premises or any part or to use them for any purpose other than the above;

6. Not to remodel or make any structural change of or in the Premises without the prior written consent of Sublessor and the Cooperative;

7. Not to use the Premises or permit them to be used for any disorderly or unlawful purpose, or in any manner reasonably offensive to any other resident of the building;

8. Not to keep or allow to be kept any gasoline or other explosive substance on the Premises; and

9. At the expiration of the term, to surrender the Premises in as good order and condition as when received, ordinary wear and tear, damage by fire and other casualties not occurring through the negligence of Sublessee or of Sublessee's agents, servants or guests, excepted.

B.

Sublessor and/or agents of the Cooperative shall and may at all reasonable hours, on prior notice to Sublessee, enter in and on the Premises to make necessary repairs, to protect the property from damage and for all proper purposes.

C.

Sublessor shall not be liable or responsible for loss or damage of or to any articles or furniture in and on the Premises. Sublessor shall not be liable for any damages to Sublessee for failure to repair or for any other act of nonfeasance. If default is made in the payment of any installment of the rent, the whole amount will and shall become due and payable.

D.

Sublessee shall comply with the Bylaws and Rules and Regulations of the Cooperative now existing, or enacted by the Cooperative during the tenancy of Sublessee, and subject to all the terms of the occupancy Agreement made between the Cooperative and Sublessor.

E.

If Sublessee is adjudicated bankrupt, or makes an assignment for the benefit of creditors, this Sublease Agreement, at the option of Sublessor, shall terminate, and the Premises shall be surrendered to Sublessor, who reserves the right in either of those events to re-enter and repossess the Premises.

III. Lessor's Lien

It is further agreed by Sublessee that Sublessor shall have a lien on all the personal property of Sublessee moved in and located on the Premises, as and for security for the rent to be paid; and the installments of rent as remain unpaid shall become and are made a specific lien on the personal property in and on the Premises, to all intents and purposes as though Sublessee had executed a security agreement to secure Sublessor for the rent to be paid under the terms of this Sublease.

IV. Personal Property Subject to Attachment for Nonpayment

It is further agreed between the parties that Sublessee shall not remove, or attempt to remove, any personal property moved into the Premises during the term of this Sublease and until the rent has been fully paid; and further, that any attempt to remove the property shall entitle Sublessor to attach the property for all of the installments of rent, whether due or to become due.

V. Third-Party Personal Property

Sublessee agrees not to move into or on the Premises the personal property of any other person or persons, and further covenants that any personal property to be moved into or on the Premises shall be owned by Sublessee. This does not cover storeroom privileges or rights, but in the event Sublessor voluntarily furnishes them, Sublessee agrees to hold Sublessor harmless for loss, destruction, theft or injury to any property placed in storage.

VI. Effect of Uninhabitability of Premises

It is further agreed that if the Premises become uninhabitable by reason of fire not caused by the negligence of Sublessee, or of Sublessee's agents, employees or guests, the rental reserved shall be suspended until the Premises have been restored to a habitable condition, Sublessor not being obliged, however, to rebuild or restore the Premises.

VII. Effect of Breach by Lessee or Bankruptcy; Right of Re-entry

It is further agreed that, on the breach by Sublessee of any Agreement or covenant contained in this Sublease, or if Sublessee is adjudged bankrupt or makes an assignment for the benefit of creditors, Sublessor may, without notice, re-enter and repossess the Premises, and exercise general supervision and control over the Premises for the balance of the term, and that no re-entry or reletting or exercise of right or control over the Premises by Sublessor shall be construed as a surrender or acceptance of a surrender of the Premises by Sublessee, but shall be an option granted Sublessor and reserved by Sublessor to protect Sublessor's rights and those of the Cooperative. No re-entry, substitution of tenants or reletting of the Premises shall be construed as an abatement of the rent agreed to be paid, or as a waiver of Sublessee's liability; provided, however, that any amount received from any substituted tenant, after deducting all proper charges, costs, expenses, and damages, including any proper attorney's fees, incurred by Sublessor, shall be credited to Sublessee, who shall remain liable for the full term and for the full amount of rent.

VIII. No Waiver

No summons served on Sublessee under the provisions of any judgment, or any compromise or settlement, and no waiver of any breach of any covenant of this sublease, shall be construed to waive or in any manner affect this Sublease or any covenant or any subsequent breach.

IX. Approval of Sublease by Cooperative

It is understood that this Sublease will not become effective until it has been approved by the Cooperative and consented to by the Board of Directors of the Cooperative.

X. Cooperative's Right to Terminate

It is further agreed that the Cooperative may terminate this Sublease at any time in the event of default by Sublessee of any of the terms, covenants, provisions or conditions of this Sublease.

XI. Severability

The invalidity of any portion of this Sublease will not and shall not be deemed to affect the validity of any other provision. If any provision of this Sublease is held to be invalid, the parties agree that the remaining provisions shall be deemed to be in full force and effect as if they had been executed by both parties subsequent to the expungement of the invalid provision.

XII. Governing Law

This Sublease shall be governed by, construed, and enforced in accordance with the laws of the State of .

XIII. Notices

Unless provided herein to the contrary, any notice provided for or concerning this Sublease shall be in writing and shall be deemed sufficiently given when sent by certified or registered mail if sent to the respective address of each party as set forth at the beginning of this Sublease.

XIV. Attorney's Fees

In the event that any lawsuit is filed in relation to this Sublease Agreement, the unsuccessful party in the action shall pay to the successful party, in addition to all the sums that either party may be called on to pay, a reasonable sum for the successful party's attorney fees.

XV. Mandatory Arbitration

Any dispute under this Sublease Agreement shall be required to be resolved by binding arbitration of the parties hereto. If the parties cannot agree on an arbitrator, each party shall select one arbitrator and both arbitrators shall then select a third. The third arbitrator so selected shall arbitrate said dispute. The arbitration shall be governed by the rules of the American Arbitration Association then in force and effect.

WITNESS our signatures as of the day and date first above stated.

APPROVAL OF COOPERATIVE

The approval of this Sublease is hereby given by the Cooperative for the duration of this Sublease and shall not extend to, or be considered an approval of, any subsequent subleasing by Sublessor to Sublessee. This approval shall not operate to release Sublessor from the obligations of the Occupancy Agreement with the Cooperative.

Witness our signature this the day of , 20

By:

For the Board of Directors