June 26, 2012
This is a reminder that effective July 1st 2012 the Board will begin enforcing the ten year old shareholder approved sublet policy. However, the Board, in considering the position of subtenants in the affected apartments, has decided to allow all subtenants with a current sublet lease in effect prior to July 1st 2012 to remain a subtenant in their current apartment subject to the owner’s consent for a maximum of 4 years commencing July 1st 2012 and terminating June 30th, 2016.
The sublet fees are based on the current sublet policy in effect at the time of renewal. The most recent update as approved by the Board of Directors was at a Board meeting on April 25, 2012 and sent to shareholders on April 27, 2012.
We expect that this revision will alleviate the concerns expressed by several shareholders and current subtenants, many of whom have been at the Masters for several years.
Shareholders and non-current subtenants with leases commencing July 1st 2012 or later will be subject to all the provisions of the sublet policy in effect at that time according to the sublet history of the apartment they sublet.
We are exploring various methods for assisting long term residents in remaining in the Masters, if they so desire, once their current subtenancy is at an end. As this develops, we will let you know.
Finally, we appreciate the input of the Masters’ community in the sublet process and believe that the foregoing represents a fair and balanced response to the many letters, questions, and comments we received in the past few months.
The Board of Directors