The guidelines for all leasing activities in 5401 North are set forth in Section 16. LEASING AND OCCUPANCY OF UNITS, as amended. The amended Section 16 can be found at: https://emp.cincwebaxis.com/account/d/38523. The rental cap for 5401 North is 20%.
The Settlement Date for the purchase of your home will determine if you are required to have a Rental Permit in advance of renting your home.
Homes with Title Date BEFORE March 19, 2021 or listed on Exhibit A of the Amended Section 16 ARE NOT required to apply for a rental permit.
Homes with Title Date AFTER March 19, 2021 and not listed on Exhibit A ARE required to request and receive and approved Rental Permit before advertising their home for lease.
Request form for a rental permit: https://emp.cincwebaxis.com/account/d/72351
The Board of Directors will determine the leasing percentage at the time of each monthly board meeting. Applications as of that date will be approved for added to a wait list.
Rental permits allow the owner to advertise the home for rent for up to 90 days, and then lease the house for 12-months.
Landlords can apply for a one-time renewal of a current rental permit for up to an additional 12-months, so long as the same tenant remains.
A new Rental Permit is required anytime there is to be a change in tenant.
Landlords MUST reapply for the permit at expiration of initial or one-time renewal. There is no guarantee the landlord will be eligible for another permit at the time of any renewal request.
LEASING REQUIREMENTS - These requirements apply to ALL landlords in 5401 North, regardless of the date of purchase.
Lease refers to the regular, exclusive occupancy of a Unit by any person other than the
Owner, whether such person is paying rent to the Owner. Occupancy by a roommate of the
Owner when the Owner occupies the dwelling as the Owner’s primary residence, or
occupancy by an immediate family member of the Owner whether or not the Owner resides
on the property shall not be deemed a lease.
A copy of the lease agreement with accompanying Owner’s Certification form (https://emp.cincwebaxis.com/account/d/72354)must be provided to the association within 15 days of the date of signing or the date that the tenant first takes up occupancy, whichever is first.
1. Residential Use Only
2. All leases shall be in writing.
3. Leases must be for a term of not less than 12 months.
4. Only entire units may be leased, no subleases or assignments of leases are allowed.
5. All lease agreements must incorporate the requirements of the Declaration, Bylaws,
and rules and regulations of the Association, and shall require lessee to comply with
the documents as a condition of the lease agreement. Owners must provide each
tenant with a copy of these documents.
6. The Board requires a certification that the terms of the lease agreement comply with the
requirement for compliance with the Association regulations and that a copy of the
documents has been provided to the tenant.
7. Transient rentals are prohibited. Airbnb and similar programs are expressly prohibited.
8. No interest in any home may be subjected to a time share program.