General
- Unit owners who wish to lease their unit will be responsible for notifying the Association Manager of their intent to rent and confirming that the rental restriction limit has not been reached. The Association Manager will provide the unit owner confirmation, in writing, whether or not the unit can be rented in accordance with the requirements of the Leasing Amendment as stated in the Ocean Shore Condominium Association rules governing listing timeframes for leasing.
- Owners of Ocean Shore must seek Board approval to enter into a leasing arrangement for their respective unit. IN ADDITION to owners seeking Board approval to enter into a leasing arrangement, an Ocean Shore Condominium Rental Addendum must be signed by the owner/agent and the tenants prior to Board approval. The Board of Directors will not consider any lease without a signed LEASE RULES - Tenant's Acknowledgment of and Consent to Rules and Regulations (revised April 2023).
- The maximum number of units that may be leased at any time is limited to seven (7) units. This provision protects the integrity of our community and insures appropriate insurance provisions. All leases shall be for an initial term of not less than one (1) year.
- Except for unit owners of record with title to more than one unit at the time of recordation of the Leasing Restrictions Amendment dated June 21, 2013, no unit/owner shall rent more than one (1) unit, and a unit owner may not avoid this rule by ownership through another entity in which he has a financial interest.
- For purposes of the above amendment and all purposes under the condominium documents, any person occupying a unit other than the owner(s) when the unit owner is not a resident in the unit shall be deemed a tenant whether or not the occupant is paying rent and regardless of the occupant's relationship to the owner. The Board of Directors shall be authorized to make further rules concerning the definition of a tenant.
- Owners who rent their units are responsible for insuring their tenants are aware of and adhere to all rules and regulations.
- For hardship cases, the Board of Directors, in its sole discretion, may authorize a lease which will exceed the "cap" only upon a showing by a unit owner of a hardship which will result from the Board's denial of the lease request. Examples of a possible hardship include, but are not limited to, military transfer, unanticipated business transfer or ill health preventing occupancy of the unit.
Additional Leasing Restrictions
