Informational Items Lease Obligation Re-renting Your Apartment Ready To Sublease?	Contact Information Northern Management 320-255-9262	Company Information 1725 West St. Germain St. Cloud, MN 56301 Fax: 320-255-9282

A Guide to Subleasing Your Apartment: Questions and Answers

After you have read the following information on subleasing and you need further assistance, please contact our main office at 320-255-9262 to schedule a meeting with your property manager. We will be eager to assist you in any way we can to help make this transition as easy as possible. Download Request For Lease Assignment Subleasing By now you have either inquired about subleasing or you have vacated your apartment. The purpose of this material is to assist you in understanding your lease obligation and help you through a change in your housing needs if your current situation warrants it. At Northern Management, we understand that sometimes a housing change is necessary and we would like to help you through this transition. Please read this information carefully to gain a better understanding of your options. Lease Obligation The lease you have signed is a legal and binding document that holds you and any lease guarantors financially obligated for a specific period of time. Written leases are drafted so that both parties understand all the terms of the housing commitment. Management uses these "commitments" as income for budgeting the financial statements of the apartment complex. There are many fixed monthly expenses that apartment owners must pay regardless of the income that is generated. Please understand that this lease obligation will not just disappear. It is your responsibility to complete and satisfy the full terms of this lease obligation. Management may assist at times, but please understand that Northern Management personnel will not just take care of your situation. It is in your best interest to take an active role until your apartment is re-rented. Subletting Assignment A resident may only sublet with written approval from Northern Management. The resident must complete a Request for Lease Assignment found at the end of the subleasing explanation. If management approves the assignment, the resident will be responsible for finding the potential residents and coordinating the paperwork with Northern Management. If a resident is successful in finding a sublessor, the resident must bring the applicant to the management office for approval. If a resident subleases their own apartment, the fee is $200. If the units in the complex are completely occupied, Northern Management may assist the resident in finding a replacement, but only if the Request for Lease Assignment is completed. (This form gives management permission to try and rent the apartment, but does not guarantee it). For such subletting, there will be a charge of 50% of one month's non-discounted rent, or a minimum of $200. All new applicants must be approved by management before they will be allowed to take over a lease. No current residents will be allowed to take over a lease from a resident. No occupants may move into your apartment if they are not on the lease. Residents must remember that the cleaner their unit is, the easier it will be to find someone interested in subleasing. Joint Leases If you are in a lease with a roommate, you are jointly liable for your lease with that roommate. You must work together with that roommate to find another compatible resident. You should note that the full amount of rent must be paid each month. If you move out and do not pay your portion of the rent, you will be jeopardizing the right for your roommate to live in the apartment. Re-renting Your Apartment Your primary goal is to have your unit re-rented. It is in the best interest of everyone to obtain this goal as soon as possible. There are a number of immediate self-marketing steps that you should take to help accomplish your goal. They include: Placing an ad in the local newspaper Placing ads on bulletin boards at grocery stores, at laundromats, etc. If you're a student, use the school newspaper and bulletin boards on campus. Once you find a suitable candidate, bring them either to the management company or your resident manager so they can complete an application. They will have to pay an application fee and put down a security deposit for the apartment. The management company will then process the application to ensure they qualify for the apartment. Why won't management just re-rent my apartment? Management has several units they are trying to rent, not just yours, and your unit will be added to this pool of available apartments. Again, we emphasize that your assistance and active participation in the subleasing process is critical to successfully re-renting your unit. Helpful Hints on Subleasing Keep your Apartment Spotless: Experience has proven that the cleaner your apartment is, the faster it will be re-rented. It needs to be bright, window coverings open, lights on, pleasantly scented and spotlessly clean. Flexibility: The more flexible you are for this transition, the better results you will have. Some potential candidates may need the apartment tomorrow, and others may need it two months in the future. Retracting Your Subleasing Request We understand that sometimes it may be necessary to retract your request to sublease; however, if you do, you will be responsible for all advertising costs accrued. We will calculate your advertising cost, provide you with copies of the advertisements placed and subtract your minimum sublease fee paid of $200, which we have cashed. We will then either invoice you for any charges above $200 or refund you the difference of the minimum subleasing fee. Vacating Your Apartment Prior To Subleasing We understand that sometimes it is necessary that you vacate the apartment prior to having it re-rented. A couple of items that you should note are: Rent Payments: Understand that the rent payments must continue to be paid faithfully and are due by 5:00 p.m. on the 1st of each month. The rent payments must be made payable to your apartment complex name and mailed to Northern Management, PO Box 7792, St. Cloud, MN 56302. Move-out: Get a move-out checklist and follow the guidelines for moving out. You would be responsible for cleaning, carpet cleaning, giving a forwarding address, turning in the keys, etc. Must I turn in my keys if I am required to pay on my apartment? No. But if you do turn in your keys, you will be relieved of any future problems that may be associated with the apartment, such as damage. What happens if I do not continue my rent payments? After you have moved out and if your account becomes delinquent, you force the management company to take very unpleasant steps to protect the financial interests of the apartment building. Your lease terms will be accelerated and the entire remaining financial obligation will be due and payable immediately. Then what happens? It is in your best interest not to let your account go beyond this point. The total amount due will stay in the Northern Management office for approximately 30 days and it will then be forwarded to a collection agency. All collection fees, court costs, attorney fees and any other costs incurred in the recovery of the funds are added to the balance. The collection agency will seek reimbursement for up to 8 years, and a judgment will remain on your credit for up to 10 years. Ready To Sublease? Complete The Following Procedure… There are two steps that must be taken to start the subleasing process. They are: Request For Lease Assignment: A Request for Lease Assignment must be signed giving management the authorization to re-rent your apartment. This form can be found at the end of this material. Download Request For Lease Assignment Subleasing Fee Paid: The minimum fee to sublease your apartment would be $200 if you found someone that is approved by Northern Management. The fee to have management assist in finding your sublessor would be equal to 50% of one months undiscounted rent, or $200, whichever is greater. This fee assists in deferring the cost of the turnover associated with your apartment. It covers personnel time, advertising costs, unbudgeted maintenance and many other costs associated with the turnover. Once your unit has been successfully re-rented, we will review the cost of advertising and you will be held responsible for any reasonable advertising costs.

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