***THE STEPS BELOW MUST BE TAKEN EACH TIME A NEW LEASE AGREEMENT IS ENTERED***
1. Investor-owners are required to provide the name of the tenant(s), contact info for the tenant(s), and the lease terms each time a new lease is entered.
2. A $150 rental registration fee is to be paid to DF&A each time a new lease is entered. This fee is charged to individual investor-owners (not the Association), and investor-owners may choose to charge this fee back to their tenants.
To submit the required information and pay the $150 rental registration fee, please visit https://dfloydassoc.com/rental-registration.
A copy of any lease for a Unit, as and when executed, shall be furnished to the Board of the Association governing the Parcel in which such Unit is located and to the Managing Agent. The lessee under every such lease shall be bound by and subject to all of the obligations, under the Master Deed and Bylaws, of the Unit Owner making such lease and the lease shall expressly so provide. The Unit Owner making such lease shall not be relieved thereby from any of said obligations. Upon the expiration or termination of such lease, or in the event of any attempted subleasing thereunder, the provisions below with respect to the Association’s right of first option shall again apply to said Unit. The Board shall have the express authority to require at any time that any Unit Owner who is leasing his Unit place on deposit with the Board such sums as the Board may require and determine to be used as an indemnity against the loss or damage to the Common Elements which might be caused by such Unit Owner’s lessee. Except as limited herein, the amount of such deposit and the times for requiring the same shall be in the sole discretion of the Board. The reasons for the indemnity deposit requirements shall be in the sole discretion of the Board. The terms of the indemnity shall be such terms as might be satisfactory to the Board. The Board shall furnish the Unit Owner a notice in writing which shall constitute that Unit Owner’s notice to place such sums on deposit. The deposit shall be in cash, but in no event may the Board require the deposit to exceed $500.00. In the event the Unit Owner fails to comply with the terms of the aforesaid notice within ten (10) days from the date said notice is mailed to him, the Board at its option may elect to terminate the term of the subject lease. The Board shall give the Unit Owner and his lessee notice of such election in writing. Within ten (10) days after said notice is placed in the United States mail addressed to the Unit Owner at his last known address or within ten (10) days after a written notice of such election is delivered to the residents of the lessee, whichever shall last occur, the lessee shall forthwith and immediately vacate the subject Unit, and the Unit Owner shall take such further actions as might be necessary on his part to insure that said lessee vacates said Unit.