Common use of Circumstances and Conditions of Permitted Subleases Clause in Contracts

Circumstances and Conditions of Permitted Subleases. Subleases of Condominiums may be permitted by Declarant in its discretion reasonably exercised subject to the following circumstances and conditions: (1) A Condominium may be subleased by a qualified Owner to a qualified person(s) for a maximum of one year (including extensions and any successive subleases) from the date of leave of absence or the date temporary duty at another location begins, or in any other circumstances, from the date in which said Owner ceases to occupy the Condominium as his principal place of residence. (2) A Condominium may be subleased by a qualified Owner to a qualified person(s) for an initial and successive terms not to exceed one year each (including options to extend) who is/are required in their present positions (at the time of sublease or extension) to reside in Pepperdine University provided housing. (3) A Condominium may be subleased by a qualified Owner to a qualified person(s) on a month-to-month basis during any period from the time the Condominium is initially offered to the Association or Declarant for purchase until the close of escrow on a sale to the Association or Declarant. (4) A Condominium may be subleased by a qualified Owner to a qualified person(s) on terms different from those provided in (1), (2), and (3) above with the prior written consent of Declarant. (5) A Condominium may be subleased for a period of one year or less by a qualified Owner to a person who otherwise would not be a qualified person only with the prior written consent of Declarant which said consent shall be subject to the provisions of Section 6(b) below. (6) Declarant may sublease one or more units to full-time students at Pepperdine University.