Standard Form Of Cooperative Apartment Sublease Template for Malaysia

The Standard Form Of Cooperative Apartment Sublease is essential for cooperative housing arrangements in Malaysia, where apartment units are owned by a cooperative society and shareholders have the right to occupy or sublease their units. This document is used when a cooperative shareholder wishes to sublease their apartment unit to a third party, ensuring compliance with both the Malaysian Cooperative Societies Act 1993 and relevant property laws. It contains crucial provisions regarding rent payments, maintenance responsibilities, cooperative rule compliance, and other terms specific to cooperative housing arrangements. The agreement protects the interests of all parties while maintaining the cooperative structure's integrity and complying with Malaysian regulatory requirements. The document is particularly important as it differs from standard residential leases due to the unique nature of cooperative ownership and the need to incorporate cooperative society rules and regulations.

1. Parties: Identifies the cooperative shareholder (sublessor) and sublessee, including their full legal names and addresses

2. Background: Explains the cooperative ownership structure, shareholder's rights to sublease, and basic premises information

3. Definitions: Defines key terms used throughout the agreement including 'Cooperative', 'Shares', 'Proprietary Lease', 'House Rules', etc.

4. Grant of Sublease: Formal statement of the sublease grant, identifying the apartment and term of occupancy

5. Term and Renewal: Specifies the duration of the sublease and any renewal options

6. Rent and Security Deposit: Details the rent amount, payment terms, security deposit requirements, and return conditions

7. Utilities and Maintenance: Specifies responsibilities for utilities, maintenance, repairs, and upkeep of the apartment

8. Use of Premises: Stipulates permitted use of the apartment and compliance with cooperative rules

9. Cooperative Rules Compliance: Requires sublessee to comply with all cooperative bylaws, house rules, and regulations

10. Alterations and Improvements: Restrictions and requirements regarding modifications to the apartment

11. Access and Inspection: Rights of sublessor and cooperative to access the apartment

12. Insurance Requirements: Specifies required insurance coverage for both parties

13. Default and Remedies: Consequences of breach and available remedies

14. Termination: Conditions and procedures for ending the sublease

15. Assignment and Further Subletting: Prohibition or restrictions on further assignment or subletting

16. Notices: Method and addresses for official communications between parties

17. Governing Law: Specifies Malaysian law as governing law and jurisdiction