Lease Renewal 2007

October 12, 2007

To: All Residents of Smallwood Plaza

From: Denise Haggard, Property Manager

RE: Lease Renewal

It is once again that time of year here at Smallwood when we ask our residents to make a decision in regards to renewing their lease for the next year. This letter is to inform you that we will be doing lease renewals beginning Thursday, November 01, 2007. All residents (units) that wish to renew their existing lease for July/August 2008 with Smallwood Plaza must do so between November 01, 2007 and December 03, 2007. Please note that if your lease is not renewed during this timeframe, your unit will be put on the open market on December 04, 2007.

In order to best accommodate our residents, it will be necessary to schedule an appointment to do the lease renewal. You will need to phone the office and set an appointment time that will allow all residents to be present to sign the renewal lease. Again, this will be done by appointment only. This will allow our staff to give your unit individualized attention for any questions you may have about renewing your lease. We will begin setting appointments for the lease renewals on Monday, October 15th, 2007. We will have extended Saturday and Sunday hours on some weekends in November to better accommodate your schedules. Please ask the staff when setting your appointment if a weekend time works better for your unit. We will also post our extended hours for your convenience.

I am pleased to say that increases in rent for renewing units will be minimal at Smallwood Plaza. Please note, next year we will be implementing a utility fee per unit at Smallwood. As you know, utility costs continue to rise not only at Smallwood but across the country. We are not exempt from that, unfortunately. The monthly utility fee for two (2) bedrooms will be $80.00, three (3) bedrooms will be $120.00 and four (4) bedrooms at $160.00. Our parking will be done the same as last year. Parking is done on a first come, first serve basis under an allotment. Four bedrooms are allotted two (2) parking spots, Three bedrooms are allotted two (2) parking spots and Two bedrooms are allotted one (1) parking spot under the allotment. By doing this process first come, first serve it allows us to offer parking to our current residents before going to the open market.

However, it is important that you renew your lease as soon as possible. Once the parking is gone, it is gone. At your renewal appointment you will need to have made the decision who is getting Smallwood parking under the allotment, if applicable to your unit. Once the allotted spots are decided upon, any other roommates may take parking that day but will only be offered off-site spots. The parking guarantee is good only at your lease renewal appointment. If you come back at a later date and request parking under the allotment we will not be able to accommodate you. Please make a note of this. You will need to come to the appointment knowing who is taking Smallwood and who is going off-site. Additionally, at the renewal appointment in order to reserve your parking you will be required to put a down payment of $250.00. This will go toward the balance of next years parking. The $250.00 is per spot and must be paid in the form of personal check or money order at the appointment. Each tenant will need to bring a separate check for their down payment. We will be unable to “hold” spots if you come unprepared to make this down payment. Parking rates for next year in the Smallwood Plaza garage are $800.00 annually. In order to reserve off-site parking under the Smallwood allotment, you will need to come prepared to pay the $250.00 down payment to reserve your spot off-site as well.

Please note that a straight renewal of the lease is when there are no changes, everyone is staying in the same unit for another year. If you have special circumstances such as roommate swaps (someone leaving, coming, etc) you need to make this known when you make your appointment so that we may instruct you on the process of making these changes. We need to know of any special circumstances or requests before you come to your renewal appointment so we can be prepared to assist you.

Lastly, this year we offering an exciting renewal incentive. We will be giving a $50.00 Visa Gift card to each resident that renews their lease at Smallwood. This Visa Gift card will be given at the time of your lease signing.

Please check our website for more detailed information on the renewal process and additional information. We will have this updated next week. www.smallwoodplaza.com. In closing, I would like to say thank you for choosing Smallwood as your home. Your business is appreciated.

Denise Y. Haggard, Property Manager
Smallwood Plaza, LLC
Smallwood Plaza Retail
The Morton 400

4 BEDROOMS:
Carnegie – Inside Units $2115.00
Carnegie – Outside Units $2315.00
Cleveland – All Outside $2715.00
Columbian – All Outside $2015.00
Manhattan – All Outside $2515.00

3 BEDROOMS:
Tribecca – All Outside $1615.00
Condessa – Inside Units $1715.00
Condessa – Outside Units $1915.00
Condessa – Small floorplan $1515.00

2 BEDROOMS:
Soho – Inside Units $1215.00
Soho – Outside Units $1315.00

Application Fee: $50 per applicant
Admin Fee for lease signing: $150/per unit

UTILITY FEES: EFFECTIVE FOR ALL NEXT YEARS LEASES

2 Bedrooms = $80.00 Monthly
3 Bedrooms = $120.00 Monthly
4 Bedrooms = $160.00 Monthly