No more than 8% of all apartments in building, excluding holder of unsold shares, may be sublet at any given time. Subleases must receive prior approval from the Board. Upon receipt of a completed sublease application, the Shareholder's request will be reviewed by the Board on a first-come, first served basis, subject to the sublet quota. Shareholders must have owned their shares for a period of not less than five (5) years prior to the commencement date of the sublease term. No apartment may be sublet for a period exceeding two (2) years out of any eight (8) year period. The term of each sublease may not exceed one (1) year, unless extended by written, prior approval by the Board, in its sole and absolute discretion. Board approval and interviews are required for all sublease applicants and occupants, except minors.