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Ordinance No. 1701 Page 9 For 1999 and thereafter: (Steps 1 and 2 that were performed for 1998 are not necessary.) (3) Multiply the base rent for the previous year by the cost of living. (This mount, when added to the base rent for the previous year, yields the base rent for the next year. For example, to calculate the base rent for 1999, multiply the 1998 base rent by the 1998 cost of living and add that amount to the 1998 base rent.) (4) Calculate the operating expenses; provided, however, that this amount shall not exceed 105% of the previous year's operating expenses; to the extent it does, the excess shall be carded over to the next year. (5) Calculate the real property taxes; provided, however, that if there has been a change of ownership and the real property taxes for the year (ending 9/30) have increased more than 105% of the prior years real property taxes, the real property taxes shall be calculated as set forth in Section 6.60.065 C of this Chapter. (6) Add (3) + (4) + (5) to the base rent to yield the monthly rent. (7) Add the capital improvement costs, if any, to (6). Round to the nearest half dollar. This yields the adjusted monthly rent. See the examples in Exhibits A-3 and A-4. (For purpose of these calculations, where the terms operating expenses and real property taxes are used, calculate these expenses by dividing such expenses by twelve (12) and further dividing by the number of mobilehome spaces within the mobilehome park.) C. Rent Increases Upon Transfer of Ownership. In addition to the rent increases provided in Section 6.60.060A or B, until December 31, 2001, a park owner may increase the rent for a mobilehome space upon a transfer of ownership; provided, however, that between January 1, 1997 and December 31, 2001, the cumulative increase shall not exceed 25% of the monthly rent for the space existing on January 1, 1997. (Subsections D and E, no change.)