Laserfiche WebLink
(1) From the Monthly Rent or Adjusted Monthly Rent, <br /> subtract the amortized Capital Improvement costs (as <br /> provided in Section 6.60.050 of this Chapter) for the <br /> past year, if any. <br /> <br /> (2) Subtract from (1) the Operating Expenses and the <br /> Government Regulated Expenses of the previous fiscal year <br /> (i.e., if the current fiscal year ended in 1992, use the <br /> expenses for the fiscal year ending in 1991). <br /> <br /> (3) Multiply (2) by the Cost of Living. <br /> <br /> (4) Calculate the difference between the Operating <br /> Expenses for the last two fiscal years and add to (3). <br /> <br /> (5) The amount in (4) is not to exceed 5% of the amount <br /> in (1); to the extent it does, that excess amount shall <br /> be carried over to the next year. <br /> <br /> (6) Calculate the difference between the Government <br /> Regulated Expenses for the last two years and add to (4); <br /> the amount in (4) cannot exceed the ceiling amount as <br /> provided in (5). <br /> <br /> (7) To the amount in (6), add the amortized Capital <br /> Improvement costs, if any, to yield the total monthly <br /> rent increase. <br /> <br /> (8) Add the amount in (7) to the amount in (1) to yield <br /> the Adjusted Monthly Rent. <br /> <br />For purpose of these calculations, where the terms "Operating <br />Expenses" and "Government Regulated Expenses" are used, <br />calculate these expenses by dividing such expenses by 12 and <br />further dividing by the number of mobile home spaces within <br />the Mobile Home Park. <br /> <br />C. Rent Increases Upon Transfer of Ownership. In addition <br />to the rent increases provided in Section 6.60,060A or B, <br />until December 31, 1996, a Park Owner may increase the rent <br />for a mobile home space upon a Transfer of Ownership; <br />provided, however, that during said five years, the cumulative <br />increase shall not exceed 25% of the Monthly Rent for the <br />space as set forth on Exhibit A. If the March 17, 1992 <br />Agreement is extended for a second five year termas provided <br />in Paragraph XIV, thereof, a Park Owner may further increase <br />the rent for a mobile home space upon a Transfer of Ownership; <br />provided, however, that during that five year term, the <br />cumulative increase shall not exceed 25% of the Adjusted <br />Monthly Rent charged for each space as such rent exists on <br />January 1, 1997. <br /> <br /> - 8 - <br /> <br /> <br />