PC 2006-56 - Laserfiche WebLink

two year from the date of such notice. If a tenant qualifies for more than one right, the tenant shall be entitled to the longer/longest time to continue the lease the unit. In the event construction related to the conversion prevents a tenant from continuing to occupy the unit, the developer shall relocate the tenant to a comparable unit within the existing development or to a comparable unit in another development acceptable to the tenant. The developer shall assume all costs related to the relocation including any additional rent during the entire time of the relocation. 2. Developer shall conduct an annual study to determine a tenant's income continuing eligibility and shall submit the study to the City regarding the status of these tenants. Such extended leases shall commence on the date the tenant receives the notice of right of first refusal pursuant to subsection E of this section and shall be under the same terms and conditions as existed six months prior to the date that the condominium conversion project application was submitted to the City provided, however, that rent may increase at an annual rate equivalent to the Bay Area Consumer Price Index or five percent (5 whichever is less. Any dwelling unit subject to this extended lease provision shall be refurbished at the expense of the developer in a like manner as those units to be sold, and the developer shall adequately maintain said dwelling unit for the duration of the lease term. Refurbishing shall include all cosmetic improvements (painting, linoleum, carpeting, drapes, counters, etc.) as well as any structural changes required of converted units. E. Tenant Purchase Assistance. A tenant living in a unit on the date his or her unit is offered for sale shall be afforded a right to purchase his or her unit under preferential terms. Preferential terms shall include all of the following: 1. A right of first refusal to purchase the unit. The developer's notice of right of first refusal shall include the selling price at which the unit is being offered, the price reductions listed below, a complete structural engineering and property maintenance report and a set of plans detailing proposed improvements to the building(s), a draft purchase agreement and any additional purchase incentives offered by developer. The tenant shall have a period of six (6) months from the date the tenant receives the notice to enter into a purchase agreement and provide proof of financing. The developer shall not market the unit to the general public during the six (6) month period. 2. The developer shall offer to every tenant that has resided in the project for more than eighteen (18) months a price reduction of ten percent (10 from the base listing price for comparable units offered to the general public. 3. Depending on the nature and type of construction required as part of the conversion, the developer may offer units in an as is" condition. Any tenant electing to purchase the unit in an "as -is" condition rather than with improvements similar to units that will be refurbished for sale to the general public shall receive a price reduction of five percent (5 from the base listing price for comparable units in addition to any other price reduction provided in this section. An "as -is" condition includes all unit improvements made in accordance with Section 17.14.040 of this Chapter but excludes any enhanced improvements made to units offered to the public. 4. Developer shall provide mortgage financing assistance, including providing assistance in helping tenants locate mortgage financing and complete mortgage loan applications, providing loan qualifying assistance such as identifying second mortgages, equity sharing, Page 5 of 9