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V. FORMULAS FOR INCREASES TO MONTHLY RENTS A. The Monthly Rents for 2014 through 2018 shall be revised annually and shall be calculated as set forth below: 1. Deduct from the Monthly Rent: 1) the amortized capital improvement costs (as provided in Section 6.60.100 of the Pleasanton Municipal Code (Capital Improvement Costs)), if any, and; 2) for residents who first occupied their spaces prior to January 1, 2002, the $51.20 property tax pass through from the 2000-2001 reassessment, and; 3) any property tax pass through pursuant to Article IV, part D, to yield an Adjusted Monthly Rent. 2. Multiply the Adjusted Monthly Rent by the Cost of Living, but not less than 1.5%nor more than 5%. 3. Add: 1) the amortized capital improvement costs, if any; 2) for residents who first occupied their spaces prior to January 1, 2002, the $51.20 property tax pass through from the 2000-2001 reassessment; and 3) the property tax pass through pursuant to Article IV, part D, if any, to the figure resulting from steps 1 and 2 above to yield the Monthly Rent for the next year. VI. CAPITAL IMPROVEMENT COSTS UNDER PRIOR AGREEMENT A. Neither party will seek to enforce the provisions of the October 2007 agreement regarding in lieu capital improvement costs collected by Park Owner in light of Property Owner's agreement herein to put the sum of$45,000 plus the in lieu capital improvement cost charges of$17 and $34 collected by Park Owner from Residents in January through September 2013 totaling approximately $20,000, yielding a total of$65,000, which shall be deposited into an escrow account as described in subsection B below. Notwithstanding the above, this provision does not bind the third party beneficiaries to the October 2007 agreement. B. The Property Owner shall have during the term of this Agreement the full financial responsibility for maintaining, repairing, or replacing the following specific existing capital improvement: remodel of Clubhouse kitchen. Property Owner shall not process any capital improvement cost pass through to Residents for the aforementioned improvements. Property Owner shall place the sum of$65,000 pursuant to part A above, into an escrow account with Wells Fargo (Bank), to be held by Bank and only released to Property Owner upon the latter's submission of proof of expenditure of funds for capital improvement purposes in this part B to City and City's written approval to Bank affirming that the capital expenditures are to be reimbursed from the monies in escrow. City's representative for purposes of this Article VI shall be the City Attorney. Before commencing work, Property Owner shall provide City a plan for the remodel that will include estimated costs for the major items of work and identify the contractors and subcontractors expected to be used. Once work commences, Property Owner shall attest and certify that each expenditure for which reimbursement from the escrow is sought Agreement Providing for Stabilization of Mobilehome Space Rents October 1,2013 6