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b. Adding any Capital Improvement Costs and Pass Throughs. 2. Residents After January 1, 2002. The Adjusted Monthly Rent for Residents who first occupied their spaces after January 1, 2002, shall be established by: a. Multiplying the Monthly Rent that was in effect on December 31, 2018 by the Cost of Living, but not less than 1.5%nor more than 3.95% and adding that result to the Monthly Rent that was in effect on December 31, 2018; and b. Adding any Capital Improvement Costs and Pass Throughs. 3. Property Owner shall issue a credit to any Residents who paid Monthly Rent in excess of the amounts authorized in this Section effective March 1, 2019. This credit will be reflected in the next billing cycle after the effective date of this Agreement. D. New Monthly Rent Upon a Transfer of Ownership. Upon a Transfer of Ownership, the Property Owner may establish a new Monthly Rent for that space as follows: 1. For Transfers of Ownership that occur between the effective date of this Agreement and September 30, 2019,the Owner may establish a new Monthly Rent of$1,430. 2. For Transfers of Ownership that occur between October 1, 2019 and September 30, 2020,the Owner may establish a new Monthly Rent by: (a) adding $30.00 to the existing Monthly Rent; (b) multiplying that result by the Cost of Living, but no less than 3.00%; and(c) adding that result to the existing Monthly Rent. 3. On October 1, 2020, and each year thereafter(beginning on October 1), the formula set forth above in Section IV.D.2 shall be used to determine what the Owner may establish for a new Monthly Rent for Transfers of Ownership that occur that year. V. CAPITAL IMPROVEMENT COSTS A. Property Owner may pass through Capital Improvement Costs provided Property Owner complies with the provisions of Section 6.60.100 of the Mobilehome Ordinance. B. Disputes regarding Capital Improvement Costs shall be resolved in accordance with Article III of this Agreement. VI. MAINTENANCE OF AMENITIES AND SERVICE LEVELS The Property Owner shall not reduce amenities or service levels in the Park without following the procedures set forth in Sections 6.60.150 and 6.60.160 of the Mobilehome Ordinance. The Property Owner or his/her designee shall hold a noticed all Park meeting twice each year, generally every spring and fall, to discuss maintenance and service level issues with Residents. 021538.0001\5359154.1 5