02 AGREEMENT VINEYARD - Laserfiche WebLink

been applied and then to which $68 has been added; (2) as to those residents whose occupancy is after January 1, 2002, the Cost of Living has been applied to the rents in Exhibit A to which $34 has been added. The $68 and $34 have been added to the rents in consideration of the Park Owner's accepting financial responsibility in perpetuity for maintaining, repairing and replacing existing and new (if any) capital improvements in the Pazk. C. Rent Increases Generally. Beginning January 1, 2004, annual rent-increases shall be calculated as provided in Article VI. Nothing herein shall be construed to require that the Park Owner increase rents in any given yeaz by the maximum permitted under this Agreement. If the Pazk Owner increases rents in any yeaz by less than the maximum permitted pursuant to Article VI, then the Pazk Owner shall have the right in the next subsequent yeaz to increase rents by the difference between the maximum permitted rent increase pursuant to Article VI for the two-year period and the actual rent increase actuallytaken-~th~ €~rs~yea~ --- - --- D. Rent Increases Upon a Transfer of Ownership 1. Upon a Transfer of Ownership, the Pazk Owner may increase the Monthly Rent for that space by multiplying the highest monthly rent in effect for that yeaz by the Cost of Living; provided, however, that the percentage change shall be no less than 2% nor more than 5%. For example, if the highest monthly rent for 2008 is $900 and the Cost of Living (for August 2007) was 5.5%, the Park Owner, upon a Transfer of Ownership in 2008, could raise the Monthly Rent for a mobilehome space to no more than $945; if the Cost of Living (for August 2007) was 1.5%, the Park Owner, upon a Transfer of Ownership, could raise the Monthly Rent to $918. 2. If the Park Owner increases rents following a Transfer of Ownership by less than the maximum permitted under subpaaagraph 1 of this pazagraph D, then the Park Owner shall have the right in the following year or yeazs to increase the rents by the difference between the maximum permitted rent increase under subparagraph 1 of this paragraph and the actual rent increase actually imposed. 3. Except as provided in subpaaagraph 2 of this pazagraph D, any rent increase pursuant to subparagraph 1 of this paragraph D shall be imposed immediately upon a Transfer of Ownership. E. If as a result of a death of the Park Owner, the Pazk Owner's heirs are forced to sell the Pazk to pay federal estate taxes, a new pazk owner may request the City to increase rents to cover increased property taxes. It is within the sole discretion of the City whether to grant such request.