02 AGREEMENT HACIENDA - Laserfiche WebLink

B. Monthly Rents Effective January 1, 2008. Effective January 1, 2008, the Monthly Rent for each space within the Hacienda Mobilehome Park covered by this Agreement is set forth in Exhibit B, attached to this Agreement and incorporated herein by reference. The rents in Exhibit B reflect the following: (1) as to those residents whose occupancy predates January 1, 2002, the August 2007 Cost of Living (2.6%) has been applied to the 2007 Monthly Rents (as that term is defined in the 2001 Agreement and calculated in Article VI B of the 2001 Agreement) and then to which $68 has been added; (2) as to those residents whose occupancy is after January 1, 2002, the August 2007 Cost of Living (2.6%) has been applied to 2007 Adjusted Monthly Rents as defined in the 2001 Agreement and calculated in Article VI A of the 2001 Agreement) to which $34 has been added. The $68 and $34 have been added to the rents in consideration of the Property Owner's accepting financial responsibility during the term of this Agreement for maintaining, repairing and replacing existing and new (if any) capital improvements in the Park. C. Rent Increases Generally. Beginning January 1, 2009, annual rent increases shall be calculated as provided in Article VI. Nothing herein shall be construed to require that the Property Owner increase rents in any given year by the maximum permitted under this Agreement. If a Property Owner increases rents in any year by less than the maximum permitted pursuant to Article VI, then the Property Owner shall have the right in the next subsequent year 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 actually taken in the first year, unless the Owner and the Resident agree in writing to a different schedule. D. Rent Increases Upon a Transfer of Ownership. 1. Upon a Transfer of Ownership, the Property Owner may increase the Monthly Rent for that space by multiplying the highest monthly rent in effect for that year 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 (including $34 of in lieu capital improvement cost) were $900 and the Cost of Living (for August 2007) was 2.6%, the Property Owner, upon a Transfer of Ownership in 2008, could raise the Monthly Rent for a mobilehome space to $923. Another example: if the highest monthly rent for 2008 were $900 and the Cost of Living (for August 2007) had been 5.5%, the Property Owner, upon a Transfer of Ownership, could have raised the Monthly Rent for a mobilehome space to no more than $945; if the Cost of Living (for August 2007) had been 1.5%, the Property Owner, upon a Transfer of Ownership in 2008, could have raised the Monthly Rent to $918. 2. In addition to the allowable increases allowed by subparagraph 1 of this paragraph D, the Property Owner may increase the Monthly Rent by $11 in 2008, $12 in 2009, $13 in 2010, $14 in 2011 and $15 in 2012. 5