02 AGREEMENT HACIENDA - Laserfiche WebLink

Provided, however, that if the Property Owner, by a separate, stand alone, agreement with the City (a draft of which is attached hereto as Exhibit D), assumes in perpetuity the full financial responsibility for maintaining, repairing and replacing any existing capital improvements and constructing any new capital improvements, the Monthly Rent for 2013 shall be calculated as set forth in Paragraphs A and B of this Article. VII. CAPITAL IMPROVEMENT COSTS The Property Owner shall have during the term of this Agreement the full financial responsibility for maintaining, repairing, or replacing any existing capital improvements and constructing any new capital improvements. In particular, the Properly Owner shall, at a minimum, initiate and pursue diligently to completion the improvements set forth in Exhibit E, attached hereto and incorporated herein by reference. The Property Owner shall provide monthly information to the City concerning the timely completion of those improvements. In addition, by January 15 in each year (beginning in January 2009), the Property Owner shall provide to the City an accounting of the amount of in lieu capital improvement costs that the Property Owner has collected in the previous calendar year (which for this Article shall be deemed to be $56,000), an itemization of the capital improvements for which the in lieu capital improvement costs were spent, and an accounting of the costs for such improvements. The City may review the Property Owner's records concerning these expenditures. At the termination of this Agreement, the Property Owner shall return to the Residents (including those residents whose occupancy postdates December 31, 2007) any portion of the in lieu capital improvement costs that have not been spent or for which other specific capital improvements (and the estimated costs thereof) have not been identified; provided, however, that if the Property Owner is not in breach of its timely completion of the improvements set forth in Exhibit E and if the Property Owner can demonstrate to the reasonable satisfaction of the City that (a) it has spent all (or substantially all), of the in lieu capital improvement costs collected from the Residents under this Agreement and (b) to the extent such costs have not been spent, it has identified. other specific capital improvements (and the estimated costs thereof) for which the costs will be spent, no such costs shall be returned to the Residents and the Property Owner and City shall enter into separate, stand alone, agreement (a draft of which is attached hereto as Exhibit D) by which the Property Owner shall assume in perpetuity the full financial responsibility for maintaining, repairing and replacing any existing capital improvements and constructing any new capital improvements. VIII. SENIOR PARK/AGE RESTRICTION The Park shall be maintained as a Senior Park and each mobilehome within the Hacienda Mobilehome Park must have one full-time occupant 55 years of age or older. IX. ANNIVERSARY DATE January 1 shall be the anniversary date upon which annual rent adjustments shall be effective. 8