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4.3 "Conversion Date". Conversion Date is defined as the date of the first sale of a space/lot in the Pazk. The Conversion Date will be no earlier than ten (10) years from the date the final map for the conversion is recorded. 4.4 No Actual Displacement. Each Resident Household will be given the choice to buy the space on which its mobilehome is situated or to continue its tenancy in the Pazk under this Tenant Impact Report. To receive the protections provided herein and under the California Subdivision Map Act, the Resident must be a Resident, as defined in Section 1.2(b). Further, the Park Owner has specifically waived its right to terminate tenancies (See Section 3). Therefore, there will be no actual eviction of any Resident or relocation of their mobilehome by reason of the Pazk conversion to Resident ownership. 4.5 Conclusion: No Actual Nor Economic Evictions. The legislative intent behind relocation mitigation assistance as contained in Government Code Section 66427.4 was to ensure that Residents who were being actually evicted due to the conversion of a mobilehome park to another use were protected, and that a plan was submitted and approved to ensure that protection. The purpose for the more typical impact report is to explain how and when the Residents have to vacate the property, and what financial assistance the Residents would be receiving to assist in the costs of removing their mobilehome and other personal effects. However, under the present conversion, which will not result in another use and vacation of the property, the purpose of this Tenant Impact Report is to explain the options of the Residents and Resident Households regazding their choice to purchase or to rent their space. The Park Owner has agreed, by this TIR, to waive its right to terminate existing tenancies and Leases upon the conversion (See Section 3 above), and any Resident Household who chooses not to purchase a PUD/Condominium Interest (defined below) may reside in the Park as set forth in Section 3 and Section 4.2 above. Thus, there will be no economic displacement based on the Map Act Rents nor actual eviction of any Resident because of the conversion and, therefore, no relocation mitigation is required. 4.6 Application of Rent Stabilization Agreement for Residents who have Entered into a Conversion Committee Agreement. Because: a majority of the Resident Households who responded to a survey of support conducted pursuant to Government Code § 66427.5 have supported conversion of the Pazk to Resident ownership, the Pazk Owner has agreed to continue to abide by the rent stabilization terms set forth in the Rent Stabilization Agreement in effect on the Conversion Date for Residents who satisfy the following requirements: (i) whose Resident Household does not qualify as a lower income Resident Household, (ii) whose Resident Household elects not to purchase the space on which their mobilehome is situated and to continue their tenancy, and (iii) that have entered into and agreed to abide by the terms of a Conversion Committee Agreement with the Pazk Owner. Each Resident that has entered into a Conversion Committee Agreement agrees to support conversion of the Park to Resident ownership as more particulazly described therein. The rent stabilization terms provided under the Rent Stabilization Agreement then in effect will remain in effect for each Resident that satisfies the foregoing requirements until the date such Resident no longer occupies the space on which their mobilehome is situated. If, however, the Rent Stabilization Agreement terminates prior to the date such Resident no longer occupies their space, then the rent stabilization ternts pursuant to the Rent Stabilization Agreement that existed immediately prior to the termination date will continue to apply but subject to increases based on the average monthly percentage increases in the CPI for the most recently reported period. The foregoing terms regarding [ DMM: az/ 159181 _4, DOC/051308/4640.001 ]