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time frame required by the state and local laws and ordinan<;es. All prospective tenants have and <br />will receive the Notice to Prospective Tenant(s). <br />8. Conclusion. <br />8.1 The above described purchase rights and prol:ections will be offered only if the <br />Pazk is converted to a Resident-owned mobilehome pazk. Such programs become effective on <br />the Conversion Date. <br />8.2 Upon conversion of the Park to Resident ownership, the current owner of the <br />Park, as well as subsequent owners of PUD/Condorrunium Interests in the Park, shall abide by all <br />terms and conditions set forth in this TIR. This TIR is a covenant that encumbers each <br />individual unit. <br />8.3 The conversion of the Park from a rental pazk: to a Resident-owned park provides <br />the Resident Households with an opportunity of choice. Resiident Households may choose to <br />purchase aPUD/Condominium Interest or continue to rent. The conversion also provides the <br />potential for Residents to enjoy the security of living in aResident-owned, controlled, and <br />managed Park, whose motivation is not profit, but rather, achieving the best living environment <br />at the most affordable rate. <br />8.4 All Resident Households choosing to continue to rent will have occupancy rights <br />exactly as they have now, and all existing Leases ancVor Rental Agreements will be honored, <br />subject to California Government Code § 66427.5, N[obilehame Residency Law, and other <br />California law, as applicable. <br />[DMM:az/159181_4.DOC/051308/4640.001 ] <br />