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time frame required by the state and local laws and ordinances. 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 protections will be offered only if the <br /> Park is converted to a Resident -owned mobilehome park. 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 /Condominium 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 park to a Resident -owned park provides <br /> the Resident Households with an opportunity of choice. Resident Households may choose to <br /> purchase a PUD /Condominium Interest or continue to rent. The conversion also provides the <br /> potential for Residents to enjoy the security of living in a Resident 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 and/or Rental Agreements will be honored, <br /> subject to Califomia Govemment Code 66427.5, Mobilehome Residency Law, and other <br /> California law, as applicable. <br /> [DMM:az/159181 _4. DOC/051308/4640.0011 8 <br />