PLEASANTON MOBILE HOME PARK LP - Laserfiche WebLink

been applied and then to which $68 has been added; (2) as to those residents whose occupancy is after January 1, 2002, the Cost of Living has been applied to the rents in Exhibit A to which $34 has been added. The $68 and $34 have been added to the rents in consideration of the Park Owner's accepting financial responsibility in perpetuity 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 Park Owner increase rents in any given year by the maximum permitted under this Agreement. If the Park Owner increases rents in any year by less than the maximum permitted pursuant to Article VI, then the Park 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. D. Rent Increases Upon a Transfer of Ownership. 1. Upon a Transfer of Ownership, the Park 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 is $900 and the Cost of Living (for August 2007) had been 5.5 the Park Owner, upon a Transfer of Ownership in 2008, 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 Park Owner, upon a Transfer of Ownership, could have raised the Monthly Rent to $918. 2. If the Park Owner increases rents following a Transfer of Ownership by Less than the maximum permitted under subparagraph 1 of this paragraph D, then the Park Owner shall have the right in the following year or years to increase the rents by the difference between the maximum permitted rent increase under subparagraph 1 of this paragraph and the actual rent increase actually imposed. 3. Except as provided in subparagraph 2 of this paragraph D, any rent increase pursuant to subparagraph 1 of this paragraph D shall be imposed immediately upon a Transfer of Ownership. E. If as a result of a death of the Park Owner, the Park Owner's heirs are forced to sell the Park to pay federal estate taxes, a new park owner may request the City to increase rents to cover increased property taxes. It is within the sole discretion of the City whether to grant such request. 5