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V. LONG TERM LEASES A. Long -term Lease. The Park Owner may offer to any Resident or to any prospective Resident a Long -term Lease or other agreement under Civil Code, Section 798.17 (c). If the Park Owner offers to a Resident or prospective Resident a Long -tenn Lease or other agreement, the Park Owner shall provide the Resident or prospective Resident a copy of this Agreement and inform the Resident or prospective Resident that this Agreement determines how space rents will be calculated in the absence of a Long term Lease or other agreement. If a long term lease or other agreement is offered to a prospective Resident, the prospective Resident shall have thirty days from the date the Lease/agreement is first offered to review the Lease/agreement and this Agreement and to accept or reject the Lease/agreement. The prospective Resident shall have the right to rescind the Lease /agreement after signing it by notifying the Park Owner in writing within 72 hours of the execution of the Lease/agreement. It shall be a breach of this Agreement for the Park Owner to coerce or directly or indirectly influence a Resident or prospective Resident to enter into a Long -tenn Lease or other agreement under Civil Code, Section 798.17 (c). B. Form of Lease. Long -term Leases shall be tailored to meet the needs of the Park Owner but shall be in substantially the form attached hereto as Exhibit "C" entitled "Mobilehome Park Lease." The City Attorney's office shall approve the form of any Long -term Lease to be offered to a Resident. It shall be a breach of this Agreement for any form of Long- term Lease to be offered to a Resident which has not been approved by the City Attorney's office. C. Effect of Condemnation. The Park Owner may make leases subject to termination upon condemnation or sale in lieu of condemnation. VI. FORMULAS FOR INCREASES TO MONTHLY RENTS The Monthly Rents as set forth in Exhibit B shall be adjusted annually and shall be calculated as set forth below: (1) Multiply the Monthly Rent by the Cost of Living, but not less than 2% nor more than 5 (2) Add the amount in (1) to the Monthly Rent. VII. CAPITAL IMPROVEMENT COSTS Capital Improvement Costs are now covered by a separate, stand alone, agreement between the City and the Park Owner, dated and recorded Under that agreement, the Park Owner has the full financial responsibility for maintaining, repairing, or replacing any existing capital improvements and constructing any new capital improvements. By January 15 in each year, the Park Owner shall provide to the City an itemization of the capital improvements which were repaired, replaced or constructed in the previous calendar year and an accounting of the costs (in summary form) expended. 6