PLEASANTON MOBILE HOME PARK LP - Laserfiche WebLink

G. There are a limited number of vacant spaces in the parks and there are few additional mobilehome park spaces available in the County and adjoining communities. H. Due to the lack of a significant vacancy factor and the high cost of moving mobilehomes, the Home Owners do not have a meaningful alternative to relocate to other parks in which rents may be more reasonable. I. Two of the parks are senior parks and most of the Home Owners are senior citizens, many of whom are living on fixed incomes. J. This Agreement continues to reflect an arrangement between the parties for resolving issues within the mobilehome parks without the necessity of the City's adopting a rent review ordinance applicable to all parks within the City. NOW, THEREFORE, in consideration of the faithful performance of the terms, conditions, covenants, and promises set forth herein, the parties agree as follows: L DEFINITIONS A. "Adjusted Monthly Rent" is the monthly Space Rent for each mobilehome space in Pleasanton plus the amortized Capital Improvements costs, if any, for such space. As of the Effective Date of this Agreement, the Adjusted Monthly Rent for each mobilehome space in a Park covered by this Agreement is set forth in Exhibits A-1, A-2 and A-3 of this Agreement.. B. "Base Rent" is the Adjusted Monthly Rent(a) less the amortized Capital Improvement costs and (b) less the Operating Expenses and the Real Property taxes. [For example, if the Adjusted Monthly Rent were $425 as of 1/1/97, the amortized Capital Improvement costs were $25, and the Operating Expenses and Real Property Taxes were a total of$150/space (through September 30, 1996), the Base Rent would be $250.] C. "Capital Improvements" are any new additions or betterments made to a Park such as, but not limited to, a new swimming pool, a new building, a new fence or a new road where one of the same size, function and quality had not existed before. For this Agreement, rehabilitating or replacing the Capital Improvements identified on Exhibits B-1, B-2, and B-3 of this Agreement, in threshold amounts set forth in Paragraph VIII, shall be treated as Capital Improvements. D. "Cost of Living" ("COL") is the change in the Consumer Price Index for the San Francisco-Oakland-San Jose Metropolitan Area (All Items Index; All Urban Consumers) for the twelve (12) month period ending in August each year as published by the Bureau of Labor Statistics, U.S. Department of Labor. If this index shall delete the (m blhomessm 2/3197) 2