PLEASANTON HACIENDA I LP - Laserfiche WebLink

IV. INITIAL ESTABLISHMENT OF ADJUSTED MONTHLY RENTS AND RENT INCREASES A. Adjusted Monthly Rents Effective October 1, 2013. Effective October 1, 2013, the Adjusted Monthly Rent for each space within the Hacienda Mobilehome Park covered by this agreement shall be as set forth in Exhibit A, attached to this agreement and incorporated herein by reference. The Adjusted Monthly Rents in Exhibit A reflect the following changes from the rents charged under the October 2007 agreement: (1) there shall be no in lieu capital improvement cost assessed; (2) for residents who first occupied their spaces prior to January 1, 2002, a property tax pass through of$51.20 shall be added to the monthly rent ; and (3) as to those residents whose occupancy predates January 1, 2013, the August 2012 Cost of Living increase of 2.8% has been applied to calculate the Monthly Rents in effect as of October 1, 2013. B. Rent Increases Generally. Beginning January 1, 2014, annual rent increases shall be calculated as provided in Article V. Nothing herein shall be construed to require that the Property Owner increase rents in any given year by the maximum permitted under this Agreement. C. Rent Increases Upon a Transfer of Ownership. Upon a Transfer of Ownership, the Property Owner may increase the Monthly Rent for that space by multiplying the highest monthly rent in effect for that year in the Park by the Cost of Living; provided, however, that the percentage change in the space rent shall be no more than 5% above the maximum space rent in the Park. In addition, upon a Transfer of Ownership the Property Owner may increase the Monthly Rent by up to $15.00 per month after applying the Cost of Living calculation authorized in the preceding sentence. D. If as a result of a death of the Property Owner, the Property Owner's heirs are forced to sell the Park to pay federal estate taxes, a new 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 or any part of it. E. Except as provided in subsections A and D above, Property Owner shall not assess or impose a property tax pass through upon any resident during the term of this Agreement. ' The property tax pass through stems from the 2000-2001 reassessment of the park following its transfer to the Property Owner(which amount was previously passed on to such residents under the 2001 agreement), Agreement Providing for Stabilization of Mobilehome Space Rents October 1,2013 5