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1. Residents Prior to January 1, 2002. The Adjusted Monthly Rent for <br /> Residents who first occupied their spaces prior to January 1, 2002, shall be established by: <br /> a. Multiplying the Monthly Rent that was in effect on December 31, <br /> 2018 by the Social Security Cost of Living Adjustment and adding that result to the Monthly <br /> Rent that was in effect on December 31, 2018; and <br /> b. Adding any Capital Improvement Costs and Pass Throughs. <br /> 2. Residents After January 1, 2002. The Adjusted Monthly Rent for <br /> Residents who first occupied their spaces after January 1, 2002, shall be established by: <br /> a. Multiplying the Monthly Rent that was in effect on December 31, <br /> 2018 by the Cost of Living, but not less than 1.5% nor more than 3.95% and adding that result to <br /> the Monthly Rent that was in effect on December 31, 2018; and <br /> b. Adding any Capital Improvement Costs and Pass Throughs. <br /> 3. Property Owner shall issue a credit to any Residents who paid Monthly Rent <br /> in excess of the amounts authorized in this Section effective March 1, 2019. This credit will be <br /> reflected in the next billing cycle after the effective date of this Agreement. <br /> D. New Monthly Rent Upon a Transfer of Ownership. Upon a Transfer of Ownership, <br /> the Property Owner may establish a new Monthly Rent for that space as follows: <br /> 1. For Transfers of Ownership that occur between the effective date of this <br /> Agreement and September 30, 2019, the Owner may establish a new Monthly Rent of$1,430. <br /> 2. For Transfers of Ownership that occur between October 1, 2019 and <br /> September 30, 2020,the Owner may establish a new Monthly Rent by: (a) adding $30.00 to the <br /> existing Monthly Rent; (b) multiplying that result by the Cost of Living, but no less than 3.00%; <br /> and(c) adding that result to the existing Monthly Rent. <br /> 3. On October 1, 2020, and each year thereafter (beginning on October 1), <br /> the formula set forth above in Section IV.D.2 shall be used to determine what the Owner may <br /> establish for a new Monthly Rent for Transfers of Ownership that occur that year. <br /> V. CAPITAL IMPROVEMENT COSTS <br /> A. Property Owner may pass through Capital Improvement Costs provided Property <br /> Owner complies with the provisions of Section 6.60.100 of the Mobilehome Ordinance. <br /> B. Disputes regarding Capital Improvement Costs shall be resolved in accordance <br /> with Article III of this Agreement. <br /> 021538 0001\5359154.1 5 <br />