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WHEREAS, Owners received from the City conditional approval <br />to convert the four rental units at the above mentioned addresses <br />to single-family ownership units; and <br />WHEREAS, City conditionally approved this conversion by <br />approving a parcel map (Parcel Map 5976), in Resolution No. <br />SRB:91-1, dated January 17, 1991 and Owners agreed to these <br />conditions; and <br />WHEREAS, one of the conditions is that Owners shall enter <br />into an Agreement with the City which limits rent increases for a <br />period of three (3) years from the date Parcel Map No. 5976 is <br />recorded. <br />NOW, THEREFORE, it is mutually agreed as follows: <br />1. Rent Increases For 4800, 4812, 4824 Fair Street and 991 <br />Rose Avenue. <br />A. There shall be no rent increases greater than seven <br />percent (7~) for any of the four dwelling units on the property <br />described in Exhibit "A" prior to the recordation of Parcel Map <br />5976. <br />B. After recordation of Parcel Map 5976, Owners and <br />any subsequent owners of these parcels shall limit rent increases <br />to an annual rate, equivalent to the Bay Area Consumer Price <br />Index or seven percent (7~), whichever is less, for a period of <br />three (3) years after the date Parcel Map 5976 is recorded. <br />2 <br />