MOU – Proposed Terms:
1. Term of Agreement: 15 years
2. Annual Permissible Increases: CPI plus 2%, min 3 max 6.5 a. Excludes nonowner occupied spaces
3. Permissible Pass-throughs:
a. Annual increases in property taxes and assessments
b. Annual increases in insurance
c. New Capital Improvements with approval of 50%+1 of the Spaces and amortized over useful life (new being an improvement not currently within the Park)
d. Capital Replacements amortized over useful life of item
4. Vacancy Decontrol: increases to market upon turnover, excluding changes relating to estate planning or similar transfers between occupants.
5. Rental Assistance Program: Parks to continue to offer rental assistance program through MHET