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(4) Residential real property that is alienable separate from the title to any other dwelling unit, provided that both of the following apply: A. The owner is not any of the following: i. A real estate investment trust, as defined in section 856 of the Internal Revenue Code. ii. A corporation. iii. A limited liability company in which at least one member is a corporation. B. i. The tenants have been provided written notice that the residential real property is exempt from this section using the following statement: "This property is not subject to the rent limits imposed by Santa Ana Municipal Code section 8-1998.1 and the owner is not any of the following: (1) a real estate investment trust, as defined by section 856 of the Internal Revenue Code; (2) a corporation; or (3) a limited liability company in which at least one member is a corporation." ii. For a tenancy existing before the effective: date of this ordinance, the notice required under clause (i) may, but is not required to, be provided in the rental agreement. iii. For a tenancy commenced or renewed on or after the effective date of this ordinance, the notice required under clause (i) must be provided in the rental agreement. (5) A property containing two separate dwelling units within a single structure in which the owner occupied one of the units as the owner's principal place of residence at the beginning of the tenancy so long as the owner continues in occupancy, and neither unit is an accessory dwelling unit or a junior accessory dwelling unit. (d) The provisions of this ordinance regulating the amount of rent that a residential real property Owner may charge shall not apply to residential real property in which each of the units have been substantially rehabilitated within the previous 15 years. For purposes of this section, "substantially rehabilitated" shall mean that the cost to rehabilitate the residential real property was at least $40,000 per unit. Ordinance No, NS-3009 Page 8 of 11