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Ordinance No. NS - ____ <br />Page 35 of 46 <br />estate investment trust, as defined by section 856 of <br />the Internal Revenue Code; (2) a corporation; or (3) a <br />limited liability company in which at least one member <br />is a corporation.” <br /> <br />ii. For a tenancy existing before the effective date of this <br />ordinance, the notice required under clause (i) may, but <br />is not required to, be provided in the rental agreement. <br /> <br />iii. For a tenancy commenced or renewed on or after the <br />effective date of this ordinance, the notice required under <br />clause (i) must be provided in the rental agreement. <br /> <br />(4) A property containing two separate dwelling units within a single <br />structure in which the owner occupied one of the units as the <br />owner’s principal place of residence at the beginning of the tenancy <br />so long as the owner continues in occupancy, and neither unit is an <br />accessory dwelling unit or a junior accessory dwelling unit. <br /> <br />(d) The provisions of this ordinance regulating the amount of rent that a <br />residential real property Owner may charge shall not apply to residential real property in <br />which each of the units have been substantially rehabilitated within the previous 15 <br />years. For purposes of this section, “substantially rehabilitated” shall mean that the cost <br />to rehabilitate the residential real property was at least $40,000 per unit. <br /> <br /> <br />Section 8-1998.53148 – Rent Increase Ineffective. <br /> <br /> No rent increase shall be effective if the owner: <br /> <br />(a) Fails to substantially comply with all provisions of this Division, including <br />but not limited to the failure to provide notices as required; or <br /> <br />(b) Fails to maintain the residential real property or mobilehome space in <br />compliance with California Civil Code Sections 1941.1 et seq. and California Health and <br />Safety Code sections 17920.3 and 17920.10, except as to Mobilehomes and <br />Mobilehome Spaces in Mobilehome Parks that are subject to the Mobilehome Parks <br />Act, Health and Saf ety Code section 18200, et seq.; Manufactured Housing Act, Health <br />and Safety Code section 18000, et seq.; or the National Manufactured Housing <br />Construction and Safety Standards Act of 1974, 42 U.S.C. sections 5401, et seq., as <br />applicable; or <br /> <br />(c) Fails to make repairs ordered by the City or court of competent <br />jurisdiction. <br /> <br />EXHIBIT 2