Sec. 7-61
- Citation
- Sec. 7-61
- Parent Document
- Somerville Code of Ordinances ch. 7, art. IV (Condominium/Cooperative Conversion)
- Jurisdiction
- Somerville (municipal)
Other Sections in This Document (153)
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Full Text
956 charsThe provisions of such rental agreement may not be modified by the owner except with respect to the amount of annual rent. The total increase in rent for any one year during the period of notice shall not exceed an amount equal to the sum which would result by multiplying said rent by the percentage increase in the consumer price index for all urban consumers as published by the United States Department of Labor, Bureau of Labor Statistics, during the calendar year immediately preceding the date of receipt of the notice of intent to convert, or ten percent, whichever is less; provided, however, nothing herein shall limit the right of an owner to any amounts which may be due under a valid tax escalation clause, provided such tax escalation clause was included within the rental agreement existing as of the date of the notice of intent to convert. The review board shall be notified of any rent increase on a form provided by the review board. (h)