3. Valuations used to determine the fair market value of the
manufactured home at the time the rent-to-own contract is entered into,
shall be based on the information provided by an independent system,
entity, publication or publications that provide valuation information
for manufactured homes adjusted, as appropriate, by reasonable and
identifiable regional market data, such as location, park-specific
amenities, trends and comparable sales.
4. Every rent-to-own contract shall clearly state that the
manufactured home tenant is occupying a rented home, until ownership is
transferred, and that the manufactured home park owner and operator
shall be responsible for compliance with the warranty of habitability,
including but not limited to all major repairs and capital improvements.
5. With the execution of every rent-to-own contract, the manufactured
home park owner or operator shall offer the manufactured home tenant a
lease for the site on which the home is located as provided in
subdivision f of this section, and, if the term of the rent-to-own
contract is longer than the term of the initial site lease, shall offer
renewal leases on the same terms as provided to manufactured home
tenants within the park pursuant to subdivision e of this section,
provided that such renewal lease may not include a rent increase greater
than that imposed on similarly situated manufactured home tenants that
own their home within the park.