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Q <br />BUSINESS (Cont'd <br />3. Twenty percent of the residential occu- <br />pant's income.' <br />Collection of rents will be as follows: <br />1. <br />2. <br />Del in <br />1. <br />Owner- Occupant: 60 -day adjustment period <br />immediately following the date of acquisi- <br />tion will be allowed during which,time no <br />rent will be collected; thereafter, the <br />former owner will commence paying rent. <br />Tenant - Occupant: 30 -day adjustment period <br />immediately following the date of acquisi- <br />tion will be allowed during which time no <br />rent will be collected; thereafter, the <br />tenant - occupant will then pay rent to the <br />Department beginning with the first day <br />of the month immediately following the end <br />of the adjustment perfod. <br />?ncy in payment of rent: <br />Three delinquent notices can be issued be- <br />fore eviction proceedings will be instituted, <br />Mr. Hammerschmidt stated only a 30-day delin- <br />quency will be permitted; the first issued <br />on the 10th of the month, second on the 15th, <br />and rent not paid by the:30th represents <br />severe delinquency. The final notice of de- <br />linquency shall state that lf'the rent is not <br />paid immediately, eviction "proceedings will <br />be instituted. <br />Mr. Wiggins asked if at the time we purchase the <br />propert any :lease rights was the responsibility.of <br />the pro erty owner, that when we buy -tfie property, <br />it is 'f ee and clear of any leases concerned? Mr. <br />Hammers hmidt stated that this is'not true. All are <br />being t rminated in one sense. They become our <br />tenants after a 30-day period to pay rent. As soon <br />as we close, they pay rent according to the Federal <br />rates. We agree on the rental. If they are under <br />lease n w, we will pick up that rent. <br />Mr. Hel en asked when we get the option, does that <br />terminate everything? Mr, Hammerschmidt stated <br />that we link the purchase price between the tenant <br />and the owner. All agree upon it and we approve <br />the option and closing. In an option, if the tenant <br />wants t stay for a certain time, we agree on a <br />possession time after the closing, It does not void <br />the exi ting lease. In no gray do- we inherit a former <br />