What ground rent does a homeowner pay under the ground lease?
Initial Basic Rent (Years 1 through 5): $500 per year, equivalent to $41.67 per month Basic Annual Rent (Year 6 to end): $2,000 per year plus CPI Adjustment after Year 10 and after each 5-year period thereafter, equivalent to $166.67 per month plus CPI Adjustment after Year 10 and after each 5-year period thereafter. What are the other terms of the ground lease? The ground lease agreement between Cal Poly Pomona Foundation and the homebuyer contains program controls designed to keep the Fair Oaks Walk community affordable, available and attractive to University-affiliated buyers over time, such as restrictions on buyer eligibility, Cal Poly Pomona Foundation’s right to repurchase, and resale price limitations. It also contains terms typically addressed in ground leases such as the length of the lease, ground rent, maintenance obligations, and mortgage rights, as well as miscellaneous protections for Cal Poly Pomona Foundation and the residents. (This is not a complete summary of the Gr
