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(4) Residential real property that is alienable separate from the title to <br />any other dwelling unit, provided that both of the following apply: <br />A. The owner is not any of the following: <br />i. A real estate investment trust, as defined in section 856 <br />of the Internal Revenue Code. <br />ii. A corporation. <br />iii. A limited liability company in which at least one member <br />is a corporation. <br />B. <br />i. The tenants have been provided written notice that the <br />residential real property is exempt from this section using <br />the following statement: <br />"This property is not subject to the rent limits imposed <br />by Santa Ana Municipal Code section 8-1998.1 and <br />the owner is not any of the following: (1) a real estate <br />investment trust, as defined by section 856 of the <br />Internal Revenue Code; (2) a corporation; or (3) a <br />limited liability company in which at least one member <br />is a corporation." <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 />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 />(5) 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 />(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 />Ordinance No, NS-3009 <br />Page 8 of 11 <br />