Highland Farms, Inc. and Subsidiary - Page 16

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          the common area.  Paragraph 21.5 of the Declaration states,                 
               Leasing or renting of Unit is not prohibited; provided,                
               however, that so long as [petitioner] owns or control                  
               (sic) the Highland Farms Retirement Complex,                           
               prospective tenants must first be approved by                          
               [petitioner] for suitability within the Highland Farms                 
               Complex, which approval shall not be unreasonably                      
               withheld.                                                              
          Petitioner filed an amendment to the Declaration on December 31,            
          1987, adding more units and area to the condominium.                        
               As of June 27, 1991, the overall average length of occupancy           
          of an apartment unit by a particular resident was 5 years, 2                
          months.8  As of June 27, 1991, the overall average length of                
          occupancy of a lodge unit was 2 years, 4 months.9  Petitioner's             
          occupancy data was not analyzed on an individual resident basis.            
          Petitioner opines that if occupancy were calculated on an                   
          individual resident basis, the average length of occupancy would            
          have been longer than that by unit, since some residents changed            
          apartments.  The actuarial life expectancies of the lodge                   
          residents10 upon their entry dates ranged from 3.0 years to 15.3            
          years.  A sample of 15 of the 123 apartment residents exhibited             
          life expectancies at entry ranging from 5.7 years to 15.3                   
          years.11                                                                    


          8 The average length of occupancy for each unit was                         
          calculated, and then the overall average length of occupancy for            
          all units was calculated.                                                   
          9 See supra note 8.                                                         
          10 This data was compiled using the residents at the time of                
          the analysis, sometime in mid-1991.                                         
          11 See supra note 10.  This sample was drawn by taking each                 
          eighth account beginning with the eighth account.                           



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