- 16 - 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.Page: Previous 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 Next
Last modified: May 25, 2011