After two years of contentious rhetoric and legal maneuvering, Montclair’s tenants and property owners have settled on wording for a revised rent control ordinance, Mayor Sean Spiller announced Thursday.

The agreement came at the eleventh hour, after negotiations broke down last fall and the town council voted last week to put the original ordinance to a voter referendum.

The new law, which replaces the ordinance adopted by the council in the spring of 2020, calls for an immediate 6% allowable increase, and a maximum of up to 4% every 12 months after that, with a maximum increase of 2.5% for seniors. It will include two- and three-family homes unless they are owner-occupied.

The council is expected to convene a special meeting to adopt the ordinance or extend the waiting period for sanctioning the referendum before it expires Friday at midnight.