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Amount is less than the Note Amount, upon patent in full of the Profit Sharing Amount to the <br />Agency the Note Amount shall be reduced to zero and shall be deemed paid in fill. <br />Definitions, <br />"Profit Sharing Amount" shall mean twenty -five percent % of the "Net Profit," if Net <br />Profit is a positive number. <br />"Net Profit" nicans the "Gross Sales Proceeds" of the For -Sale Units, less the "For-Sale <br />Units Development Cost, "' and less the "'For -Sale Units Development Profit." <br />"Gross Sales Proceeds" means the su i of the base sales prices for the For -Sale Units, <br />plus the "Net Options and Upgrades Proceeds," as defined herein. <br />a. "Net Options and Upgrades Proceeds" is defined as the difference be veer <br />the price paid by the purchasers of the For-Sale Units for "Options and Upgrades" ("Gross <br />Options and Upgrades Proceeds"), less the "Options and Upgrades Costs" for the For -Sale Units. <br />b. "Options and Upgrades" means any of those fixtures and inipro enients to <br />the For -Sale Units which are not reflected in the For -Sale Units Development Cost and are in <br />excess of the base For -Sale Unit. <br />C. "Options and Upgrades Costs" is defined as the costs actually incurred by <br />the Borrower to pay third parties for the "Options and Upgrades" to the For -Sale Units, including <br />the charges paid by the Borrower to the Borrower's general contractor(s) and/or subcontractors <br />tractors <br />for the purchase and/or installation of `Mies and Upgrades"'. and the price of "Options and <br />Upgrades" paid by the Borrower directly to a product inanufact rer or distributor, but only if the <br />Borrower purchases "'Options and Upgrades"' products directly from a manufacturer or <br />distributor., and then only pays the contractors subcontractors to install the "Options and <br />Upgrades" products. <br />"For-Sale Units De elope ent Cost "' means the total actual cost to the Borrower of <br />planning, designing, financing, constructing, and developing Phase FS in accordance with the <br />plans and specifications to be acted upon by the Agency as provided in the Agreement tbroigh <br />the issuance of the Certificate of Occupancy for each of the For -Sale Units, and the costs of <br />conveying the completed For -Sale Units to ho ebuyers. Any such costs paid to parties related <br />to Borrower shall be limited to the costs that would have been payable to unrelated parties for the <br />equivalent goods and services. The `or -Sale Units Development Cost shall include, but not be <br />limited to, the following: <br />Grading and site preparation; <br />0 Onsite and of`f'she improvements paid by Borrower (other than those paid with the <br />proceeds of the Agency Phase PS Loan); <br />Construction costs for the Poi -Sale Darts and related improvements; <br />0 A general contractor fee not to exceed two and one -half percent (2.50/0) of all <br />constmdion costs; <br />0 Performance and completion bond rier iums; <br />ATTACHMENT I' N . A -2 <br />D oCSOM 400673 v 1 3/200272 -0001 <br />