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after the Agency receives actual notice of the opening of escrow ire connection therewith, the <br />Agency may elect to appoint a certified, independent appraiser to onduct an appraisal of the <br />Property, at the Honiebuyer's expense, to assist the Agency in determining if the Sales Price is at <br />or rear the fair market value of the Property at such time. If the Sales Price is determined by the <br />appraisal to be three percent 3% or more below the fair market value of the Property as <br />estimated in said appraisal, then the "Sales Price" for purposes of determining the Contingent <br />Equity Participation Amount shall be the fair market value of the, Propetly established in said <br />appraisal. <br />b, Upon Refinancing/Failure to Occupy/Default. In the event of <br />refinancing, failure to occupy all of the Property in accordance with Section 7, or default or <br />breach of any provision of this Agreement that causes acceleration and the Contingent Equity <br />Participation Amount to become ininiediatel y dire and payable, the "Sales Price" for purposes of <br />determining the Contingent Equity Participation Amount shall be determined by an appraisal of <br />the Property. The Agency shall appoint a certified independent appraiser to conduct are appraisal <br />of the Property, at the omebuyer's expense. The Homeh y r agrees that its such evert the <br />Contingent Equity Participation Amount shall be the variable Applicable Factor multiplied by <br />the difference between the Purchase Price and Sales Price as established by the appraised value <br />of the Property at the time Of such refinancing, failure to occupy, or default of this Agreement. <br />ent. <br />Amount. <br />3,6 Hoinebuyer's Acknowledgment of Contingent Equity ai- icipation <br />HOMEBUYER AC14CNOWLEDGES AND AGRE ES THAT <br />UPON AND/OR UPON ANY OTHER VENT O <br />ACCELERATION AS SET FORTH IN SECTION 1.2 <br />HERE, F, HOMEBUYER SHALL PAY TO AGE, ICY IN <br />ADDITION TO THE AGENCY LOAN AMOUNT), <br />A CONTINGENT EQUITY PARTICIPATION AMOUNT <br />EQUAL TO A. PERCENTAGE GE SNARE OF THE <br />AP RE CYATION OF THE P OPERT Y AS CALCULATED <br />PURSUANT TO THIS SECTION 3. <br />HOMEBUYER'S INITIALS:: <br />Sale of Property to Moderate Income Household at ffordabl Housing Cost, <br />4,1 Foi -ty- Five Year Affordability Requirements, During the <br />Affordability Period, the Property tray be sold only to Eligible Persons and Families at ail <br />Affordable Dousing Cost -with the Agency's priori written approval. Thee requirements shall he <br />set forth in are Affordable Housing Resale Restriction Conditions, Covenants, and restrictions <br />Affecting Real Property and the resale, Ownership, Occupancy, Maintenance, and Other <br />Matters Related to Leal Property), in the form that is attached hereto as Exhibit "'D" and <br />incorporated herein by this reference. The Affordable Housing Resale Restriction permits <br />Homebuy r, in Hone buyer's sole discretion, through are event of acceleration pursuant to <br />Section LE, to transfer the Property at a price its excess of an Affordable Housing Cost during <br />ATTACHMENT NO. 11 -9 <br />Porno of Hoinebuyer Cosa Agreement <br />O SO 1 400673 v 13/200272-0001 <br />