80A - JOINT PH - TRANSIT ZONING CODE, FINAL EIR, SPECIFIC PLAN ETC. - ORIGINAL PACKET PROVIDED TO COUNCIL

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7, Contingent quit y Participation Amount. If an event of acceleration occurs as described in Section 6, and the Maker is not selling the Property pursuant to Section 4 of the Agreement, the Maker shall pay to the Holder, the whole of the Hoi ebuyer Assistance Loan Amount and the "Contingent Equity Participation Amount," hereinafter defined. If the Homebuyer is selling the Property to an Eligible Person and Family at an Affordable Housing Cost Ninth the Agency's prior written approval, in accordance with the requ irements of Section 9 hereunder and Section 4 of the Agreement, then no Contingent Equity Participation Amount shall be required hereunder in connection with such sale. (a) Calculation of Contingent Equity Pailicipation Anioun . The "Contingent Equity Participation Aniou t" means an aniount equal to a percentage share of the appreciation of the Property determined by multiplying a variable percentage factor (the "Variable Applicable Factor") by the difference between the Sales Price and the Purchase Price (as those terms are hereinafter defined). (b) affable Applicable Factor- Calculation. The Variable Applicable Factor shall be calculated by dividing the Agency's total initial equity contribution the "Agency Contribution" by the sum of the Agency Contribution plus the Homeb Dyer's contribution (the "Homebuyer Contribution"). In other words, the Agency Contribution shall be the numerator, and the sum of the Agency Contribution plus the Homebuyer Contribution shall be the denominator of a fraction that equals a percentage that is the Variable Applicable Factor (subject to Section bi• Variable Applicable Factor _ ..Co»tributio n Agency C ntiiibution + H »tebuyer Conti- lbut.ion For example, if the Ageney Contribution equals $30,000 and the Honiebuyer Contribution equals $250,000, the Variable Applicable Factor would equal 10.7% ($30,000 divided by the sutra of $30,000 plus $250,000). 10.7% (Variable Applicable Factor) _ $30,000 Agene Contiiibution .� $30,000 Agen y Contribution) $250,000 Homebuyer Contribution) = ($280,000) (i) The "Agency Contribution" is the sum of the following amounts contributed by the Agency to the purchase price of the Property i principal amount of the Hornebu rer Assistance Loan, i.e., the Affordable Housing Cost Subsidy as hereinafter defined); and (ii) the principal amount (s) of any other loan(s) or subsidy ies provided by the Agency. (H) The "Homebuyer Contribution" is the sutra of the following amounts contributed by the Homebuyer to the purchase price of the Property: l the principal amount of the First Lien loan; (ii) the Homebu per's cash down payment plus the Homebuyer' portion of closing g costs; and (iii) the original principal amount of loans (s) or other subsidy ies EXHIBIT B-3 TO ATTACHMENT CHMENT N . f f Promissory Note D CSOC /1400 7 v 3/200272 -0001