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

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secured by the Hom buy r, (excluding and other than loans or subsidy ies provided by the Agency as set foith in the definition of the Agency Contribution)) tin and applied by the Hoi nebuyer towards the purchase of the Prope ly. (iii) The "Purchase Price" is the Original purchase price paid by the Hoinebuyer Or the Hoinebuyer as the qualified successor owner Of the Property) to the seller of the Property the "Seller") (generally this amount shall be equal t0 the original fair market value Of the Property at the time of the initial /original riginal sale Of the Property by the Developer t0 the Homebuyer ) for the Seller's interest In the Property, exclusive Of escrow fees, title insurance costs, broker's commissions, loan fees or any other closing or transaction costs. Subject to the provisions set forth hereinbelow, the value Of Qualified Capital Improvements shall be added to the Purchase Price when calculating the COntingcnt Equity Participation Amount. (iv) The "Sales Price is the price to be paid by the prospective buyer (who is not a qualified Moderate Income H mebuyer Of the Property the "Buyer") t0 the H mebuyer* r the Homebuyer as the qualified successor owner of the Property) for the Homebuyer's interest in the Property, exclusive of reasonable escrow fees, title insurance costs, broker's commissions, loan fees or any other closing or transaction costs. The Sales Price shall be established in conformity ity with Section 7 1 i . In the event of the HO rrebuyer's refinancing, failure to occupy, or an Ownership Default, the "Sales Price"' shall be established its conformity with Section 7(1)(H). (v) The "Affordable Housing Cost Subsidy" is the ainount deeirr d to be a subsidy from the Agency provided to the Homebuyer by making the Property available for purchase at a price that constitutes an Affordable Housing Cost for H nnebuyer, as a Moderate Income Household. The Affordable Housing Cost Subsidy equals the difference betxveen the appraised fair market value Of the Property as Of the date of the Agreement and the Affordable Housing Cost. (c) Exception Calculation. Notwithstanding the above, the Variable Applicable Factor shall equa l the greater of fifty percent 0% or the Variable Applicable Factor calculated pursuant to Section 7(b); pr o i l d ho- %ve er, in the event Haber receives a First Lien loan from the California Finance Agency or a First Lien loan the source of proceeds of which are from tax exempt bonds, then the Variable Applicable Factor shall equal the Variable Applicable Factor percentage calculated pursuant to Section 7(b). (d) U Variable Applicable Factor to Determine the Contingent Equity Participation Aniount. The Contingent Equity Parlieipati n Amount is calculated by multiplying the Variable Applicable Factor by the difference between the Sales Price and the Purehase Price. For example, if the Variable Applicable Factor equals 10.7%, the Contingent Equity Participation Amount would then equal 10.7% (Variable Applicable Factor) x (Sales Price minus the Purchase Price). In the above example, if the Sales Price o occur upon resale not conforming to Section 4 of the Agreement) ent equals $380,000 and the Purchase Price equals $280,000, the Contingent Equity Participation Amount would equal $10,700 10.7% x ($380,000 rnintis $280,000)). EXHIBIT B-4 TO ATTACHMENT NO. I I Promissory Note DO CSO C11 400673v131200272 -0001