Laserfiche WebLink
10.7% (variable Applicable Factor) x $100,000 (Sales Price — Purchase Price) = $10,700 (Contingent <br />Equity Participation mount . <br />(e) Calculation of Contingent Equity Participation Amount for <br />Subsequent Homebuyers. If pursuant to Section 4 of the Agreement and Section 9 of this Note, <br />Buyer has filly assumed the omebuyer's obligations under the Agreement, this Note, the <br />Agency Deed of Trust, Notice of Affordability Restrictions and the Affordable Housing Resale <br />Restriction, and thereafter the new Buyer, as the successor Homebuyer, is in Ownership Default <br />which causes an event of acceleration to occur, the Contingent Equity Participation Amount to <br />be paid by such Byer shall be calculated by multiplying the variable Applicable Factor, <br />established in Section , by the difference between the Sales Price, established in conformity <br />with Section 7(l), and the Purchase Price. <br />(f) No Appreciation or Depreciation in Value of Property. If an event of <br />acceleration occurs at a time when the Property has not appreciated or the value of the Property <br />has depreciated (the Sales Price is less than the Purchase Price), then no Contingent Equity <br />Participation Amount is due by Maker to Holder. <br />(g) Qualified Capital I mprovements. The value of any Qualified Capital <br />Improvements completed by Maker during Maker's ownership of the Property shall be added to <br />the Purchase Pricc wlicii calculating the Contingent Equity Participation Amount only if, not <br />later than thirty 30 days prior to the evert of acceleration causing the Contingent Equity <br />Participation Amount to become immediately due and payable pursuant to Section 6, the Maker <br />subunits the following to the Holder: i an itemized list of the Qualified Capital Improvements, <br />(ii) reliable proof of completion of the Qualified Capital Improvements as evidenced, e.g., by <br />final building permits, a certificate of completion or original paid invoices or eonstrUCtiell <br />contracts), and (iii) an appraisal froin a certified appraiser, in form and substance reasonably <br />acceptable to the Executive Director., the conclusion of which is that the Qualified Capital <br />Improvements ents lave added the stated amount to the fair market value of the Property. <br />If, within thirty 30 days of receipt of the information concerning the Qualified <br />Capital Improvements, the Holder questions the claimed increase its the value of the Property by <br />reason of saki QUalified Capital Improvements, the Holder and the Maker may, by mutual <br />agreement, establish the value of the QU lified Capital Improvements or the Holder may require <br />an appraisal of the Property, at the Maker's expense, by a second indepciident certified appraiser <br />appointed by the Folder to determine the fair inarl et value of the Qualified Capital <br />Improvements. <br />(h) Credit to Maker. Notwithstanding the foregoing provisions of this <br />Section 7, calculation of the Contingent Equity Participation Amount is subject to a superior <br />right of the Maker to receive credit in calculation of the Purchase Price for money paid by the <br />Maker post acquisition and during the terns of the Maker's ownership of the Property or <br />installment payments of r oilgage principal, pursuant to the First Lien actually made by the <br />X [BIT B-5 TO ATTACHMENT N. l l <br />Promissory Note <br />D OC I 400673v 13/200272- 001 <br />