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Haber, in addition to the fair market Value of Qualified Capital Improvements consistent with <br />the requirements of Section 7(g) hereof. <br />(1) De of Sales Price; Appraisal. <br />(i) Sale of the Property. In the event of a proposed sale of the <br />Property by the Hoirrebuyer that does not conform to Section 9 and not less than th t y 3 days <br />after the Holder receives actual notice of the opening of escrow ill connection therewith, the <br />Holder may elect to appoint a certified, independent appraiser to conduct an appraisal of the <br />Property, at the Maker's expense, to assist the Holder in determining if the Sales Price is at or <br />near the fair market Valle of the Property at such time. if the Sales Price is determined by the <br />appraisal to be three percent 3% on more below the fair market alue 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 Property established in said <br />appraisal. <br />(ii) Upon Refinancing Falltire to Occupy/Default. In the event of <br />refinancing, failure to occupy the Property in accordance with Section 7 of the Agreement, or an <br />Ownership Default alt or breach of any provision of the Agreement which causes the Contingent <br />Equity Participation Amount to become immediately dale and payable, the "Sales Price "' for <br />purposes of determining the Contingent Eg pity Patlicipation Amount shall be deter fined by are <br />appraisal of the Property. The Holder shall appoint a certified independent appraiser to conduct <br />an appraisal of the Pro erty, at the Maker's expense. The Haber agrees that in such event 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 Yalu <br />of the Property at the thne of such refinancing, failure to occupy, or default under the <br />Agreement. , <br />Maker's Acknowledgment of Contingent Equity Participation Amount. <br />MAKER ACKNOWLEDGES AND AGRE ES THAT UPON <br />SALE, TRANSFER OR RE FINANCING of THE <br />PROPERTY THAT DOES S NOT COMPLY WITH SEC'T'ION <br />, AND/OR UPON ANY OTHER DE FAULT THAT CAUSE <br />AN EVENT of ACCELERATION RATION S SET FORTH IN <br />SECTION 6 HEREOF, MAKE R SHALL PAS'' To HOLDER <br />(IN ADDITION To THE AGENCY LOAN AMOUNT), A <br />CONTINGENT EQUITY PARTICIPATION AMOUNT <br />EQUAL To A PERCENTAGE SHARE, of THE <br />APPRECIATION of THE PROPERTY AS CALCULATED <br />PURSUANT To SECTION 7. <br />MAKER ROMEB Y R S INITIALS: <br />Sale to Moderate Income Household at ffordable Housing Cost. During the <br />Affordability Period, the Note will not become due and payable, and no Contingent Equity <br />Participation Amount shall be required hereunder in connection with such sale, if'the Maker sells <br />EXHIBIT B-6 To ATTACHMENT No. 11 <br />Promissory Note <br />oO11 400673N, 1312 00272-0001 <br />