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12, Hardship. At the request of Homebuyer, and for a specific occasion, Agency <br />nay, in its sole and absolute discretion, in Writing waive the requirements t of Section 11, <br />subparagraph b and defer repayment and/or extend the terirr of the Note. Any waiver or <br />deferme nt shall be on a ease -by -ease basis, and no future rights for waiver or deferment shall <br />arise on be implied. Moth ithstanding the foregoing, Hoinebuyer tray, upon written approval by <br />Agency, refinance any First Lien with a fixed rate loam for a loam amount equal to or less than the <br />then current loan balance secured by such First Lien with no reduction in term. <br />13, Contingent Equity Participation Aniount. In the event that the Homebuyer <br />Assistance Loan bee rnes due and payable pursuant to Section 11 b above, Hoi eb Ayer shall <br />pay to Agency the whole of the Homebuyer Assistance Loan and the "Contingent Equity <br />Participation Amount," as hereinafter defined. <br />(a) Calculation of Contingent Equity Pax• ieipation Ainou nt. The <br />"Contingent Equity Participation Amount" means an aino nt equal to a percentage share of the <br />appreciation of the Property determined by multiplying a variable percentage factor ( "Variable <br />Applicable Factor") by the difference between the Sales Price and the Purchase Price as those <br />terms are hereinafter defined). <br />(b) Variable Applicable Fae oi- Calculation. The Variable Applicable <br />Factor shall be calculated by dividing the .g ney's total initial equity contribution based on sale <br />of the Property to Honiebuyer at an Affordable Housing Cost "Agency Contribution") by the <br />sum of the Agency Contribution plus Homebuyers contribution ("Homebuyer Contribution"). <br />In other words, the Agency Contribution shall be the numerator, and the sum of the Agency <br />Contribution plus the Homebuyer Contribution shall be the denornrnator of a fraction that equals <br />a percentage that is the Variable Applicable Factor (subject to Section 13 b i . <br />Variable Applicable Factor = Agency Contribution <br />Agency Contribution + Homebuyer ontribution <br />For example, if the Agency Contribution equals $30,000 and the Homebuyer <br />Contrib ution equals $250,000, the Variable Applicable Factor would equal 10.7% $ o, <br />divided by the sum of $30,000 phis $250,000). <br />10.7% (Variable Applicable Factor) — $30,000 (Agency Contribution) <br />$30,000 (Agency Contribution) + $250,000 Honiebuyer <br />Contribution) — (8280,000) <br />(i) The "Agency Contribution" is the sum of the following amounts <br />contributed by Agency to the purchase price of the Property: i principal amount of the <br />Homebuyer Assistance Loan Amount, i.e., the Affordable Housing Cost Subsidy s hereinafter <br />EXHIBIT - 10 To ATTACHMENT No. l l <br />Affordable Housing Resale Restriction <br />oCSOCh400 73v13/200272 -00 l <br />