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

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In the above example, if the Sales Price equals $380,000 and the Purchase Price equals $280,000, the Contingeiit Equity Participation Amount would equal $10,700 (10.7% ($380,000 irrinus $280,000)). 10.7% (Variable Applicable Factor) x $100,000 (Sales Price — Purchase Price) = $10,700 (Contingent Equity Participation moun . (d) Calculation of Contingent Equit y Participation Aniount for Subsequent Honiebuyers. If pursuant t o Section 4 of the Loan Agreement, a Buyer has ffilly ass need omebuyer's obligations under the Agreement, the Promissory Note, the Agency feat of Trust, the Notice of r a ilit y Restrictions, nd this Restriction, an thereafter the new Buyer, as the successor Ho ebuyer•, causes an event of acceleration to occ ur, the Contingent Equity Participation Amount to be paid by uch Buyer shall be calculated by multiplying the Variable Applicable Factor, established in Section 13(b), by the difference between the Sales Price, established in conformity with Section 13(h), and the Purchase Price. (e) No Appreciation or Depreciation in value of Pr# pert y. If an event of acceleration occurs at a time when the Property has not appreciated or the value of the Property has depreciated (i.e., the Sales Price is less than the Purchase Price), thetl no Contingent Equity Participation Amount t is due by H omebuyer to Agency. (f) Qualified Capital Improvements. The value of any Qualified Capital Improvements completed by Romebuyer during Honlebuyer's ownership of the Property shall be added to the PUrchase price when calculating the Contingent Equity Participation Amount only if, not later than thirty clays prior to the event of acceleration causing the Contingent Equity Participation Amount to become immediately due and payable pursuant to Section 11 (b), Horrreb yer subrrrits the following t Agency: i an itemized list of the Qualified Capital Improvements, ii reliable proof of completion pletion f the Qualified Capital Improvements s evidenced e.g., by final building permits, a certificate of completion or original parch invoices or constr =tiorr contracts), and (iii) an appraisal from a certified appraiser, in form and substance reasonably r acceptable to the Executive Director, the conclusion of which is that the Qualified Capital Improvements have added the stated amount to the fair market value of the Property. 1f, within 3 days of receipt of the information concerning the Qualified Capital Improvements, Agency questions the claimed increase its the value of the Propelly by reason of said Qualified Capital Improvements, Agency and Homebuyer may, by inutual agreement, establish the value of the Qualified Capital Improvements ents r Agency may require an appraisal of the Property, at oniebu is expense, by a second independent certified appraiser appointed by the Agency to determine the fair market value of the Qualified Capital Improvements. (g) Credit to oniebu er. Notwithstanding the foregoing provisions of this Section 13, calculation of the Contingent Equity Participation Amount is subject to superior right of Honriebuyer to receive credit in calculation of the Purchase Price for inoney paid by mebuyer pest acquisition and during the tenu of Hornebuyer's ownership of the Proper, for installment payments ents of mortgage principal, pursuant to the First Lien actually made by EXHIBIT D- 12 TO AT'T'ACHMENT N. 11 Affordable Housing Resale Restriction DO CSOC/1 4 00673v 13/200272-0001