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~ Archi#ectut•a~, engineering, desig>~ and r4eprodi~c#ian fees; <br /> ~ ~ansultir~g and professional fees paid to third parties 4~itl~ r;~~p~ct to t~~~ ~~re~rrrent <br /> and cot~strlrctial~ of Phase F~ <br /> • De~elopl~lel~t, per'rrrit clad inspection fees charged by airy public agency ine~rt•1•ed at~d <br /> pard by the ~orto~~er~, <br /> • An overhead fee payable to the Barr'o~ver v~hicl~ shall not exceed tl~r~ee percent ~~~I~} <br /> of tl~e gr+o~ sales pr~lces a tine Foz*~a~e knits arld oti~er~ pa~o~cct rever~~re; <br /> ~ onstr~rctiot~ loan fees al~d p~~nts; <br /> ~ ~epayt~ler~t of corrstr~retfol~ late principal, interest and contingent inter•es#; <br /> • Repayn~el~t ofequity loans and coratr{ibutians, irlcl~rding pr~ir~cipal, interest al~d <br /> preferred retrrr'ns, <br /> ~ Pelt anent loaf fees at~d points payable ~ tl~e ~orra~ver•; <br /> • ether fees and. costs of cor~structlat~ laal~s al~d equrty financrl~g, <br /> • Property taxes, insural~ce costs, sec~rr'rty costs, ~rtrltty casts and r~alntel~al~ce expenses <br /> il~c~rrlied durlt~g #l~e col~stl•~tction period; <br /> • uol~~eo~vners' assoe~ation dues payable by tl~e ~arra~ver; <br /> • Sales cal~~n~issians payable to the ~arra~ver's agents al~d bral~ers ~rlot to exceed. °I~~ <br /> and cooper•at~ng b>~yers~ ael~ts ar~d br4okers far tl~e sale oftl~e Far-Sale Urlrts; <br /> • ~tl~er reasonable acid act~~ai costs of car~veyili tl~e For~Sale Uni#s to l~alr~eb~ryer~s, <br /> inel~rding escr'o~ fees, title insurance fees, tapes at~d fees lrnpase~ 11th respeet to the <br /> sale oftl~e For•-Sale ~r~its; <br /> ~ B~rilder's ~~ral•ranty reserve funds not to exceed ~,OD~ per• >~or-Sale Unit; al~d <br /> + Any other actual costs to the Barra~~ei' of plat~nit~, destgl~il~g, fil~al~cin~ eons~r'uctln <br /> al~d developing Phase FS hieb Have teat been paid by the Agency ar atl~er par•ties~ <br /> "Far'-Sale L~r~its Development Profit" shall n~earr t~~elve percent ~l°Io) of tl~e sul~~ of ~i~ <br /> tl~e total base sales pr{ices ~`or• tl~e For-dale ~l~its, plus iii} the brass ~ptior~s at~d upgrades <br /> Proceeds for tfie For-dale Units. This alnaunt shall be paid to andlor• retained by the Barroer <br /> prior to #l~e payrrrerrt of the Profit Sha~•ing An~o~rnt, if al~y, to tl~e Agency hereunder. <br /> For #l~e p~~rpose of facilitating the calculation the Far•-Sale Units Sales Proceeds, r•oss <br /> ~pt~ons at~d Upgrades Proceeds, at~d Net Dp#iol~s al~d Upgrades Proceeds, tl~e put•cl~ae and sale <br /> agr•eernet~t fot~ each Far-Sale Unit shall delineate the base sales price and the price el~aled to the <br /> buyer for Optiar~s and Upgrades, <br /> ecurify, This Nate is see~rred by a Deed of Trust ~t~~e "Deed of Tr'us~}'} da#e as <br /> of tl~e sane date as this Note Tl~e Deed of Tr~rst shall be recorded in second priority and shall <br /> be subardil~ate only to the deed of trust sec~rtiri ~orro~~ver's contructra~l fina~lern for• tl~e <br /> ~'tio~ect as approved by Agency pul}scant #a tl~e Agreetrter~t. The Deed of Trtlst shall provide for <br /> a par•tia~ recanveyal~ce of the Deed of T~'«st iri cor~l~ection ~vitl~ the sale of each ~rrdividual For'- <br /> ale Unit, Agel~cy ~lnderstands #l~at tl~e Deed of Trust ~vlll be fir~ly t•ecot~veyed prior to tie <br /> payt~ner~t made pursrra~~t to eetion ~ hereof, <br /> l~o~x~~ecnurse, Ul~til the full recanveyance of tl~e Deed of Trust, this Note shall <br /> constitute a nol~r•c0urse oblrgatrarl of Borro~ver, al~d nertl~er' Borro~~rer riDl' ally of its t~elnbers <br /> shall have qtly personal liability fog' payrnet~t or pet•for+t~ance of tills Note In tl~e event of a <br /> ATTAIENT N0, 8A-3 <br /> <br /> ~oco~~~~~~~~T~ ~~~oa~~~-oo~i <br /> <br />