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12a Hardship. At the request of Homebu firer, and for a specific occasion, Ag n may, in its sole and absolute discretion, in writing waive the requirements of Section 11, subparagraph h and defer rep a yment and for extend the term of the Dote. Any waiver or deferment shall be on a case-by-case basis, and no future rights for waiver or deferment shall arise or be implied. Notwithstanding the foregoing, Homebuyer may, upon written approval by Agency, refinance any Fiat Lien with a fixed rate loan for a loan arnount equal to or less th an the then current loan balance secured by such First Lien with no reduction in term. 11 Contingent Equity Participation Amount. In the event that the Homebuyer Assistance Loan becomes due and payable pursuant to Section 11 b above} Homebuyer shall pay to Agency the whole of the Hornehu er Assistance Loan and the "Contingent Equity Participation Amount," as hereinafter defined. (a) Calculation of Contingent Equity Participation Amount. The "Contingent Equity Participation Amount" means an amount equal to a percentage share of the appreciation of the Property determined b multiplying a variable percentage fax for ("'Variabl Appli able Factor) * by the difference between the Sales Price and the Purchase Price as those teams are hereinafter d find . (b) Variable Applicable Factor Calculation. The Variable Applicable Factor shall be calculated by dividing the Agency's total initial equity contribution based on sale of the Property to Hom bu firer at an Affordable Housing Cost ("Agency Contribution" by the sum of the Agency Contribution plus Homely u er' s contribution ("Homebuyer Contribution"). In other words, the Agency Contribution shall be the numerator, and the sum of the Agency Contribution plus the Homebuyer Contribution shall be the denominator of a fraction that equals a percentage that is the Variable Applicable Factor (subject to Section 1 b i . Variable Applicable Faxtur = i erg nutribudon Agency Contribution + Homebuyer Contribution For example* if the Agency Contribution equals $30,000 and the Homebuyer Contribution equals $250,000, the Variable Applicable Factor would q u al 10.7% ($30,000 divided by the sum of $30,000 plus $250,000). lb.'s % (Variable Applicable Factor) $30,000 (Aptenc ri br r o r) $30,000 (Agency Contribution) + $250,000 (Ho mebuyer Contribution) = 0,000 (i) The "Agency y Contribution"' is the sum of the following amounts contributed by Agency to the purchase price of the Property: i principal amount of the Horn bu er Assistance Loan Amount, i.e., the Affordable Housing Coat Subsidy as hereinafter EXHIBIT - 10 TO ATTACHMENT NO. 11 Affordable Housing Resale Restriction DOGS OU 140067 3 v! 4120027 -O I