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In the above example, if the Sales Price equals $380,000 and the Purchase Price equals ,000, the Contingent Equity Participation Amount would equal 10,700 10.7 % ($380,000 minus ,00. 10.7 % va ria ble Applica ble Fac to r) x 10 0 #0 00 (Sales Pri ce — Pu rch ase P rice) = $10,70 o ( ontingcn t Equity Participation Amount),. (d) of Contingent Equity Participation Amount for Subsequent Humebuy r . If pursuant; to Section 4 of the Loan Agreement, a Buyer has fully assumed Hornebuyer's obligations under the Agreement, the Promissory Note, the Agency Deed of Trust, the Notice of Affordability Restrictions, and this restriction, and thereafter the new Buyer, as the successor Homebuyer, causes an event of acceleration to occur, the Contingent Equity Participation Amount to be paid by such Buyer shall b calculated by multiplying the Variable Applicable Factor, established In Section 13(b), b the difference between the Sales Price, established in conformity ith Section 13(h), and the Purchase Price. (e) No Appreciation or Depreciation i n Value of Property. If an event of acceleration occurs at a time when the Property has not appreciated or the value of the Property has depreciated i.. , the SaJes Price is less than the Purchase Price), then no Contingent Equity Participation Amount is due by Homebuyer to Agency. (f) Capital Improvements. The value of any Qualified Capital Improvements completed by Homebuyer duri rig H om ebuy r's ownership of the Property s halI be added to the Purchase Price when calculating the Contingent Equity Participation Amount only if, not later than thirty o days prior to the evert of acceleration causing the Contingent Equity Participation Amount to become immediately due and payable pursuant to Section 11 (b), Homebuyer submits the following ring to Agency: i an itemized list of the Qualified Capital Improvements, (H) reliable proof of completion of the Qualified Capital Improvements as evidenced e.g., by final bu ildin permits, a certificate of completion or original paid invoices or construction contracts), and (iii) an appraisal from a certified appraiser, in form and substance reasonably acceptable to the Executive Director, the conclusion of which is that the ual ifi d Capital Improvements have added the to t d wnount to the fair market value of the Property. If, within days of receipt of the information conceming the Qualified Capital Improvements, Agency quest ions the claimed increase in the value of the Property by reason of s a.i d Qualified Capital Improvements, Agency and Homebuyer may, by mutual a reernen t } establish the value of the Qualified Capital Improvements or Agency may require an appraisal of the Property, at Homebuyer's expense, by a second independent c erti f e d appraiser appointed by the Agency to determine the fair market v alu e o f the Qu al-i fie d C apltal Improvemen t . (g) to Homebuyer. Notwithstanding the foregoing provisions of this Section 13, calculation of the Contingent Equity Participation Amount is subject to a superior right of Homebuyer to receive credit in calculation of the Purchase Price for money paid by H Dra b u er pot acquisition and during the term of Homebuyer's ownership of the Property for installment payments of mortgage principal, pursuant to the First Dien actually made by EXHIBIT D-12 TO ATTACHMENT NO. I 1 Affordable Housing resale restriction DOGS OCI 400673 v 14 /20027 2-0001