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Homebuyer, in addition to the fair market value of Qualified Capital Improvements consistent with the requirements of Section 13(f) hereof (h) Determination of Sales Price-o Appraisal. (i) Upon Sale of the Property. In the event of a proposed sale of the Property by Homebu er that does not conform to Section 4 herein, and not less than thirty o days after Agency receives actual notice of the opening of escrow in connection therewith, the Agency may elect to appoint a certified, independent appraiser to conduct an appraisal of the Property, ty, at Horn h u firer' s e p n se . to as l i s t Agenc y in de t rrrj1' ' ng if the S. ales Pric e i s at or n e ar the fair market value of the Property at such time. If the Sales Price is determined by the appraisal to be three percent (3%) or more below the fair market value of the Property as estimated in said appraisal, then the "'Sales Price" for purposes of determining the Contingent Equity Participation Amount shall be the fair market value of the Property established in said appraisal. (ii) Upon lief inancin g Failure to c c up efault. In the event of refinancing, failure to occupy the Property in accordance with Section 10 hereof} or default or breach of any provision of the Loan Agreement which causes the Contingent Equity Participation Amount to become immediately due and payable, the "Sales Price' for purposes of determining the Contingent Equity Participation Amount shall be de ter ine d by an appraisal of the Property. Agency shall appoint a certified independent appraiser to conduct an appraisal of the Property, at Homeh u firer' s expense. Hom hu firer agrees that in such event the Contingent Equity Participation Arnou nt shall lye. the V ari AI e Applicable Pastor multiplied by the dif f r nce between the Purchase Price and "Sales Price" as established h the appraised value of the Property at the time of such r financing, failure to occupy, or default of the Agreement. Amount. (i) Homebuyer's Acknowledgment of Contingent Equity Participation HOMEBUYER ACKNOWLEDGES AND AGREES THAT UPON SALE, TRANSFER OR REFINANCING OF THE PROPERTY THAT DUES NOT COMPLY WITH SECTION 4 HEREIN, AND/OR UPON ANY QT HER EVENT OF ACCELERATIQN AS SET FORTH IN SECTION 11{b} HEREOF, HOMEBi]YER SHALL PAY TO AGENCY IN ADDITION TO THE AGENCY LOAN AMOUNT, A CONTINGENT EQUITY PARTICiPATIQN AMOUNT EQUAL TO A PERCENTAGE SHARE OF THE APPRECIATION OF THE PROPERTY AS CALCULATED HOIEBUY ' MTUL : 14. Compliance with Laws; Governing Law. Hom bu er hereby agrees to comply with all applicable ordinances} rules, and regulations of Agency. Nothing harem is intended to be, nor shall it be deemed to be, a waiver of any City ordinance, rule, or regulation. This E M IT D- To ATFACHMIENT NO. l 1 Affordable Housing Resale Restriction D0 CS 00 140067 3 v 14!200 272 -0001