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Amount is less than the Note Amount, upon payment in full of the Profit Sharing Amount to the <br />Agency the Note Amount shall be reduced to zero and shall be deemed paid in full. <br />4. Definitions. <br />"Profit Sharing Amount" shall mean twenty-five percent (25%) of the "Net Profit," if Net <br />Profit is a positive number. <br />"Net Prof t" means the "Gross Sales Proceeds" of the For-Sale Units, less the "For-Sale <br />Units Development Cost," and less the "For-Sale Units Development Profit." <br />"Gross Sales Proceeds" means the sum of the base sales prices for the For-Sale Units, <br />plus the "Net Options and Upgrades Proceeds," as defined herein. <br />a, "Net Options and Upgrades Proceeds" is defined as the difference between <br />the price paid by the purchasers of the For-Sale Units for "Options and Upgrades" ("Gross <br />Options and Upgrades Proceeds"), less the "Options and Upgrades Costs" for the For-Sale Units. <br />b. "Options and Upgrades" means any of those fixtures and improvements to <br />the For-Sale Units which are not reflected in the For-Sale Units Development Cost and are in <br />excess of the base For-Sale Unit. <br />C. "Options and Upgrades Costs" is defined as the costs actually incurred by <br />the Borrower to pay third parties for the "Options and Upgrades" to the For-Sale Units, including <br />the charges paid by the Borrower to the Borrower's general contractor(s) and/or subcontractors <br />for the purchase and/or installation of "Options and Upgrades", and the price of "Options and <br />Upgrades" paid by the Borrower directly to a product manufacturer or distributor, but only if the <br />Borrower purchases "Options and Upgrades" products directly from a manufacturer or <br />distributor, and then only pays the contractors/subcontractors to install the "Options and <br />Upgrades" products. <br />"For-Sale Units Development Cast" means the total actual cost to the Borrower of <br />planning, designing, financing, constructing, and developing Phase FS (in accordance with the <br />plans and specifications to be acted upon by the Agency as provided in the Agreement) through <br />the issuance of the Certificate of Occupancy for each of the For-Sale Units, and the costs of <br />conveying the completed For-Sale Units to homebuyers. Any such costs paid to parties related <br />to Borrower shall be limited to the costs that would have been payable to unrelated parties for the <br />equivalent goods and services. The For-Sale Units Development Cost shall include, but not be <br />limited to, the following: <br />• Grading and site preparation; <br />• Onsite and offsite improvements paid by Borrower (other than those paid with the <br />proceeds of the Agency Phase FS Loan); <br />• Construction costs for the For-Sale Units and related improvements; <br />• A general contractor fee not to exceed two and one-half percent (2.5%) of all <br />construction costs; <br />• Performance and completion bond premiums; <br />ATTACHMENT NO. 8A-2 <br />DOCSOG1404673v 141200272-0001