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Statement (as those terms are hereinafter defined). The Developer and the Homebuyer have <br />opened an escrow (Escrow No. r ! with ! escrowltitle company) <br />for Homebuyer's acquisition of the Property (the "Escrow") and the Agency shall be an <br />additional party to the Escrow in connection with the Homebuyer Assistance Loan. <br />1.2 Promissory Note. The Homebuyer shall execute, as maker, and deliver to <br />the Agency, a promissory note in favor of the Agency, as holder, substantially in the form of <br />Exhibit `B" that is attached hereto and incorporated herein by this reference (the "Note" or <br />`Promissory Note"). As more particularly provided in the Note, the essential terms and <br />conditions of the Homebuyer Assistance Loan are as follows: <br />a. Term. The term of the Note shall be forty-five (45) years from the <br />Homebuyer Assistance Loan Date (the "Term"). <br />b. Note Amount. The sums due and payable pursuant to the terms <br />and provisions of the Note consist of both the Homebuyer Assistance Loan Amount and the <br />Contingent Equity Participation Amount, as both terms are herein defined (collectively, the <br />"Note Amount"). As one component of the Note Amount, the Homebuyer shall pay to the <br />Agency the principal amount of <br />with zero percent (0%) interest thereon, subject to subsection (c) below. <br />C. Contingent Equity Participation Amount. As a second <br />component of the Note Amount, the Homebuyer shall pay to the Agency, together with the <br />whole of the Homebuyer Assistance Loan Amount, the "Contingent Equity Participation <br />Amount" if required by Section 3. <br />d. Homebuyer Assistance Loan Amount; Interest Deferred Until <br />Acceleration. The Homebuyer Assistance Loan Amount shall accrue zero percent (0%) interest <br />unless and until an event of acceleration occurs as set forth in Section 1.2(f), in which event a <br />"Contingent Equity Participation Amount" shall become due and payable by the Homebuyer if <br />required by Section 3. <br />e. Homebuyer Assistance Loan Amount; Time of Payment and <br />Forgiveness. No repayment of the Homebuyer Assistance Loan Amount shall be required <br />unless and until the Note Amount becomes due and payable, as provided in subparagraph (f) <br />below. <br />f. Acceleration. The whole of the Note Amount and all other <br />payments due hereunder shall become due and be immediately payable to the Agency by the <br />Homebuyer upon the occurrence of any one of the following events of acceleration: <br />(i) The Homebuyer sells or transfers the Property (or any part <br />thereof) by any means, including, without limitation, the lease, the rental, the exchange or other <br />disposition of the Property or any interest therein, whether voluntary or involuntary, except (A) a <br />sale of the Property to an eligible, qualified Moderate Income Household at an Affordable <br />Housing Cost with the Agency's prior written approval accomplished in strict conformity with <br />Section 4, or (B) the transfer of the Property solely as a result of the marriage, divorce, <br />ATTACHMENT NO. 11-3 <br />Form of Homebuyer Loan Agreement <br />DOCSOGl400673v 141200272-0001