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Property, at the Homebuyer's expense, to assist the Agency in determining if the Sales Price is at <br />or near the fair market value of the Property at such time. If the Sales Price is determined by the <br />appraisal to be three percent (3%) or more below the fair market value of the Property as <br />estimated in said appraisal, then the "Sales Price" for purposes of determining the Contingent <br />Equity Participation Amount shall be the fair market value of the Property established in said <br />appraisal. <br />b. Upon Rellmancing/Failure to Occupy/Default. In the event of <br />refinancing, failure to occupy all of the Property in accordance with Section 7, or default or <br />breach of any provision of this Agreement that causes acceleration and the Contingent Equity <br />Participation Amount to become immediately due and payable, the "Sales Price" for purposes of <br />determining the Contingent Equity Participation Amount shall be determined by an appraisal of <br />the Property. The Agency shall appoint a certified independent appraiser to conduct an appraisal <br />of the Property, at the Homebuyer's expense. The Homebuyer agrees that in such event the <br />Contingent Equity Participation Amount shall be the Variable Applicable Factor multiplied by <br />the difference between the Purchase Price and Sales Price as established by the appraised value <br />of the Property at the time of such refinancing, failure to occupy, or default of this Agreement. <br />Amount. <br />3.6 Homebuyer's Acknowledgment of Contingent Equity Participation <br />HOMEBUYER ACKNOWLEDGES AND AGREES THAT <br />UPON AND/OR UPON ANY OTHER EVENT OF <br />ACCELERATION AS SET FORTH IN SECTION 1.2(f) <br />HEREOF, HOMEBUYER SHALL PAY TO AGENCY (IN <br />ADDITION TO THE AGENCY LOAN AMOUNT), <br />A CONTINGENT EQUITY PARTICIPATION AMOUNT <br />EQUAL TO A PERCENTAGE SHARE OF THE <br />APPRECIATION OF THE PROPERTY AS CALCULATED <br />PURSUANT TO THIS SECTION 3. <br />HOMEBUYER'S INITIALS: <br />4. Sale of Property to Moderate Income Household at Affordable Housing Cost. <br />4.1 Forty-Five (45) Year Affordability Requirements. During the <br />Affordability Period, the Property may be sold only to Eligible Persons and Families at an <br />Affordable Housing Cost with the Agency's prior written approval. These requirements shall be <br />set forth in an Affordable Housing Resale Restriction (Conditions, Covenants, and Restrictions <br />Affecting Real Property and the Resale, Ownership, Occupancy, Maintenance, and Other <br />Matters Related to Real Property), in the form that is attached hereto as Exhibit "D" and <br />incorporated herein by this reference. The Affordable Housing Resale Restriction permits <br />Homebuyer, in Homebuyer's sole discretion, through an event of acceleration pursuant to <br />Section l.£, to transfer the Property at a price in excess of an Affordable Housing Cost during <br />the Affordability Period, upon payment of the Contingent Equity Participation Amount as set <br />forth in Section 3 hereof. <br />ATTACHMENT NO. 11-9 <br />Form of Homebuyer Loan Agreement <br />D OCSOC/ 1400573v 141200272-0001