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10.7% (Variable Applicable Factor) x $100,000 (Safes Price - Purchase Price) = $10,700 (Contingent <br />Equity Participation Amount). <br />(e) Calculation of Contingent Equity Participation Amount for <br />Subsequent Homebuyers. If pursuant to Section 4 of the Agreement and Section 9 of this Note, <br />a Buyer has fully assumed the Homebuyer's obligations under the Agreement, this Note, the <br />Agency Deed of Trust, Notice of Affordability Restrictions and the Affordable Housing Resale <br />Restriction, and thereafter the new Buyer, as the successor Homebuyer, is in Ownership Default <br />which causes an event of acceleration to occur, the Contingent Equity Participation Amount to <br />be paid by such Buyer shall be calculated by multiplying the Variable Applicable Factor, <br />established in Section 7(b), by the difference between the Sales Price, established in conformity <br />with Section 7(1), and the Purchase Price. <br />(f) No Appreciation or Depreciation in Value of Property. If an event of <br />acceleration occurs at a time when the Property has not appreciated or the value of the Property <br />has depreciated (the Sales Price is less than the Purchase Price), then no Contingent Equity <br />Participation Amount is due by Maker to Holder. <br />(g) Qualified Capital Improvements. The value of any Qualified Capital <br />Improvements completed by Maker during Maker's ownership of the Property shall be added to <br />the Purchase Price when calculating the Contingent Equity Participation Amount only if, not <br />later than thirty (30) days prior to the event of acceleration causing the Contingent Equity <br />Participation Amount to become immediately due and payable pursuant to Section 5, the Maker <br />submits the following to the Holder: (i) an itemized list of the Qualified Capital Improvements, <br />(ii) reliable proof of completion of the Qualified Capital Improvements (as evidenced, e.g., by <br />final building permits, a certificate of completion or original paid invoices or construction <br />contracts), and (iii) an appraisal from a certified appraiser, in form and substance reasonably <br />acceptable to the Executive Director, the conclusion of which is that the Qualified Capital <br />Improvements have added the stated amount to the fair market value of the Property. <br />If, within thirty (30) days of receipt of the information concerning the Qualified <br />Capital Improvements, the Holder questions the claimed increase in the value of the Property by <br />reason of said Qualified Capital Improvements, the Holder and the Maker may, by mutual <br />agreement, establish the value of the Qualified Capital Improvements or the Holder may require <br />an appraisal of the Property, at the Maker's expense, by a second independent certified appraiser <br />appointed by the Holder to determine the fair market value of the Qualified Capital <br />Improvements. <br />(h) Credit to Maker. Notwithstanding the foregoing provisions of this <br />Section 7, calculation of the Contingent Equity Participation Amount is subject to a superior <br />right of the Maker to receive credit in calculation of the Purchase Price for money paid by the <br />Maker post acquisition and during the term of the Maker's ownership of the Property for <br />installment payments of mortgage principal, pursuant to the First Lien actually made by the <br />EXHIBIT B-5 TO ATTACHMENT NO. 11 <br />Promissory Note <br />DOGSOC1140DO v141200272-0001