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the Homebuyer Assistance Loan Amount and the "Contingent Equity Participation Amount," as <br />hereafter defined. <br />(a) Calculation of Contingent Equity Participation Amount. The <br />"Contingent Equity Participation Amount" means an amount equal to a percentage share of the <br />appreciation of the Property determined by multiplying a variable percentage factor ("Variable <br />Applicable Factor") by the difference between the Sales Price and the Purchase Price (as those <br />terms are hereinafter defined). <br />(b) Variable Applicable Factor Calculation. The Variable Applicable <br />Factor shall be calculated by dividing the Beneficiary's total initial equity contribution which is <br />deemed to have been provided to Trustor based on sale of the Property at an Affordable Housing <br />Cost ("Agency Contribution") by the sum of the Agency Contribution plus the Trustor's <br />contribution ("Homebuyer Contribution"). In other words, the Agency Contribution shall be the <br />numerator, and the sum of the Agency Contribution plus the Homebuyer Contribution shall be <br />the denominator of a fraction that equals a percentage that is the Variable Applicable Factor <br />(subject to Section 2(b)(i)). <br />Variable Applicable Factor = Agency Contribution <br />Agency Contribution + Homebuyer Contribution <br />For example, if the Agency Contribution equals $30,000 and the Homebuyer <br />Contribution equals $250,000, the Variable Applicable Factor would equal 10.7% ($30,000 <br />divided by the sum of $30,000 plus $250,000). <br />10.7%a (Variable Applicable Factor) = $30,000 (Agency Contribution) <br />$30,000 (Agency Contribution) + $250,000 (Homebuyer <br />Contribution) = ($250,000) <br />(t) The "Agency Contribution" is the sum of the following amounts <br />contributed by Beneficiary to the purchase price of the Property: (i) the principal amount of the <br />Homebuyer Assistance Loan Amount; i.e., the Affordable Housing Cost Subsidy; and (ii) the <br />principal amount(s) of any other loan(s) or subsidy(ies) provided by Beneficiary. <br />(ii) The "Homebuyer Contribution" is the sum of the following <br />amounts contributed by Trustor to the purchase price of the Property: (i) the principal amount of <br />the First Lien loan; (ii) the Trustor's cash down payment plus Trustor's portion of closing costs; <br />and (iii) the original principal amount of loans(s) or other subsidy(ies) secured by Trustor, <br />(excluding and other than loan(s) or subsidy(ies) provided by Agency or Beneficiary (as set forth <br />in the definition of Agency Contribution)) and applied by Trustor towards the purchase of the <br />Property. <br />EXHIBIT C-3 TO ATTACHMENT NO. 11 <br />To Deed of Trust with Assignment of Rents <br />Rider to Deed of Trust <br />DOCSOCJ1400673 v141200272-0001