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(iii) The "Purchase Price" is the original purchase price paid by the <br />Trustor (or the Trustor as the qualified successor owner of the Property) to the seller of the <br />Property (the "Seller") for the Seller's interest in the Property (generally which is equal to the <br />fair market value of the Property at date of original purchase), exclusive of escrow fees, title <br />insurance costs, broker's commissions, loan fees or any other closing or transaction costs. <br />Subject to the provisions set forth hereinbelow, the value of Qualified Capital Improvements <br />shall be added to the Purchase Price when calculating the Contingent Equity Participation <br />Amount. <br />(iv) The "Sales Price" is the price to be paid by the prospective buyer <br />(who is not a qualified Moderate Income Household) of the Property (the "Buyer") to the Trustor <br />(or the Trustor as the qualified successor owner of the Property) for the Trustor's interest in the <br />Property, exclusive of reasonable escrow fees, title insurance costs, broker's commissions, loan <br />fees or any other closing or transaction costs. The Sales Price shall be established in conformity <br />with Section 2(h)(i) hereof. In the event of Trustor's refinancing, failure to occupy, or other type <br />of Ownership Default, the "Sales Price" shall be established in conformity with Section 2(h)(ii) <br />hereof. <br />(v) The "Affordable Housing Cost Subsidy" is the amount deemed to <br />be a subsidy the Beneficiary has provided to the Trustor by making the Property available for <br />purchase at a price which constitutes Affordable Housing Cost. The Affordable Housing Cost <br />Subsidy equals the difference between the appraised fair market value of the Property (which <br />appraisal shall be at Beneficiary's cost) as of the date of the Homebuyer Loan Agreement and the <br />Affordable Housing Cost. <br />(i) Exception Calculation. Notwithstanding the above, the Variable <br />Applicable Factor shall equal the greater of fifty percent (50%Q) or the Variable Applicable Factor <br />calculated pursuant to Section 2(b); provided however, in the event Trustor receives a First Lien <br />loan from the California Housing Finance Agency or a First Lien loan the source of proceeds of <br />which are from tax exempt bonds, then the Variable Applicable Factor shall equal the Variable <br />Applicable Factor percentage calculated pursuant to Section 2(b) hereof. <br />(c) Using the Variable Applicable Factor to Determine the Contingent <br />Equity Participation Amount. The Contingent Equity Participation Amount is calculated by <br />multiplying the Variable Applicable Factor by the difference between the Sales Price and the <br />Purchase Price. For example, if the Variable Applicable Factor equals 10.7%, the Contingent <br />Equity Participation Amount would then equal 10.7% (Variable Applicable Factor) x (Sales <br />Price minus the Purchase Price). <br />In the above example, if the Sales Price equals $3$0,000 and the Purchase Price <br />equals $280,000, the Contingent Equity Participation Amount would equal $10,700 <br />(10.7% x ($380,000 minus $280,000)). <br />EXHIBIT C-4 TO ATTACHMENT NO. 11 <br />To Deed of Trust with Assignment of Rents <br />Rider to Deed of Trust <br />DOCSOC/ 1400673 v 141200272-0001