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10.7% (Variable Applicable Factor) x 100,000 (Sales Price - Purchase Price) = $10,700 (Contingent <br />Equity Participation Amount). <br />(d) Calculation of Contingent Equity Participation Amount for <br />Subsequent Holnebuyers. If pursuant to Section 4 of the Agreement, a Buyer has fully <br />assumed the Trustor's obligations under the Agreement, the Note, this Agency Deed of Trust, the <br />Notice of Affordability Restrictions, and the Affordable Housing Resale Restriction, and <br />thereafter the new Buyer, as the successor Homebuyer, is in Ownership Default that causes an <br />event of acceleration to occur, the Contingent Equity Participation Amount to be paid by such <br />Buyer shall be calculated by multiplying the Variable Applicable Factor, established in <br />Section 2(b) above, by the difference between the Sales Price, established in conformity with <br />Section 2(h) hereof, and the Purchase Price. <br />(e) 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 (i.e., the Sales Price is less than the Purchase Price), then no Contingent Equity <br />Participation Amount is due by the Trustor to the Beneficiary. <br />(f) Qualified Capital Improvements. The value of any Qualified Capital <br />Improvements completed by the Trustor during the Trustor's ownership of the Property shall be <br />added to the Purchase Price when calculating the Contingent Equity Participation Amount only <br />if, not 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 1, Trustor <br />submits the following to the Beneficiary: (i) an itemized list of the Qualified Capital <br />Improvements, (ii) reliable proof of completion of the Qualified Capital Improvements (as <br />evidenced e.g., by final building permits, a certificate of completion or original paid invoices or <br />construction contracts), and (iii) an appraisal from a certified appraiser, in form and substance <br />reasonably acceptable to the Executive Director, the conclusion of which is that the Qualified <br />Capital Improvements have added the stated amount to the fair market value of the Property. <br />If, within (30) days of receipt of the information concerning the Qualified Capital <br />Improvements, the Beneficiary questions the claimed increase in the value of the Property by <br />reason of said Qualified Capital Improvements, the Beneficiary and the Trustor may, by mutual <br />agreement, establish the value of the Qualified Capital Improvements or the Beneficiary may <br />require an appraisal of the Property, at the Trustor's expense, by a second independent certified <br />appraiser appointed by the Beneficiary to determine the fair market value of the Qualified <br />Capital Improvements. <br />(g) Credit to Trustor. Notwithstanding the foregoing provisions of this <br />Section 2, calculation of the Contingent Equity Participation Amount is subject to a superior <br />right of the Trustor, to receive credit in calculation of the Purchase Price for money paid by the <br />Trustor post acquisition and during the term of the Trustor's ownership of the Property for <br />installment payments of mortgage principal, pursuant to the First Lien actually made by the <br />EXHIBIT C-5 TO ATTACHMENT NO. 11 <br />To Deed of Trust with Assignment of Rents <br />Rider to Deed of Trust <br />DOCSOG 1400673 v 1412002 72-0001