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12. Hardship. At the request of Homebuyer, and for a specific occasion, Agency <br />may, in its sole and absolute discretion, in writing waive the requirements of Section 11, <br />subparagraph (b) and defer repayment and/or extend the term of the Note. Any waiver or <br />deferment shall be on a case-by-case basis, and no future rights for waiver or deferment shall <br />arise or be implied. Notwithstanding the foregoing, Homebuyer may, upon written approval by <br />Agency, refinance any First Lien with a fixed rate loan for a loan amount equal to or less than the <br />then current loan balance secured by such First Lien with no. reduction in term. <br />13. Contingent Equity Participation Amount. In the event that the Homebuyer <br />Assistance Loan becomes due and payable pursuant to Section 1l(b) above, Homebuyer shall <br />pay to Agency the whole of the Homebuyer Assistance Loan and the "Contingent Equity <br />Participation Amount," as hereinafter 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 Agency's total initial equity contribution based on sale <br />of the Property to Homebuyer at an Affordable Housing Cost ("Agency Contribution") by the <br />sum of the Agency Contribution plus Homebuyer's contribution ("Homebuyer Contribution"). <br />In other words, the Agency Contribution shall be the numerator, and the sum of the Agency <br />Contribution plus the Homebuyer Contribution shall be the denominator of a fraction that equals <br />a percentage that is the Variable Applicable Factor (subject to Section (13(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% (Variable Applicable Factor) = $30,000 (Agency Contribution) <br />$30,000 (Agency Contribution) + $250,000 (Homebuyer <br />Contribution) = ($280,000) <br />W The "Agency Contribution" is the sum of the following amounts <br />contributed by Agency to the purchase price of the Property: (i) principal amount of the <br />Homebuyer Assistance Loan Amount, i.e., the Affordable Housing Cost Subsidy (as hereinafter <br />EXHIBIT D-10 TO ATTACHMENT NO. 11 <br />Affordable Housing Resale Restriction <br />DDCS pG 140067 3 v 141200272-0001