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defined); and (ii) the principal amount(s) of any other loan(s) or subsidy(ies) provided by <br />Agency. <br />(ii) The "Homebuyer Contribution" is the sum of the following <br />amounts contributed by Homebuyer to the purchase price of the Property: (i) the principal <br />amount of the First Lien purchase money mortgage; (ii) Homebuyer's cash down payment plus <br />Homebuyer's portion of closing costs; and (iii) the original principal amount of loans(s) or other <br />subsidy(ies) secured by Homebuyer, (excluding and other than loan(s) or subsidy(ies) provided <br />by Agency (as set forth in the definition of Agency Contribution)) and applied by Homebuyer <br />towards the purchase of the Property. <br />(iii) The "Purchase Price" is the original purchase price paid by <br />Homebuyer (or Homebuyer as the qualified successor owner of the Property) to the seller of the <br />Property ("Seller") for Seller's interest in the Property, exclusive of escrow fees, title insurance <br />costs, broker's commissions, loan fees or any other closing or transaction costs. Subject to the <br />provisions set forth hereinbelow, the value of Qualified Capital Improvements shall be added to <br />the Purchase Price when calculating the Contingent Equity Participation 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 ("Buyer") to Homebuyer <br />(or Homebuyer as the qualified successor owner of the Property) for Homebuyer'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 13(h)(i) hereof. In the event of Homebuyer's refinancing, failure to occupy, or <br />default, the "Sales Price" shall be established in conformity with Section 13(h)(ii). <br />(v) The "Affordable Housing Cost Subsidy" is the amount deemed to <br />be a subsidy that Agency has provided to Homebuyer by making the Property available for <br />purchase at a price which constitutes an 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 Agency's cost) as of the date of the Agreement and the Affordable Housing <br />Cost. <br />(i) Exception Calculation. Notwithstanding the above, the Variable <br />Applicable Factor shall equal the greater of fifty percent (50%) or the Variable Applicable Factor <br />calculated pursuant to Section 13(b); provided however, in the event Homebuyer receives a First <br />Lien loan from the California Housing Finance Agency or a First Lien loan the source of <br />proceeds of which are from tax exempt bonds, then the Variable Applicable Factor shall equal <br />the Variable Applicable Factor percentage calculated pursuant to Section 13(b). <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 />EXHIBIT D-1 I TO ATTACHMENT NO. 11 <br />Affordable Housing Resale Restriction <br />DOCSOG 1400573 14/200272.0001