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Homebuyer, in addition to the fair market value of Qualified Capital Improvements consistent <br />with the requirements of Section 13(f) hereof. <br />(h) Determination of Sales Price; Appraisal. <br />(i) Upon Sale of the Property. In the event of a proposed sale of the <br />Property by Homebuyer that does not conform to Section 4 herein, and not less than thirty (30) <br />days after Agency receives actual notice of the opening of escrow in connection therewith, the <br />Agency may elect to appoint a certified, independent appraiser to conduct an appraisal of the <br />Property, at Homebuyer's expense, to assist Agency in determining if the Sales Price is at or near <br />the fair market value of the Property at such time. If the Sales Price is determined by the <br />appraisal to be three percent (3%) or more below the fair market value of the Property as <br />estimated in said appraisal, then the "Sales Price" for purposes of determining the Contingent <br />Equity Participation Amount shall be the fair market value of the Property established in said <br />appraisal. <br />(ii) Upon Refinancing/Failure to Occupy/Default. In the event of <br />refinancing, failure to occupy the Property in accordance with Section 10 hereof, or default or <br />breach of any provision of the Loan Agreement which causes the Contingent Equity <br />Participation Amount to become immediately due and payable, the "Sales Price" for purposes of <br />determining the Contingent Equity Participation Amount shall be determined by an appraisal of <br />the Property. Agency shall appoint a certified independent appraiser to conduct an appraisal of <br />the Property, at Homebuyer's expense. Homebuyer agrees that in such event the Contingent <br />Equity Participation Amount shall be the Variable Applicable Factor multiplied by the difference <br />between the Purchase Price and "Sales Price" as established by the appraised value of the <br />Property at the time of such refinancing, failure to occupy, or default of the Agreement. <br />Amount. <br />(i) Homebuyer's Acknowledgment of Contingent Equity Participation <br />HOMEBUYER ACKNOWLEDGES AND AGREES THAT <br />UPON SALE, TRANSFER OR REFINANCING OF THE <br />PROPERTY THAT DOES NOT COMPLY WITH SECTION <br />4 HEREIN, AND/OR UPON ANY OTHER EVENT OF <br />ACCELERATION AS SET FORTH IN SECTION 11(b) <br />HEREOF, HOMEBUYER SHALL PAY TO AGENCY IN <br />ADDITION TO THE AGENCY LOAN AMOUNT, A <br />CONTINGENT EQUITY PARTICIPATION AMOUNT <br />EQUAL TO A PERCENTAGE SHARE OF THE <br />APPRECIATION OF THE PROPERTY AS CALCULATED <br />PURSUANT TO THIS SECTION 13. <br />HOMEBUYER'S INITIALS: <br />14. Compliance with Laws; Governing Law. Homebuyer hereby agrees to comply <br />with all applicable ordinances, rules, and regulations of Agency. Nothing herein is intended to <br />be, nor shall it be deemed to be, a waiver of any City ordinance, rule, or regulation. This <br />EXHIBIT D-13 TO ATTACHMENT NO. 11 <br />Affordable Housing Resale Restriction <br />DOCSOM400673A4/200272-0001