|
~n the above example, if the dales Price equals 380,~0~ and the Pul'clrase Pl'ico
<br /> equals 2~~,4~0, the Colrtlllel~t equity Pal~tlelpat~on ~11'ro~Zllt 4~ould equal ~ 0,70 0,'7°I~ x
<br /> {~S0,4D0 ~rrin~ls ~8~,000}~.
<br /> 1~,7°Io {~'~~~i~~~~ ~pplic~~le FactQx~} x 1~~,~0~ (ales P~•ice~ Pur`c~~~se P~~ice~ _ ~~~,~0~ ~Co~~#i~ig~~i#
<br /> ~q~iity P~rtlCipa#iot~ Amou~tt},
<br /> alc~llafroll of 'an~irlgtzt ~quit~r Par'tiCipa#ion Al~~olrl~~ far
<br /> il~legllezlt ~al~lebuy~~~s~ pur's~~alrt to Section ~ of fire ~oal~ Ar'eell~elrt, a Buyer lras fully
<br /> assulr~ed Hol~rehu~Te1`'s obligations under` tl~e Agreel~rent, fire Pl'ol~rissol'~T dote, the .~el~cy Deed
<br /> of ~'rrlst, file notice of Affar"dability Restr"ictiol~s, a~ld this Restl`1Ctloll, al~d thereafter tl~e l~e~v
<br /> B~1yer', as the s~lccessor' Hon~rel~uyel`, causes air evllt of acc~lel"atl~ll to occ~rr, the Col]tll~.gel~t
<br /> q~~ity Participatiol~ ~l~o~rnt to be paid by srlclr Buyer` small be calculated by lrrultiplylrrg the
<br /> variable applicable Factor, established in Section l~{b, by the differelice betreen the Sales
<br /> P~'ice, establisl~ed in colrforlnity with Section ~ 3~i~~, al~d tl~e P~u'clrase Price,
<br /> fie} ~o ~ppreciatiorr or~ ~]precia~~arl rn ~alrle of ~~{operi~y. If an evel~t of
<br /> acceleration occurs at a tune ~vhen fire Property leas not appreciated or the val~~e of the Propel`ty
<br /> i~as depreciated {i.e., the Sales i'~'ice is less tlral~ the Purchase Price~~ thel~ rro Cal~til~gent Fgrlity
<br /> participatiol~ ~l~ox~nt is due by Hol~~ebuyer to Agency,
<br /> { ~lla~i~ied Capital ~zn~rl+ovel~lellts. `~lle value of any qualified Capital
<br /> ~nrprove~~nents colr~pleted by Holrlebuyer during Holrlcbuyer`'s o4~nership of fire ~'lroperty slrall he
<br /> added to tl~e P~1~'cl~ase Price ~vhen calcrllatilrg fire CDl~til~ent Bquity Partlclpatiolr Alnoul~t only
<br /> if, not later` tlral~ thirty {~D} days prior to the ~v~17t of aecelera~lorr ca~~sll~ tl~e Col~trr~gelat Fqu~ty
<br /> Pal"tieipation Amoulrt to becolrle ilnmecliately due acrd payable purs~~al~t to ectiol~ ~ ~{b},
<br /> ~olrrebuyer subrnlt tl~e follo~~ing to agency: {i~ alb iten~i~ed list of fire rralified Capital
<br /> ~mpravelnents, {ii} reliable proof of completion of tl~e ualif~ed Capital ~mpl'ovelents {as
<br /> evidenced e,,, by final ~ullding pel'rnits, a certificate of cotnpletiorr or original paid ilavoices al'
<br /> cor~stl`~lction contracts, al~d viii} air appl'isal from . certified appraiser, in form and substance
<br /> reasol~abiy acceptable to tl~e Bxec~rtive Di~`ector, the colrclrlsian of ~hiclr is that tl~e ualif~ed
<br /> Capital ~lnproven~ents have added tl~e stated alrro~~l~t to the fair` lnal`ket value of the P1`ope~"ty,
<br /> ~f, ~vitl~il~ days of receipt of
<br /> the irrfar{tnation col~cer'l~ing the Qualified capital
<br /> flrrprovelnel~ts, Agency q~~estior~s the clailr~ed iltcrease in the val~~e of the Prope~~ty by reason of
<br /> Bald uali-~ed Capital ~lrlpl'overrlelrts, Agel~cy and Hor~ebuyel' rrlay, by mutual areelrrelrt,
<br /> etablrsh the value of the uallfied Capital ~lnprovel~rel~ts or' Agency nay 1"equlre an appraisal of
<br /> fire Ar`o~e~'ty, at ~onrebu~er's expense, by a second independent cer"tified appraiser appointed by
<br /> the Agency to deter'lrrine tl~e fair lnal'~et value of the qualified Capital Ilrrproverr~ents.
<br /> credit ~v I~on~ebuyer, ~ot~vithstandil~g the foregoing pr"a~lslons of thl
<br /> Section ~ calcu.latlon the Colltlt~gent Faulty Par`tlclpatlon AmoLlnt 1 su~~J~t~t to ~ supel'~o~`
<br /> ril~t of Holr~ebuye~' to receive credit 111 calculatlor~ of the Pul'clrase Price for money paid by
<br /> H(~I~rel~uyl' post acqulsltlon and dtlr"ing the tel'rn of Horrrebuyel'~s o~vl~er'hlp of tie P1'oper`t~' ~or`
<br /> installment payl~rel~ts of tnorta.ge pl`il~cipal, pursual~t to the First Lief actually made by
<br /> B~H~BZ`p D~ 1 ~ T~ A'~'TACHE~T ~0, ~ ~
<br /> Af`for"dable Housing Resale Restriction
<br />
<br /> D~SDCI# ~~~~?3~l131Z~~27~-4~~ ~
<br />
<br />
|