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Statement (as those terms are hereinafter d defined). e d. The De t o r and the Homebuyer have opened an escrow (Escrow o. � -- r With! a escrow/title comp and ) for Homehu er * s acquisition of the Property the "Escrow") x and the Agency shall be an additional party to the Escrow in connection with the Homebuyer Assistance Loan. 12 Prorm'ssory late. The Horneb u firer shall execute, as maker, and deliver to the Agency, a promissory note in favor of the Agency, as holder, substantially in the form of Exhibit ` " that is attached hereto and incorporated herein by this reference (the "Note" o te" or "Promissory of ' . As more particularly provided in the Note* the essential terms and conditions of ` the Homebuyer Assistance Loan are as follows: a. Term. The term of the Note shall be forty -five 4 gears from the Homebuyer Assistance Loan Date the "Term"). b. Note Amount. The sums due and payable pursuant to the terms and provisions of the Note consist of both the Homebuyer Assistance Loam Amount and the Contingent Equity Participation Amount, as both terms are herein defined (collectively, the "Note Amou n C * . As one component of the Note Amount, the Homebuyer shall pay to the Agency the pri n ipal a rnount of ' 1 ars , with zero percent o % interest thereon, subject to subsection a below. C. Contingent Equity Participation Amount. As a second component of the Note Amount, the Homebuyer shall pay to the Agency, to a Mier with the whole of the Homebuyer Assistance Loan Amount, the "Contingent Equity Participation Amount} if required by Section 3. d. Homebuyer Assistance Lon Amounts In to crest Deferred n til Acceleration. The Homebuyer Assistance Loan Amount shall accrue zero percent (0%) in tere s t unless and until an event of acceleration occurs as set forth in Section 1. f , in which event a "'Contingent Equity Participation Amount" shall become due and payable by the Hornet u er if required by Section 3. C. Homebuyer Assistance Loan Amount; Time of Payment and Forgiveness. No repayment of the Homebuyer Assistance Loan Amount shall he required unless and until the Note Amount becomes due and payable, as provided in subparagraph f below. f. Acceleration. The whole of the Note Amount and all other payments due hereunder shall become due and be immediately payable to the Agency by the Hornebu er upon the occurrence of any one of the following events of acceleration: (i) The Homebuyer sells or transfers the Property or any part thereof by any means, including, without limitation, the lease, the rental, the exchange or other disposition of the Property or any interest therein, whether voluntary or involuntary, except A a sale of the Property to an eligible, qualified Moderate Income Household at an Affordable Housing Cost with the Agency's prior written approval accomplished in strict conformity with Section 4, or the transfer of the Property solely as a result of the marriage, di v orcn, ATTACHMENT NO. ll Form of Homebuyer Loan Agreement DOC S OU 14 0067 3 v14!200272 -000 1