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the Homebuyer shall pay to the Agency the whole of the Homebuyer Assistance Loan Amount and the "Contingent Equ it Participation Amount," as hereinafter described. If the Horne h uyer is selling the Property to an Eligible Person a.nd Family at an Afford able Hou sing Cost with the Agency's prior written approval, in accordance with the requirements of Section 4 hereof, then no Contingent Equity Para ip ati or. Amount shall be required her u nd r in connection with such sale. 3al Calculation of Contingent Equity Participation Amount. The 'dContingent Equity Participation Amount'' means are amount equal to a percentage sham of the appreciation of the Property determined by multiplying a variable percentage f a for tie "Variable Applicable Factor) * by the difference b t e n the Sales Price and the Purchase Price as those terms are h reina fter d fi ned . a. Variable Applicable Factor Cal curl a ti on. The Variable Applicable Factor shall be al ul at d by dividing the Agency's total initial qu i ter contribution (the ""Agency Contribution") by the sum of the Agency Contribution plus the Horrieh u r' Contribution. In other words, the Agency Contribution shall be the numerator, and the sum of the Agent y C ontrib u Lion p1 u s the Horne h u yer Co n tri h u ti on sh a I I be t he d nomi n ator of a frac Lion that equ als. a percentage that is the Vari able Apphc able Fat for s u h j cc t to S cc t i o n 3. 1 a ) (i)). Variable Applicable Factor = Aunpy Contribution Agency o ntri buti on + Ho mebu er Contribution For example, if the Agency Con tri hu ti on equals $30,000 and the Homebuyer Contribution equals $250,000, the Variable Applicable Factor woutd. equal 10.7% , 000 divided by the sung of $30,000 plus $250,000). 10.7 % ('variable Applicable Factor) = $30,000 (Agee ey Contribution) $30,000 Agency Contribution) + $250,000 Homebuyer Contribution) = 0,000) (i) The ;`Aa n y Contribution" is the sum of the following amounts contributed by the Agency to the purchase price of the Property: i the principal amount of the Homebuy r Assistance Loan, i.e.} the Affordable Housing Cost Subsidy as hereinafter defined); and (ii) the pri n ip a1 a rn ou n t of any other loan(s) or uh id i s provided by the Agency. (ii) The "Homebu firer Contribution"' is the sum of the following amounts con trip u t d by the Hom b u firer to the purchase price of the Property: i the principal amount of the First Lin purchase money mortgage; H the Homebu is cash down payment ATTACHMENT NO. 11- Form of Hmeb u firer Lo an Armin t IOC O 147v 14/20027 2 -000 E