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under this Agreement, the Note, the Agency Deed of Trust, the Notice of Affordable Restrictions and the Affordable Housing Resale Restriction, and thereafter the new Buyer, as the successor Homebuyer, defaults and causes an event of acceleration to occur, the Contingent Equity Participation Amount to be aid by such Buyer shall be calculated by multiplying the a iabl Applicable Factor, established in Section 3. 1 (a), by the difference between the Sales Price, established in confonmity with Section 3.5, and the Purchase Price. CO No Appreciation or Depreciation in value of Property. If an gent of acceleration occurs at a time when the Property has not appreciated or the value of the Property has depreciated (the Sales Price is less than the Purchase Price), then no Contingent Equity Participation Amount is due by the Homebuyer to the Agency. Qualified Capital Improvements. The value of any Qualified Capital Improvements completed by the Homebuyer during the Home bu firer' s ownership of the Property shall be added to the Purchase Price when calculating the Contingent Equity Participation Amount only if, not later than thirty o days prior to the event of acceleration au sing the Contingent Equity Participation Amount to become immediately l due and payable pursuant to Section 1. f , the Homehu firer submits the following to the A cr n : i an itemized list of the Qualified api tal Improvements, (ii)-reliable proof of completion of the Qualified Capital Improvements as evidenced by final building p rmi is * a certificate of completion or original paid invoices or construction contracts), and (iii) an appraisal from a certified appraiser, in form and substance reasonably acceptable to the Executive Director, the conclusion of which is that the Qualified Capital Improvements have added the stated amount to the fair market value of the Property. If, within 0 days of receipt of the information concerning the Qualified Capital Improvements, the Acvency questions the claimed increase in the value of the Property by reason of said u al i fi d Capital Improvements, the Agency and the Hom hu firer may, by mutual agreement, establish the value of the Qualified Capital Improvements or the Agency may require an appraisal of the Property, at the H om h u er' s expense, by a second i nd p end n t certified appraiser appointed by the Agency to determine the fair market value of the Qualified Capital Improvements. Credit to Hnm b u e r. Notwithstanding the foregoing provisions of this Section 3, calculation of the Contingent Equity Participation Amount is subject to a superior right of the Homebuyer to receive credit in calculation of the Purchase Price for money pail by the Ho mebu r post-acquisition and d u ri.n the terra of the Hom bu firer' s ownership of the Property for installment payments of mortgage principal, pursuant to the First Dien actually made by the H mebu er, in addition to the fair market value of Qualified Capital Improvements consistent with the requirements of Section 3.3. 3.5 Determination of Sales Price; Appraisal. as Upon Sale of the Property. In the event of a proposed sale of the Property by the Homebuyer that does not conform to Section 4* and not less than thirty days after the Agency receives actual notice of the opening of escrow in connection therewith, tie Agency may elect to appoint a certified, independent appraiser to conduct an appraisal of the ATI'I]'T ISO. 11- For m of Hor nebu firer Loan Agreement DOC OC/ l 4 73 v l 4/20027 2- 1