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Property, at the Homebuyer's expense, to assist the Agency in determining if the Sales Price is at or near the fair r rl t value of the Property at such tine. If the ale Price is determined by the appraisal to be three percent (3%) or more below the fair market value f the Property as estimated in said appraisal, then the "Sales ale Price" for purposes of determining the Contingent Equity Participation Amount shall be the fair market value of the Property established in said appraisal. h. Upon Rerman ing/Failur to cupy/Default. In the event of refinancing, failure to occupy all of the Property in accordance with Section 7, or default or breach of any provision of this Agreement that causes acceleration and the Contingent Equity Participation Amount to become immediately due and payable} the "Sales Price" for purposes of determining the Contingvent Equity Participation Amount shall be determined by an appraisal of the Property. The Agency shall appoint a certified independent appraiser to conduct an appraisal of the Property, at the Horne h u firer' s expense. The Hom bu }per agrees that in such event the Contingent Equity Participation Amount shall be the Variable Applicable Factor multiplied by the difference between the Purchase Price and Sales Price as established by the appraised value of the Property at the time of such refinancing, failure to occupy, or default of this Agreement. Amount. 3.6 Homebuy is Acknowledgment of Contingent Equity Participation HOMEBUYER ACKNOWLEDGES AND AGREES THAT []PUN AND/OR UPON ANY OTHER EVENT OF ACCELERATION AS SET FORTH IN SECTION I.2(f) HEREOF, HOMEB[TYER SHALL PAY TO AGENCY (IN ADDITION TO THE AGENCY LOAN AMOUNT ), A CONTINGENT EQUITY PARTICIPATION AMOUNT EQUAL TO A PERCENTAGE SHARE OF THE APPRECIATION OF THE PROPERTY AS CALCULATED PURSUANT TO THIS SECTIUN 3. H 1 BU ' INITIALS: 4. sale of Property to Moderate Income Household at Affordable Housing Cost. 4.1 Forty-Five 4 Year Affordability Requirements. During the Affordability Period, the Property may be sold only to Eligible Persons and Families at an Affordable Housing Cost with the Agency's prior written approval. These requirements shall he set forth in an Affordable Housing ale Restriction (Conditions, Covenants, and Fees frictions Affecting Real Property and the Resale, Ownership, Occupancy, Maintenance, and Other Matters Related to Real Property), in the form that is attached hereto as Exhibit "U' and incorporated herein by this reference. The Affordable Housing Resale Restriction permits Homebu y r} in Horneb u y r' s sole discretion, through an event of acceleration pursuant to Section 11, to transfer the Property at a price in excess of an Affordable Housing Cost during the Affordability Period, upon payment of the Contingent Equity Participation Amount as set forth in Section 3 hereof. ATTACHMENT NO. 11-9 Form of Hornet u yer Loan Aare ernent D OC S 0 C/ 1400673 v 14/20027 -0001