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secured by the Hom bu r, (exclucting and other than loan(s) or sub id ie s provided by the Agency as set forth in the definition of the Agency Contribution)) and applied by the Ho mebuye r towards the purchase of the Property. (iii) The "Purchase Price"' is the original purchase price paid by the Homeb u yer or the Homehu er as the qualified successor n r of the Property) to the seller of the Property the "Seller") eller" this o u n t shall be q u al to the original fair market value of the Property at the time of the initial/original sale of the Property by the Developer to the H mebu er for the Seller's interest in the Property, exclusive o f escrow fees, title insurance costs, broker's commissions, loan fees or any other closing or transaction costs. Subject to the provisions set forth her i n h el oar, the value f Qualified Capital Improvements shall be added to the Purchase Prie when a al cu l ating the Contingent Equity Participation Amount. (iv) The "Sales Price "' is the price to be paid by the prospective buyer (who is not a qualified Moderate Income Hor buy r ) of the Property (the " u ee' ) to the Igo m buyer or the Homebuyer as the qualified successor owner of the Property) for the Homebuyer's interest in the Property, exclusive of reasonable escrow fees, title insurance costs, broker's s commissions , loan fees or any other closing or transaction costs. The Sales Price shall be established in conformity with Section 7(1)(i). Ire the event of the Homebuyer's refinancing, failure to occupy, or an Ownership Default, the ""Sales Price'' shall be established in conformity with Section 7 ii . (v) The ""Affordable Housing Cost Subsidy" is the amount deemed to be a subsidy from the Agency provided to the Hornebuyer by making the Property available for purchase at a price that constitutes an Affordable Housing Cost for H mebu er as a Moderate Income Household. The Affordable Housing Cost Subsidy equals the difference between the appraised fair market value of the Property as of the date of the Agreement and the Affordable Housing Cost. (c) Exception Calculation. Notwithstanding the above, the Variable Applicable Factor shall equal the areater of fifty percent 0 % or the Variable Applicable Factor calculated pursuant to Section 7(b); provided however, in the event Maker receives a First Lien loan from the California Finance Agency or a First Lin loan the source of proceeds of which are from tax rip t bonds, then the Variable Applicable Factor shall equal the Variable Applicable Far for pere en Cage c alc u 1 ated purl u ant to S cc tion b. (d) Using the Variable Applicable Factor to Deterraine the Contingent Equity Participation Amount. The Contingent Equity Participation Amount is l ul at d by multiplying the Variable Applicable Factor by the difference between the Sales Price and the Purchase Frio e. For example, if the Variable Applicable Factor equals 10.7 % , the Contingent Equity Participation Amount would then equal 10.7% (Variable Applicable Factor) ales Price minus the Purchase Price) . In the above example, if the Sales Price to occur upon resale not conforming to Section 4 of the Agreement) equals $380,000 and the Purchase Price equals $280,000, the Contingent Equity Participation Amount would equal $10,700 10.7 % $ 80,000 minus $2805000)). EXHIBIT E4 TO ATTACHMENT NO. 11 Promissory Note DO1147v1417 -000 1