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10.7 % a ri a ble A ppi ica ble Fs Ito r x 100,00 0 a f es Price - Pu rch ase Price) = $10,700 (Co ntingent Equity Participation Amount). (e) of Contingent Equity Participation Amount for Subsequent Homebuyers. If pursuant to Section 4 of the Agreement and Section 9 of this mote, a Buyer has fully assumed the Homebuyer!s obligations under the Agreement, this Note, the Agency Deed of Trust, Notice of Affordability Restrictions and the Affordable Housing Resale Restriction, and thereafter the new Buyer, as the successor Hornebuyer, is in Ownership Default t which causes an event of acceleration to occur, the Contingent Equity Participation Amount to be paid by such Buyer hall be calculated by multiplying the Variable Applicable Factor, established ire Section , by the difference he twe n the Sales Price, established in confonmity with Section 7(l), and the Purchase Price. (f) To Appreciation or Depreciation in Value of Property. If an event 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 ak r to Holder. (g) Capital Improvements. The value of any Qualified Capital hnpro v ement s completed by Maker during Faker'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 s i ng the on ti ng n t Equity Participation Amount to become immediately due and payable pursuant to Section 6, the Faker submits t h following to the Holder: i an it rnl ed list of the Qualified Capital Improvements, (ii) reliable proof of completion of the Qualified Capital Improvements as evidenced, e.g., by final building permits* 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 thirty o days of receipt of the information concerning the Qualified Capital Improvements, the Holder questions the claimed increase in the value of the Property by reason of said u ali f 1e d Capital Improvements, the Holler and the Maker may, by mutual agreement, establish the value of the u aldie d Capital Irnprov m nt s or the Folder may require an appraisal of the Property} at the Maker's expense, by a second independent certified appraiser appointed by the Holder to determine the fair market value of the, ual ifi d Capital Improvements. (h) Credit to Maker. Notwithstanding the foregoing provisions of this Section 7, calculation of the Contingent Equity Participation Amount is subject to a superior right of the Maker r to receive credit in calculation of the Purchase Price for money paid by the Maker post acquisition and during the teary of the baker's ownership of the Property for installment payments of mortgage principal, pursuant to the First Lien actually crude by the BXHIBI"T B-5 TO ATTACHMENT No. 11 Promissory Note DOGS OC1140 D67 3 v 14 /200272.0001