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(iii) The ""Purchase Price" is the original purchase price paid by the Tru to r or the T ru to r as the qu a1 i f ed successor owner of the Property to the seller of the Property the "Seller") for the Sel-ler's interest in the Property (generally which is qu a1 to the fair market t valu a of the Property at date of original purchase), exclusive of escrow fees, title insurance costa, broker's commissions, loan fees or any other closing or transaction costs. Subject to the provisions set forth hereinhel w, the value of Qualified Capital Improvement shall be added to the Purchase Price when calculating the Contingent Equity Participation Amount. (iv) The "Sales Price" is the price to be paid by the prospective b u r (who i s not a qualified Moderate Income Household) of the Property (the "Buyer") to the Tru for (or the Tru for as the qualified successor owner of the Property) for the Trustor"s interest in the Property, exclusive of reasonable escrow fees, title insurance costs, broker's commissions, loan fees or any other closing or transaction costs. The Sales Price shall be established in conformity with Section h i hereof. In the cvent of Trustor"s refinancing, failure to occupy, or other type of Ownership Default, the "Sales ales Frice� � shall be established in confonmity with Section h i i hereof. (v) The ""Affordable Housing Cost Subsidy" is the amount deemed to be a subsidy the Beneficiary has provided to the Tru s for by making the Property available for purchase at a price which constitutes Affordable Housing Cost. The Affordable Housing Cost Subsidy equals the difference between the appraised Fair market value of the Property (which appraisal shall be at Beneficiary's cot as of the date of the H mebu er Loan Agreement and the Affordable Housing Cost. (i) Exception Cal eula ti n . Notwithstanding the above, the Variable Applicable Factor shall equal the greater of fifty percent 0% or the 'variable Applicable Factor calculated pursuant to ectlon 2(b); provided however, in the event Trusfor receives a First Lien loan from the California Housing Finance Agency or a First Lien loan the source of proceeds of which are from tax exempt bonds } then the Variable Applicable Factor shall equal the Variable Applicable Factor percentage calculated pursuant to Section h hereof. (c) Using the Variable Applicable Factor to Determi