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Statement (as those terms are hereinafter defined). The Developer and the Homebuyer have opened an escrow (Escrow No. r -?- i with escrow/title company) for Homebuyer's acquisition of the Property (the "Escrow'? and the Agency shall be an additional party to the Escrow in connection with the Homebuyer Assistance Loan. 1.2 Promissory Note. The Homebuyer shall execute, as maker, and deliver to the Agency, a promissory note in favor of the Agency, as holder, substantially in the form of Exhibit 'B" that is attached hereto and incorporated herein by this reference (the "Note" or "Promissory Note"). As more particularly provided in the Note, the essential terms and conditions of the Homebuyer Assistance Loan are as follows: a. Term. The term of the Note shall be forty-five (45) years from the Homebuyer Assistance Loan Date (the "Term"). b. Note Amount. The sums due and payable pursuant to the terms and provisions of the Note consist of both the Homebuyer Assistance Loan Amount and the Contingent Equity Participation Amount, as both terms are herein defined (collectively, the "Note Amount"). As one component of the Note Amount, the Homebuyer shall pay to the Agency the principal amount of Dollars with zero percent (0%) interest thereon, subject to subsection (c) below. C. Contingent Equity Participation Amount. As a second component of the Note Amount, the Homebuyer shall pay to the Agency, together with the whole of the Homebuyer Assistance Loan Amount, the "Contingent Equity Participation Amount" if required by Section 3. d. Homebuyer Assistance Loan Amount; Interest Deferred Until Acceleration. The Homebuyer Assistance Loan Amount shall accrue zero percent (0%) interest unless and until an event of acceleration occurs as set forth in Section 1.2(f), in which event a "Contingent Equity Participation Amount" shall become due and payable by the Homebuyer if required by Section 3. e. Homebuyer Assistance Loan Amount; Time of Payment and Forgiveness. No repayment of the Homebuyer Assistance Loan Amount shall be required unless and until the Note Amount becomes due and payable, as provided in subparagraph (f) below. f. Acceleration. The whole of the Note Amount and all other payments due hereunder shall become due and be immediately payable to the Agency by the Homebuyer upon the occurrence of any one of the following events of acceleration: (i) The Homebuyer sells or transfers the Property (or any part thereof) by any means, including, without limitation, the lease, the rental, the exchange or other disposition of the Property or any interest therein, whether voluntary or involuntary, except (A) a sale of the Property to an eligible, qualified Moderate Income Household at an Affordable Housing Cost with the Agency's prior written approval accomplished in strict conformity with Section 4, or (B) the transfer of the Property solely as a result of the marriage, divorce, ATTACHMENT NO. 11-3 Form of Homebuyer Loan Agreement DOC30G 1400673v ] 41200272-0001 80A-410