AgdaPkt 2000-06-12 - Laserfiche WebLink

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Apr-13-00 02:40P F;rst Home. Inc. 415 387 1369 P.13 Shaircd Appreciation Schedule 7A3S- The city is entitled to participate in shared appreciation realized from markct appreciation at the time the property is either sold, transfers title (greater than 50% transferred), and or refinanced with a balance which exceed the balance of the original first loan. Rate and term refinam:es to lower. monthly costs are allowed without repayment of equity appreciation sharc. Gross profit to , bc' applied towards clJuity participation shall be calculated as follows: Sale or appraised price (at time of cash out refinance) (Less): Purchase price Capital improvements of over $2,000 made 011 the property - must have receipts and be permitted for any structural improvements and additions. Commissions and closing costs - in the case of a sale The BEGINNING SHARED APPRECIATION percentage at the date ofcomrnencement ofyoll note and through the first sixty (60) months or the notc is PERCENT IVa, This is calculated by dividing the loan amount provided through the city by the cost of the home. (Original purchase pricc plus escrow fees and title insurance) and multiplying this number by a ßEGINNING MUL TTPLE of 1.5. The contribution madc by The Redwood City Redevelopmcnt Agency is $_. , -' Tlùs represent -"._% of the transaction which is multiplied by the beghUling multiple factor of 1.50, equaling your beginning shared appreciation factor of % The ENOING SHARED APPRECIATION percentage at the date of the principal balance on the note is expired in it entirety to a zcro dollar ($0.00) balanc~ is - PERCENT .Yo. This is caJculatcd by dividing the loan amount provided through the city hy the cost of the home- (Original purchase price plus escrow fees and title insurance) and dividing this number by an ENDING MULTIPLE of 1.5. Tht contribution made by Thc Redwood City R~developmcnl Agency is $ " . This represent -_% of the transaction which is divided by the ending multiple factor of 1.50, equaling your ending shared appreciation factor of -- "- % An exall1ple of the itllplicatiuns of shared appreciation to the borrower is provided in Schedule B of this addendum. The Horrower(s) haslhave read and reviewed and has/have been provided the oppOl1unity to understand the materia! provided in this disclosure. '. ( Co-borrower) (Borrower) Dated -'.. Dated_. di5cl.r~v 4/2000 Page 2 .~u.... '~..1r.