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<br />78 <br />Page 24 <br /> <br />foregoing, the Deed-Restricted Resale Price shall never exceed the fair market value of <br />the Subject Affordable Unit on the date of Transfer. <br /> <br />(i) ADDreciation Share. The Appreciation Share of the Subject <br />Affordable Unit means the product of the original principal amount of the Eligible First <br />Loan multiplied by the percentage increase in household income in San Mateo County <br />for a family of two (2) at One Hundred Twenty percent (120o/0) of the median household <br />income. The increase shall be computed from the date on,.:;which Owner originally <br />purchased the Subject Affordable Unit (the "Beginning Dat~.;~." ifihe date on which the <br />City or its assignee received the Notice of Intended Tr,.,:..:;~_!,,;,: required by Section 8 <br />above (the IlEnding Date"). Median household yeart.. ..-, -':'-;~e shall be determined <br />according to HCD publications published immediatel " ,. . tir to;!'~t. Beginning Date and <br />Ending Date, respectively, or if necessary, in the man er spec'" ~"~'. :,,,,n Section 1 O(b) of <br />this Resale Agreement. .."~:.. ""i~L;,. <br />"':;'~~:.~';~':. <br /> <br /> <br />(ii) Increased Down Payment. The Increased;4~.n Payment <br />amount shall be equal to Owner's down payment, paid upon purchase of1lhe Subject <br />Affordable Unit, increased by the percentage of increase in household income for a <br />family of two (2) at One Hundred Twenty percent (120010) of the median household <br />income. The increase shall be computed from the Beginning Date to the Ending Date. <br />Median household yearly income shall be determined according to HCD publications <br />published immediately prior to the Beginning Date and Ending Date, respectively, or if <br />necessaryt in the mann~;rii~~.!s~red in Section 10(b) of this Agreement. <br />.: : :!'~~~~ }tIr~:f!'::;" ~.:~: :.~ ':':;:; ;I~~;~i~ ~:. <br />b. .;;~:S:";~s Price:~i.fustment. The Deed-Restricted Resale Price shall <br />be increased b(~~mi!fie value . any substantial structural or permanent fixed <br />improvements whic~~~nnot.., oy,ed without substantial damage to the Subject <br />Affordable Unit or su .. ~IC .... J value of said improvements. No such <br />adjustment shall be ma pt for imp" ...' ents: <br /> <br />(1) made"" ;'!jm~;~talled by Owner; <br />'~:;~:~~;)tJ~x: ~ <br />(ii) approved irr'advance by the City or its designee; and <br /> <br />(iii) whose initial costs were Five Hundred Dollars ($500.00) or <br /> <br />more. <br /> <br />The value of such improvements by which the Deed-Restricted Resale <br />Price shall be adjusted when considered as additions or fixtures to the Subject <br />Affordable Unit as determined by an appraisal (e.g.t the amount by which said <br />improvements enhance the market value of the Subject Affordable Unit at the time of <br />sale). The adjustment to the Deed-Restricted Resale Price for such improvements shall <br />be limited to the increase in the value of the Subject Affordable Unit, and shall not be <br />based upon the cost of the improvements. The cost of the appraisal shall be paid by <br />Owner. <br /> <br />REOW\OOO1\OOC\023-2.DOC <br />11/24/08730 HvT <br /> <br />8 <br />