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<br />'~'""""-':",', :--:~:':"".z-"","""....:.....~~"","~..,;,_,~~___~___~c.:..~....... <br /> <br />6.1G <br />Page 25 <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) Aooreciation 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 (120%) of the median household <br />income. The increase shall be computed fro,m the date on which Owner originally <br />purchased the Subject Affordable Unit (the "Beginning Date") to the date on which the <br />City or its assignee received the Notice 'of Intended Transfer required by Section 8 <br />above (the "Ending Date"). Median househol~ yearly income shall be determined <br />according to HCD publications published immediately prior to the Beginning Date and <br />Ending Date, respectively, or 'if necessary, in the manner specified in Section 10(b) of <br />this Resale Agreement. <br /> <br />(Ii) Increased Down Payment. The Increased Down Payment <br />amount shall be equal to Owners down payment, paid upon purchase of the 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 (1200/0) 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 />necessary, in the manner specified in Section 1 O(b) of this Agreement. <br /> <br />b. Sales Price Adiustment. The Deed-Restricted Resale Price shall <br />be increased by the value of any substantial structural or permanent fixed <br />improvements which cannot be removed without substantial damage to the Subject <br />Affordable Unit or substantial or total loss of value of said improvements. No such <br />adjustment shall be made except for improvements: <br /> <br />(i) made or installed by Owner; <br /> <br />(ii) approved in 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., 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 />REDW\OOO1\DOC\023-2.DOC <br />11/24/08 730 HvT <br /> <br />8 <br />