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property purchased as described in this Amendment during the term of his employment, in such an event, Employee may use the entire proceeds of the sale (less all applicable costs of sale) to purchase another primary residence. City shall continue to maintain a deed of trust for the unpaid balance of the Loan and for City's Equity Share on the new property. Employee may not sell the existing property for less than its fair market value without the consent of City. 7.11 Buy-Out Provision - City. If Employee attempts to sell the real property without expecting to purchase another residence while he is still employed by City or after his employment has terminated, City shall have a first right to purchase Employee's interest in the property. To determine City's purchase price, an appraisal of the real property shall be obtained. The appraisal shall be made by a qualified real estate appraiser acceptable to both Employee and City. City shall pay the costs of this appraisal. City shall have fifteen (15) days from Employee's written notification of sale of the property to notify Employee of City's exercise of City's right of buy-out. City shall have forty-five (45) days from the date of the written notification of City by Employee to complete the buy-out. If Employee and City cannot agree on an appraiser, each shall retain an appraiser at their own expense and the average of the two appraisals shall become the value of the property and shall be the basis for the buy-out by City of Employee's interest. At no time in the appraisal process shall any discount for divided interests be considered while determining the market value of the property. 7.12 Buy-Out Provision - Employee. Employee shall have the right to purchase City's interest in Employee's real property at any time while City employs him. Employee shall pay to City all principal and interest then due and owing on the initial Loan made by City. City's equity shall be determined as described in the preceding Paragraph 7.9.4. To determine Employee's purchase price an appraisal of the real property shall be obtained. The appraisal shall be made by a qualified real estate appraiser acceptable to both Employee and City. Employee shall pay the costs of this appraisal. If Employee and City cannot agree on an appraiser, each shall retain an appraiser at their own expense and the average of the two appraisals shall become the value of the property and shall be the basis for the buy-out by Employee of City's interest. 7.13 In-Lieu Hours. Employee is entitled to receive In-Lieu Hours as defined in paragraph III.b of The City of Redwood City Executive Management Summary of Benefits (2002) as attached hereto as Exhibit A. During the term of the Agreement, Employee shall continue to be entitled to receive said In-Lieu Hours; however, in lieu of the right to use said hours or receive any cash F:Atty/Ag r/Amend3.Ya ma moto 0404O3 6