Equity Sharing Agreement. The Agreement between the City and Eligible Buyer whereby Eligible Buyer agrees to share the Net Appreciation with the City upon the resale of the Workforce Housing Unit in accordance with Chapter 16, Article VIII of the City Code.
Equity Sharing Agreement. Borrower acknowledges that the Property was developed as an affordable housing unit, which enabled Borrower to acquire the Property at a purchase price below the market price for the Property. In connection with Xxxxxxxx’s purchase of the Property, City and Borrower have, concurrently herewith, entered into an Equity Sharing Agreement that requires Borrower, upon the occurrence of certain events, including, without limitation, Borrower’s sale of the Property, to repay the difference between Xxxxxxxx’s purchase price for the Property and the market price for the Property, plus a share of the Property’s appreciation during Xxxxxxxx’s ownership of the Property, all as more fully set forth in the Equity Sharing Agreement.
