CALCULATION OF THE FORMULA PRICE. The Formula Price shall be equal to Lessee’s Purchase Price, as stated below, plus 25% of the increase in market value of the Improvements, if any, calculated in the way described below.
CALCULATION OF THE FORMULA PRICE. The Formula Price shall be equal to the Base Price (Lessee’s Purchase Price plus the Added Value,) plus the Inflation Adjustment, calculated as described below.
CALCULATION OF THE FORMULA PRICE. For only the first sale after initial home construction, Owner’s Purchase Price shall be defined as:
1) The actual dollar amount that the owner paid for the land.
2) $15,000 Community Amenities fee. ($1000 for Water Reserve Fund is included in this fee.)
3) The appraised value of the home (excluding the land) at the time of completion. Appraisal costs to be borne by the Owner. For all future and subsequent sales, Owner’s Purchase Price shall be defined as:
1) The purchase price paid by the current owner/seller. The Formula Price shall be equal to Owner’s Purchase Price, as stated above, plus an escalating appreciation factor of one and a half percent (1.5 %) simple annum during each of the first ten
CALCULATION OF THE FORMULA PRICE. The Formula Price shall be calculated as follows. A market valuation of the Leased Premises and Home shall be conducted in accordance with the instructions set forth in 10.5 above (the “Current Appraised Value”).
CALCULATION OF THE FORMULA PRICE. The Formula Price shall be equal to (a) the amount of Homeowner’s Purchase Price (as stated above), plus (b) the total amount of any duly approved Capital Improvement Credits (determined in accordance with Section 10.11 below), plus (c) 25% of an amount equal to any increase in the appraised value of Homeowner’s Ownership Interest minus the amount of the Improvement credit, if any. The following worksheet is to be used to calculate the Formula Price as defined above:
1 Homeowner’s Purchase Price: from Section 10.9 above $ 2 Initial Appraised Value: from Section 10.9 above $ 3 Ratio of Homeowner’s Purchase Price to Initial Appraised Value: Divide line 1 by line 2 . % 4 Homeowner’s Initial Ownership Interest: Multiply line 2 by line 3 $ 5 Appraised Value at Time of Resale: Determined in accordance with Section 10.5 above $ 6 Homeowner’s Ownership Interest at Resale: Multiply line 5 by line 3 $ 7 Increase in Homeowner’s Ownership Interest: Subtract line 4 from line 6 $ 8 Capital Improvement Credit: Determined in accordance with Section 10.11 below $ 9 Amount of Increase in Homeowner’s Ownership Interest to be shared: subtract line 8 from line 7 (if result is negative, enter 0) $ 10 Homeowner’s Share of Increase in Homeowner’s Ownership Interest: Multiply line 9 by 25% (.25) $ 11 Resale Formula Price: Add lines 1, 8, and 10 $
CALCULATION OF THE FORMULA PRICE. The Formula Price shall be equal to Lessee’s Purchase Price, as stated below, compounded annually by 1.5% from the time of purchase, plus a credit for Qualified Capital Improvements, if applicable, compounded annually by 1.5% from the time the Capital Improvement is completed, plus a credit for Capital Systems Replacement, if applicable, minus Deferred Maintenance, Neglect and Excessive Damage Value, if applicable, as determined by Lessor, plus any indebtedness owed to the Washington State Housing Finance Commission for sums loaned to Lessee through their House Key Plus CLT or HomeChoice loan programs as evidenced by the Promissory note of date. Lessee's Purchase Price: The parties agree that the Lessee’s Purchase Price for the Improvements existing on the leased premises as of the commencement of the term of this Lease is $ . Any agreements regarding credit for Qualified Capital Improvements and/or credit for Capital System Replacement must be signed by Lessor and Lessee, duly notarized and shall become a legal attachment to this Lease. The Formula Price determines the maximum price for which a home can be sold and is NOT a guarantee of expected sale price. Lessee freely agrees that this Formula Price constitutes a fair return to them and/or their successors for the opportunity to enter the local homeownership marketplace which, prior to the execution of this Lease, remained closed to them as a matter of limited financial resources.
CALCULATION OF THE FORMULA PRICE. The Formula Price shall be equal to Lessee’s Purchase Price, as stated below, compounded annually by 1.5% from the time of purchase, plus a credit for Qualified Capital Improvements, if applicable, compounded annually by 1.5% from the time the Capital Improvement is completed, plus a credit for Capital Systems Replacement, if applicable, minus Deferred Maintenance, Neglect and Excessive Damage Value, if applicable, as determined by Lessor, plus any indebtedness owed to the Washington State Housing Finance Commission for sums loaned to Lessee through their House Key Plus CLT or HomeChoice loan programs as evidenced by the Promissory note of date. Lessee's Purchase Price: The parties agree that the Lessee’s Purchase Price for the Improvements existing on the leased premises as of the commencement of the term of this Lease is $ . Any agreements regarding credit for Qualified Capital Improvements and/or credit for Capital System Replacement must be signed by Lessor and Lessee, duly notarized and shall become a legal attachment to this Lease. The Formula Price determines the maximum price for which a home can be sold and is NOT a guarantee of expected sale price. Lessee freely agrees that this Formula Price constitutes a fair return to them and/or their successors for the opportunity to enter the local homeownership marketplace which, prior to the execution of this Lease, remained closed to them as a matter of limited financial resources.
