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syments shall be credited first to Interest and the <br /> - ader to principal. All payments hereunder shall be made in iton <br /> 1 money of the United States of America. All of the is to <br /> snding principal and Interest due under the Note shall be <br /> id payable to the City upon the date of "Transfer" of the ale <br /> ance, as described in Section 2.3 herein. <br /> 2.0 Definitions. The terms in this Note set forth in this <br /> Dn shall have the following meanings: <br /> 2.1 Closing Costs. "Closing Costs" shall mean the by <br /> 1 reasonable costs to Borrower, including real estate <br /> fer taxes, title insurance, and escrow costs incurred by <br /> by reason of the purchase or sale of the Residence by ae <br /> der. <br /> wer <br /> 2.2 Net Appreciation. "Net Appreciation" shall mean <br /> ale price of the Residence upon its Transfer by Borrower <br /> (i) Closing Costs attributable to such Transfer, and (ii) to <br /> urchase price of the Residence when originally acquired by :ed <br /> ;per. " ) <br /> as <br /> The sale price shall be limited to the lower of either of <br /> he percentage increase in the growth of the Oakland Primary <br /> politan Statistical Area ( "PMSA ") median family income as <br /> mined by the Department of Housing and Urban Development ass <br /> or HUD's successor, from date of purchase until date of the cant <br /> wer's issuance of the Notice of Intended Transfer or <br /> ion; or (2) the fair market value as determined by an <br /> endent licensed real estate appraiser. The intent of this <br /> ition is for the unit to appreciate at the same rate as <br /> n family income and not to appreciate at the same rate as ing <br /> eal estate market. count <br /> ing <br /> 2.3 Transfer. "Transfer" shall mean any voluntary or ae <br /> untary sale, assignment or transfer of ownership of the ;e, <br /> ence or of any interest in the Residence, including, but not <br /> ed to, a fee simple interest, a joint tenancy interest, a <br /> estate, a leasehold interest, or an interest evidenced by a <br /> contract by which possession of the Residence is transferred <br /> orrower retains title, except transfers by gift, devise or <br /> 'itance to an existing spouse, surviving joint tenant, or a <br /> e as part of a dissolution proceeding or in connection with rein <br /> age. ate <br /> all <br /> 3.0 Borrower's Acknowledgements. Borrower acknowledges the the <br /> wing: in <br /> - 2 - <br />