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50 ' . : 51 52 53 4i` e !Be ge• 544 ❑ 55a 56s tPUF ir 9„ell 57a gper ith - -,�rxee�-r-Ther 58A ibe) 59L +rkereshrete•eF 9'aup ! +R--r`r_yMifF-'— 60 61a eslatet1isfeemeeeels— 9b eT-She• 62a 63 64 CLOSING 65 4. CLOSING DATE; OCCUPANCY: This Contract will be closed and the deed and possession delivered on or before 66* July 31, 2006 unless extended by other provisions of this Contract. If on Closing Date insurance 67 underwriting is suspended, Buyer may postpone closing up to 5 days after the insurance suspension is lifted . If this transaction does 68 not close for any reason , Buyer will immediately return all Seller-provided title evidence, surveys, association documents and other 69 items. 70 5. CLOSING PROCEDURE ; COSTS : Closing will take place in the county where the Property is located and may be conducted by 71 mail or electronic means . If title insurance insures Buyer for title defects arising between the title binder effective date and recording 72 of Buyer's deed , closing agent will disburse at closing the net sale proceeds to Seller (in local cashier's checks if Seller requests in 73 writing at least 5 days prior to closing) and brokerage fees to Broker as per Paragraph 17. In addition to other expenses provided in 74 this Contract, Seller and Buyer will pay the costs indicated below. 75 (a) Seller Costs : Seller will pay taxes on the deed and recording fees for documents needed to cure title; title evidence (if 76* applicable under Paragraph 8) ; Other: 77 (b) Buyer Costs: Buyer will pay taxes and recording fees on notes and mortgages and recording fees on the deed and 78* financing statements; loan expenses; lender's title policy at the simultaneous issue rate; inspections; survey and sketch; 79* insurance, Other: 80 (c) Title Evidence and Insurance: Check (1 ) or (2): 81 * X ( 1 ) The title evidence will be a Paragraph 8(a)(1 ) owner's title insurance commitment. ❑'' Seller X Buyer will select the 82* title agent. '—' Seller Buyer will pay for the owner's title policy, search , examination and related charges . Each party will pay 83 its own closing fees. 84* ❑ (2) Seller will provide an abstract as specified in Paragraph 8(a)(2) as title evidence. ❑ Seller ❑ Buyer will pay for 85 the owner's title policy and select the title agent. Seller will pay fees for title searches prior to closing , including tax search and 86 lien search fees, and Buyer will pay fees for title searches after closing (if any), title examination fees and closing fees. 87 (d) Prorations : The following items will be made current and prorated as of the day before Closing Date : real estate taxes, 88 interest, bonds, assessments, leases and other Property expenses and revenues. If taxes and assessments for the current year 89 cannot be determined , the previous year' s rates will be used with adjustment for any exemptions . PROPERTY TAX 90 DISCLOSURE SUMMARY : BUYER SHOULD NOT RELY ON THE SELLER'S CURRENT PROPERTY TAXES AS THE 91 AMOUNT OF PROPERTY TAXES THAT BUYER MAY BE OBLIGATED TO PAY IN THE YEAR SUBSEQUENT TO 92 PURCHASE . A CHANGE OF OWNERSHIP OR PROPERTY IMPROVEMENTS TRIGGERS REASSESSMENTS OF THE 93 PROPERTY THAT COULD RESULT IN HIGHER PROPERTY TAXES . IF YOU HAVE ANY QUESTIONS CONCERNING 94 VALUATION , CONTACT THE COUNTY PROPERTY APPRAISER'S OFFICE FOR FURTHER INFORMATION . 95 (e) Special Assessment by Public Body : Regarding special assessments imposed by a public body, Seller will pay (i) the full 96 amount of liens that are certified , confirmed and ratified before closing and (ii) the amount of the last estimate of the assessment 97 if an improvement is substantially completed as of Effective Date but has not resulted in a lien before closing , and Buyer will pay 98 all other amounts. 99 (f) Tax Withholding : If Seller is a "foreign person' as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires 100 Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the Internal 101 Revenue Service (IRS) unless an exemption applies. The primary exemptions are ( 1 ) Seller provides Buyer with an affidavit that 102 Seller is not a "foreign person" , (2) Seller provides Buyer with a Withholding Certificate providing for reduced or eliminated 103 withholding , or (3) the gross sales price is $300, 000 or less , Buyer is an individual who purchases the Property to use as a 104 residence, and Buyer or a member of Buyer's family has definite plans to reside at the Property for at least 50% of the number 105 of days the Property is in use during each of the first two 12 month periods affer transfer. The IRS requires Buyer and Seller to 106 have a U . S . federal taxpayer identification number ("TIN") . Buyer and Seller agree to execute and deliver as directed any 107 instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements including applying for a TIN within 3 108 days from Effective Date and delivering their respective TIN or Social Security numbers to the Closing Agent. 109* Buyer ( and Seller l Q/ / ) ( acknowledge receipt of a copy of this page, which is Page 2 of 7 Pages. VAC-8 Rev. 10/04 © 2004 Florida Association of REALTORS® All Rights Reserved This form produced by. 11j° 12 Fo/nwLatw-0 800336-1027