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n 1 if an improvement is substantialy completed as of Effective Date but has not resulted In a Nen before closing, and Bayer will pay
<br /> 112' all other amounts . If special assessments may be paid in instadmerrts )q Seiler (if left 131a shat pay-Ostallau ats-
<br /> 113 -due-sftewelaslrg:if-Seller-;�eekL. Seller- Mt-pay the assessment In full prior to or at the time of closing . Public body does
<br /> 114 not Include a Homeowner Association or Condominium Association.
<br /> 116 (f) Tax Withholding : if Seller is a `foreign person' as defined by FIRPTA, Section 1445 of the internal Revenue
<br />Code
<br /> Iia requires Buyer to withhold 10% of the amount realized by the Seiler on the transfer and terra the wfteld mount to the
<br /> 117 Internal Revenue Service ORS) unless an exemption applies. The primary exemptions are (1 ) Seller provides Buyer with an
<br /> 11e affidavit that Seller Is not a "foreign person" , (2) Seller provides Buyer with a Withholding Certificate providing for reduced or
<br /> 119 eliminated withholding , or (3) the gross sales price Is $300,000 or less, Buyer is an Individual who purchases the Property to
<br /> 120 use as a residence, and Buyer or a member of Buyer's family has definite plans to reside at the Property for at least 50% of
<br /> 1s1 the number of days the Property Is In use durN each of the first two 12 month perlcds after transfer. The IRS requires Buyer
<br /> 122 and Seger to have a U.S, federal taxpayer Identification number ('TIN"} . Buyer and Seller agree to execute and deliver as
<br /> 123 directed any instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements Inchxiing applying
<br /> 124 for a TIN within 3 days from Effective Date and delivering their respective TiN or Social Security numbers to the Closing Agent ,
<br /> 126 If Seller applies for a withholding certificate but the application Is still pending as of closing, Buyer will place the 10% tax
<br /> In
<br /> 12a escrow at Seller's expense to be disbursed In accordance with the teal detenninatlon of the IRS , provided Seller so requests
<br /> 127 and gives Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at
<br /> 125 closing to meet the withholding requirement, Seller will calmer to Buyer at closing tine additional cash necessary to satisfy the
<br /> 129 requirement. Buyer will timet' disburse the funds to the IRS and provide Seller with copies of the tax forms and receipts.
<br /> i3o (g) 1031 Exchange: if either Seger or Buyer wishes to enter into a like-kind exchange (egher simultaneously with closing or
<br /> 131 after) under Section 1031 of the Internal Revenue Code ("Excharlgel, the other party will cooperate In all reasonable respects
<br /> 132 to effectuate the Exchange Including executing documents; provided, however, that the cooperating party will incur no liability
<br /> 133 or cost related to the Exchange and that the closing shag not be contingent upon, extended or delayed by the Exchange.
<br /> 134 PROPERTY CONDITION
<br /> 135 6. LAND USE: Seiler will deliver the Property to Buyer at the time agreed In its present. "as Is" condition, with
<br /> conditions
<br /> 135 resulting from Buyer's Inspections and casualty damage, . If any, excepted . Seller will maintain the landscaping and
<br /> tel grounds in a comparable condition and will not engage In or permit any activity that would materially after the Property's
<br /> 13a condition without the Buyer's prior written consent.
<br /> tae (a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate government agencies which
<br /> 140 flood zone the Property Is in, whether flood Insurance is required and what restrictions apply to improving the Property and
<br /> 141 rebuilding in the event of casualty.
<br /> 142 (b) Government Regulation : Buyer Is advised that changes in government regulations and levels of service. which
<br /> 143 affect Buyer's Intended use of the Property will not be grounds for canceling this% Contract If the Feasibility
<br /> Study
<br /> 144 Perlod has expired or if Buyer has checked choice (c)(2) below.
<br /> 145 (c) Inspectlons: (check (1) or (2) below)
<br /> 148 (1 ) Feasibility Study: Buyer will, at Buyer's expense and within days from Effective Date "rF�ea� si�lA��t Study
<br /> 147• Perlod" determin04other
<br /> her a Property is suitable, in Buyer's sole and absolute discretion, for Q "�x`}'`'q /- Q,.e
<br /> 148• e. During the Feasibility Study Period , Buyer may conduct a Phase I environmental
<br /> 149 assessment and gists, analyses, surveys and Investigations (' Inspections' that Buyer deems necessary to
<br /> Iso determine to Buyer's satisfaction the Property's engineering , architectural and environmental propertles; zoning and
<br /> 161 zoning restrictions; subdivision statutes; soli and grade; availability of access to public roads, water, and other
<br /> utilities;
<br /> 162 consistency with local, state and regional growth management plans; availability of permits, government approvals, and
<br /> 153 licenses; and other Inspections that Buyer deems appropriate to determine the Property's suitability for the Buyer's
<br /> 154 Intended use. If the Property must be rezoned, Buyer will obtain the rezoning from the appropriate government agencies.
<br /> 155 Seller will sign all documents Buyer is required to file In connection with development or rezoning approvals.
<br /> 168 Seller gives Buyer, Its agents, contractors and assigns, the right to enter the Property at any time during the Feasibility
<br /> 157 Study Period for the purpose of conducting Inspection; provided, however, that Buyer, Its agents, contractors and
<br /> 166 assigns enter the Property and conduct Inspections at their own risk. Buyer�wilfl4dereaity-ead-hQIGI 29118P harleee- 1
<br /> 159 -frorvl tosses damages coets;-ciairns-and-expenses-of-any-r+attffe-irielyddirig attor►leye fees expanses-end-Ilabllify
<br /> leo inodrred-irr-application*fbrmzoning-o"eWad proceedings erjd-frau Ilatsigty-te-eRy-Peraerr-erlslrig-ipen�-tt�e dt�•et-of
<br /> 181 Buyer will not engage In any activity that could result In a
<br /> 182 construction lien ieing filed against the Property without Seller's prior written consent . If this transaction does
<br /> not
<br /> 183 close , Buyer will, at-Duyeis- expense, (4 ) repair:-all-aaraages4944e449perfY-resdltft freem4napeeftems-eFreFm
<br /> 184 retie-Prc�periy te-the eeritiers-it-wash pr4er to seFld�ret ef-the l►�speeNerasrand-42} release to Seller all reports
<br /> les and other work generated as a result of the Inspections ,
<br /> 168 Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of
<br /> Buyer's
<br /> 187 determination of whether or not the Property is acceptable . Buyer's failure to comply with this notice requirement
<br /> lee will constitute acceptance of the Property .as suitable for Buyer's intended use in Its was Is" condition. If the Property
<br /> 1e Is unacceptable to Buyer and written notice of this fact is timely delivered to Seller, this Contract will
<br />be deemed
<br /> 170 terminated as of the day after the Feasibility Study period ends and Buyer's deposit(s) will be returned after Escrow
<br /> 171 Agent receives proper authorization from all interested parties .
<br /> 1726 0 (2) No Fliksibility .Study: Buyer is satisfied that the Property is suitable for Buyer's purposes , Including
<br /> being
<br /> 173 satisfie at eft er public sewerage and water are available to the Property or the Property will be approved
<br />for the
<br /> 174• Buver ) nd Seller —a acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages.
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