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an improvement is substantially completed as - of Effective Date but has not resulted in a lien before closing, and Bayef will Pay
<br /> 112' all other amounts . If special assessments may be paid In installments
<br /> Seller (r�left-etaek -Bt+y }shalli ay'� tr
<br /> 113 -du"fter et, s ng.-4f-eeller�is-eheeke"eller-will-pay the assessment in full prior to or at the time of closing . Public
<br />body does
<br /> 114 not include a Homeowner Association or Condominium Association .
<br /> 115 (f) Tax Withholding : If Seller is a "foreign person " as defined by FIRPTA, Section 1445 of the Internal
<br /> Revenue Code
<br /> ills requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount
<br /> to the
<br /> nil Internal Revenue Service (IRS) unless an exemption applies. The primary exemptions are (1 ) Seller provides Buyer with
<br /> an
<br /> 118 affidavit that Seller is not a "foreign person" , (2). Seller provides Buyer with a Withholding Certificate providing for reduced
<br /> or
<br /> 119 eliminated withholding , or (3) the gross sales price is $300, 000 or less , Buyer is an individual who purchases the
<br />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
<br /> 50% of
<br /> 121 the number of days the Property is in use during each of the first two 12 month periods after transfer The IRS requires
<br /> Buyer
<br /> 122 and Seller to have a U , S. federal taxpayer identification number ('TIN") . Buyer and Seller agree to execute and
<br /> deliver as
<br /> 123 directed any instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements including 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 /> 125 If Seller applies for a withholding certificate but the application is still pending as of closing , Buyer will place
<br /> the 10% tax in
<br /> 128 escrow at Seller's expense to be disbursed in accordance with the final determination 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
<br /> at
<br /> 128 closing to meet the withholding requirement, Seller will deliver to Buyer at closing the additional cash necessary to satisfy the
<br /> 129 requirement. Buyer will timely disburse the funds to the IRS and provide . Seller with copies of the tax forms and receipts .
<br /> 130 (g) 7031 Exchange: if either Seller or Buyer wishes to enter into a like*Jnd exchange (either simultaneously with closing or
<br /> 131 after) under Section 1031 of the Internal Revenue Code (" Exchange'), the other party will cooperate in I reas willinabl no liability
<br /> ects
<br /> 132 to effectuate the Exchange including executing documents; provided, however, that the cooperating party
<br /> 133 oncost related to the Exchange and that the closing shall not be contingent upon, extended or delayed by the Exchange .
<br /> 134 PROPERTY CONDITION
<br /> 135 6. LAND USE: Seller Oil deliver the Property to Buyer at the time agreed in its present "as is" condition , with
<br /> conditions
<br /> 136 resulting from Buyer's Inspections and casualty damage , If any, excepted . Seller will maintain the landscaping
<br /> and
<br /> 131 grounds in a comparable condition and will not engage in or permit any activity that would materially alter the Property
<br />'s
<br /> 138 condition without the Buyer's prior written consent . agencies
<br /> 139 (a) Flood Zone: Buyer is advised to verify by survey, with the lender and with appropriate
<br /> to mprovingtthe Property and
<br /> too flood zone the Property is in , whether flood insurance is required and what restrictions appy
<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 Period has expired or if Buyer has checked choice (c)(2) below.
<br /> 145 (c) Inspections: (check ( 1) or (2) below) � 0
<br /> las (1 ) Feasibility Study: Buyer will , at Buyer's expense and within 6 days from Effective Date ' Feasibili Study ham
<br /> Q
<br /> 1414 Period " , determine whether tphe Property is suitable , in Buyer's sole and abesolma ute discretict aont fPhase
<br /> I ent or "a`
<br /> 148. (Q , � .�/ ,�.* / e. During the Feasibility Study Period , Buy Y
<br /> 14s assessment and an`� other Cests, analyses, surveys and Investigations (" Inspections") that Buyer deems necessary to
<br /> 149 determine to Buyer's satisfaction the Property' s engineering , architectural and environmental properties ; zoning and
<br /> 151 zoning restrictions; subdivision statutes; soil and grade; availability of access to public roads, water, and other
<br />utilities;
<br /> 152 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 /> 156 Seiler gives Buyer, its agents, contractors and assigns , the right to enter the6Property at any time during the Feasibility
<br /> 157 Study Period for the purpose of conducting Inspections ; provided ,. however, that Buyer, its agenti�efrractr oars and
<br /> 158 assigns enter the Property and conduct Inspections at their own risk, Buyer` wWM4P AFAR fyraa�ae
<br /> 159 - from-losses,damages;~costs-clalrnsen"xpemsea-of-enrnaturt cluding-etterneys'-fees eexpenmehea�Fid-4iaeil�f
<br /> Iso incttrred-in applicattorr for rezonirtg-er-related-preeeedl+ sr er3d #fef> I ff+tyke-er�y per�ef+eirsg-fta
<br /> 161 y and-alHRspeetiens or any werk�autheria by-Buyer: Buyer will not engage in any activity that could result in a
<br /> 182 construction lien being filed against the Property without Seller's prior written c�onesuelnt . If�nsa�°��°1es not
<br /> --
<br /> 163 close , Buyer will , at-Buyer's-exfa
<br /> 182 ---retttf�-4He-f�reryef�r-te #+�e-eer�ditler�-+t-waa-ire- f3�or-to-seRddet'ef-the'iRsPac�ions-and-(�} release to Seller all reports
<br /> 165 and other work generated as a result of the Inspections.
<br /> 166 Buyer will deliver written notice to Seiler prior to the expiration of the Feasibility Study Period of
<br /> Buyer's
<br /> 167 determination of whether or not the Property is acceptable . Buyer's failure to comply with this notice requirement
<br /> 168 will constitute acceptance of the Property as suitable for Buyer's intended use in its ,as is" condition , if the
<br /> Property
<br /> 169 is unacceptable to Buyer and written notice of this fact is timely delivered to Seller, this Contract will be
<br /> deemed
<br /> 170 terminated as of the day after the Feasibility Study period ends and Buyer's deposit(s) will be returned after
<br /> Escrow
<br /> 171 Agent receives proper authorization from all interested parties .
<br /> 1720 G (2) No Feasibility . Study: Buyer is satisfied that the Property is suitable for Buyer's purposes ,
<br />including being
<br /> 173 satisfied ae! er public r genwater are available to the Property or the Property will be approved for the
<br /> 174' Buver ( nd Seller acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages.
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