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111 , it an improvement is substantially completed as of Effective Date but has not resulted in a lien before closing, and Buyer will pay
<br /> 112* all other amounts. If special assessments may be paid in installments Buyer ❑ Seller (rf left blank, Buyer) shall pay installments
<br /> 113 due after closing. If Seller is checked, Seller will 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 /> 115 (f) Tax Withholding: If Seller is a "foreign person" as defined by FIRPTA, Section 1445 of the Internal Revenue Code
<br /> 116 requires Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the
<br /> 117 Internal Revenue Service (IRS) 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 /> 121 the number of days the Property is in use during each of the first two 12 month periods after transfer. The IRS requires Buyer
<br /> 122 and Seller 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 including applying
<br /> 124 for a TIN within 3 days from Effective Date and delivering their respective TN 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 the 10% tax in
<br /> 126 escrow at Seller's expense to be disbursed in accordance Win 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 at
<br /> 126 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 Seiler with copies of the tax forms and receipts.
<br /> 130 (g) 1031 Exchange: If either Seller or Buyer wishes to enter into a like-kind exchange (either simultaneously with closing or
<br /> 131 after) under Section 1031 of the Internal Revenue Code ("Exchange's, the other parry will cooperate in all reasonable respects
<br /> 162 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 shall not be contingent upon, extended or delayed by the Exchange.
<br /> 134 PROPERTY CONDITION
<br /> las 6. LAND USE: Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition, with conditions
<br /> 136 resulting from Buyer's Inspections and casualty damage, If any, excepted. Seller will maintain the landscaping and
<br /> 137 grounds in a comparable condition and will not engage in or permit any activity that would materially alter the Property's
<br /> 138 condition without the Buyer's prior written consent.
<br /> 139 (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 Study
<br /> 144 Period has expired or if Buyer has checked choice (c)(2) below.
<br /> 145 (c) Inspections: (check (1) or (2) below)
<br /> 146• (1 ) Feasibility Study: Buyer will , at Buyer's expense and within Wdays from Effective Date ("Feasibility u
<br /> 14r er)Od') , determine whether the Property is suitable, in Buyer's sole and absolute discretion, forces V
<br /> 148• 2614 AW _C4 ¢�/ use. During the Feasibility Study Period, Buyer may conduct a Phase I environ ental
<br /> 149 assessment and any other tests, analyses, surveys and investigations ('Inspections") that Buyer deems necessary to
<br /> 150 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 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 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 Inspections; provided, however, that Buyer, its agents, contractors and
<br /> 158 assigns enter the Property and conduct Inspections at their own risk.
<br /> 159
<br /> Iso in a Iication for rezo
<br /> 161 ^�� +' nc Or an\ ' +�'^"�'� �`� � �• - -- Buyer will not engage in any activity that could result in a
<br /> 162 construction lien being filed against the Property without Seller's prior written consent. If this transaction does not
<br /> 163 close, Buyer will, at Buyer's expense,
<br /> 164 elease to Seller all reports
<br /> 165 and other work generated as a result of the Inspections .
<br /> 166 Buyer will deliver written notice to Seller prior to the expiration of the Feasibility Study Period of 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 Property
<br /> 169 is unacceptable to Buyer and written notice of this fact is timely delivered to Seller, this Contract will be deemed
<br /> no 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 /> rr ❑ (2) No Feasibiiity .Study0 B r is satisfied that the Property is suitable for Buyer's purposes; including being
<br /> 3 satisfied that either public se and water are available to the Property or the Property will be approved for the
<br /> 174' Buyer ( (_ and Seller AIL acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages .
<br /> VAC-9 Rev. 4/07 0 2007 Florida Associ ion of Rymr * All Rights Reserved
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