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STANDARDS FOR REAL ESTATE TRANSACTIONS (*•STANDARDS") CONTINUED
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<br />455 N. 4031 EXCHANGE: If either Seller or Buyer wish to ewer into a like-kindlike-kindexchange (either simultaneously with 457 Closing or deferred) under Section 1031 of the internal Revenue Code (`Exchange"). the other party shall cooperate in 4813 all reasonable respeds b effectuate the Exchange, inctrdng execution of doormen; provided, however, cooperating
<br />455 party shall incur no );ability orexpe:tse related to the Exchange, and Closing shall not be contingent upon, nor extended
<br />or delayed by, such Exchange.
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<br />471 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE DELIVERY; COPIES; CONTRACT
<br />EXECUTION: Nein' er this Contract nor any notice of it shall be recorded in any public records. This Contract shalt be
<br />47ra3 binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest Wl enever the
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<br />474 context pe.�inits, singular shall include plural and one gender shall Include all, Notice and delivery given by or to the 175 attorney of broker (including such broker's real estate licensee) representing any party shall be as effective as If gven 475 by or to that party. All notices must be in writing and may be made by mail, personal delivery or - electronic (Including Orr Cdr) media. A facsimile or electronic (r�tcluding "pdr) copy of this Contract and any signatures hereon shall be
<br />considered for ell purposes as an original. This Contract may be executed by use of eie�ronic signatures, as
<br />a7s determined by Florida's Electronic Sgrrature Act and other applicable laws_
<br />460
<br />478 P. INTEGRATION; h9OD1FICATION: This Contract contains the full and complete understanding and agreement of Gas Buyer and Seller with respect b the transaction contemplated by this Contract errd no prior agreaeents cr
<br />: representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change to
<br />6 463 this Contract shall be valid or bincUng upon Buyer or Seller unless in wrung and executed d by the partintended to be
<br />bound by it.
<br />4ES Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of any
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<br />tial Cont.tracor to take advantage of any right under figs Contract, shall noter prOvfsion of this
<br />487 R. RIDERS; ADDENDA; TYPEWRITTEN. OR HANDWRITTEN PROVISIONS Ftders, addenda, nd typewritten or
<br />orLs or rights.
<br />der handwritten provisions shall control all printed provisions of this Contract in conflict with them
<br />.188488 S. COLLECTiON or COLLECTED: "COLLECTION" or "COLLECTED" means any checks tendered or received, iso inciud-ing Deposits, have become actually and finally collected and deposaed in the account of Escrow A,gerzt ret or Closing Agent. Closing and drsbursernent of funds and delivery of closing documents may be delayed by
<br />Closing Agent until such amounts have been COLLECTED in Closing Agent's accounts.
<br />452
<br />sea T. LOAN COMMITMENT: 'Loan Commitment" means a stetsmentbytha lender setting forth the terrns and Conditions
<br />t upon which; the lender is Uniting to make a particular mortgage loan to a particular. borrower. Neither a pre•apprnvet see fetternor a prequalmcaiion tettersheit be deemed a Loan Commr'M,entfor•purposes of this Contract. 409 U. APPLICABLE LAW AND VENUE: This Contract shall be corzskt:ed in accordance with the laws of the- State of
<br />Florida and venue for resolution of all disputes, whether by mediation, arbi Talion or litigation, shall Re in the county
<br />457 where the Real Property is located.
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<br />45e V. FOREIGN INVESTDAENT IN REAL. PROPERTY TAX ACT ("FiRPTA"): lie seller of U.S. teal property is a';oreign sac 13,9490114 as defined by FIRPTA, Section 1445 of the Internal Revenue Code requires the buyer of the real property to 50t Withhold 10% ate. amount realized by the setter on the transfer and remit the withheld amount to the Internal Revenue
<br />$ery_ioe ORS) unless ap exemption to the requiredtftho
<br />wiiding, app`s or. lire seller has obtained. a Wit)rhpldrrrg
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<br />933 Certificate from the IRS authorizing a reduced amount of withholding. Due to the complexity and potential risks of s FIRPTA, Buyer and Seller should sees legal and tax advice regarding compliance, pertiatYarty if an "exemption" Fs
<br />claimed on the sat of residential property for $300,000 or less.
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<br />sae (i) No withholding is raquired under Section 1445 if the Seller Es not a "foreign person,- provided Buyer accepts proof ear of same from Sailer, which may Include Buyer's receipt of c caation of non -foreign statue from Seller, signed under sae penalties of perjury, stating that Seller is not a foreign person and containing Seller's name, U.S.
<br />number and home address (or office address, in the cese cf an e PR identification
<br />).
<br />sus Otherwise, Buyer shall withhold 10% of the amount realrted by Seiler on)e tender and timely remit aid funds to the
<br />510 IRS.
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<br />eta (ii) eSeller has received a Wiihholt ng Certicate from the IRS wi ech provides for reduced or eliminated withholding in era this transaction and provides same to Buyer by Closing, then Buyer shall wlifihold the reduced swn, if any required, and
<br />timely remit said funds to Lire IRS.
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<br />a514(opif prior to Closing Sailer has submlted a completed application to the IRS for a Vdithholding Certificate and has
<br />516 provided to Buyer the notice required by 26 CFR 1.1446-1(o) (2)(1)(B) but no WA/holding Certificate has been recei'jed
<br />617 es of aft, either (a) a shag, at Closing, withhold 10% of the amount realized by Seiler on the transfer and, at Buyer's
<br />sss
<br />() ely remit the withheld funds to the IRS or (b) piece. the funds in escrow, at Seler's expanse, with an ste escrow agent selected by Buyer and pursuant to terms negotiated by the parties, to be subsequently casbursed In 52n accordance with the Wrthholdrang Certificate Issued by the RS or remitted directly to the IRS if fire Seller's appiicatioop is
<br />rejected or upon terms set forth In the escrow agreement.
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<br />ea (iv) tri the event the net procdue Seller are not suifidenttomeet the Wititholdingrequirement(s)inthis transaction,
<br />Seller shall deliver to Buyer, at Closing, the additional COLLECTED funds necessary lo satisfy the npp11cable
<br />r: regufrsmeht Fund thereaitr Buyer shall timely remit said funds to t
<br />he IRS or escrow the funds or disbursement in
<br />EZ: accordance vviT the feral deterrnination of the IRS, as applicable.
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<br />Buys Engles Pages ail SelleYs tnilials,1
<br />FloridaRe at or3/FtonciaBsr-4st5-2 lav af13 0 2015 Florida Realtors aid The Flar)da Bar. All rights r sewed. I.,
<br />sirta 004323.701285182317
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