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11) if an improvement is substantially completed as of Effective Date but has not resulted in a lien before dosing, and Buyer will
<br />112• pay all other amounts. If special assessments may be paid In installments ❑ Buyer ❑ Seller (if left blank, Buyer) shall pay
<br />113 installments due after dosing. If Seller is checked, Seller will pay the assessment in full prior to or at the time of dosing. Public
<br />114 body does 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 requires
<br />116 Buyer to withhold 10% of the amount realized by the Seller on the transfer and remit the withheld amount to the Internal
<br />117 Revenue Service (IRS) unless an exemption applies. The primary exemptions are (1) Seller provides Buyer with an affidavit
<br />118 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 the
<br />121 number of days the Property Is in use during each of the first two 12 month periods after transfer. The iRS requires Buyer and
<br />12z Seller to have a U.S. federal taxpayer identification number ('TIN"). Buyer and Seller agree to execute and deliver as directed
<br />123 any instrument, affidavit or statement reasonably necessary to comply with FIRPTA requirements inducting applying for a TIN
<br />124 within 3 days from Effective Date and delivering their respective TIN or Social Security numbers to the Closing Agent. if Seller
<br />125 applies for a withholding certificate but the application is still pending as of closing, Buyer will place the 10% tax in escrow at
<br />126 Seller's expense to be disbursed In accordance with the final determination of the IRS, provided Seller so requests and gives
<br />1>.7 Buyer notice of the pending application in accordance with Section 1445. If Buyer does not pay sufficient cash at closing to
<br />128 meet the withholding requirement, Seller will deliver to Buyer at dosing 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) 1031 Exchange: If either Seiler 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"), the other party will cooperate In all reasonable respects to
<br />132 effectuate the Exchange including executing documents; provided, however, that the cooperating party will incur no liability or
<br />133 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 />135 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 grounds In
<br />137 a comparable condition and will not engage in or permit any activity that would materially alter the Property's condition without
<br />13a the Buyer's prior written consent.
<br />139 (a) Flood Zone: Buyer Is advised to verify by survey, with the lender and with appropriate govemment agencies which flood
<br />140 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 affect
<br />143 Buyer's Intended use of the Property will not be grounds for canceling this Contract if the Feasibility Study Period has expired
<br />144 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 days from Effective Date ("Feasibility Study
<br />147' Period"), determine whether the Property is suitable, in Buyer's sole and absolute discretion, for
<br />148' use. During the Feasibility Study Period, Buyer rnay conduct a Phase 1 environmental
<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 />1s4 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 />iso 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 />ISO assigns enter the Property and conduct Inspections at their own risk. Buyer will indemnify and hold Seller harmless
<br />1s9 from losses, damages, costs, claims and expenses of any nature, including attorneys' fees, expenses and liability
<br />leo incurred In application for rezoning or related proceedings, and from liability to any person, arising from the conduct of
<br />161 any and all Inspections or any work authorized by Buyer. 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, (1) repair all damages to the Property resulting from the Inspections and return
<br />164 the Property to the condition it was In prior to conduct of the Inspections, and (2) release to Selier all reports and other
<br />165 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 determination of
<br />167 whether or not the Property is acceptable. Buyer's failure to comply with this notice requirement wilt constitute acceptance
<br />168 of the Property as suitable for Buyer's intended use in its "as is" condition. If the Property Is unacceptable to Buyer and
<br />169 written notice of this fact is timely delivered to Seller, this Contract will be deemed terminated as of the day after the
<br />170 Feasibility Study period ends and Buyer's deposit(s) will be returned after Escrow Agent receives proper authorization from
<br />171 all Interested parties.
<br />172' ® (2 '',. Feasibility Study: Buyer Is satisfied that the Property is suitable for Buyer's purposes, including being
<br />173 sat'• l hat either public sew e and water are available to the Property or the Property will be approved for the
<br />174' Buyer (I IV ( ) and Sell
<br />Rev. 4/07 Y1(f. 7
<br />( !acknowledge receipt of a copy of this page, which is Page 3 of 7 Pages.
<br />Florida Association of RrArlola A fights Reserved
<br />Scdalr: 094605.600138.3964416
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