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STANDARDS FOR REAL ESTATE TRANSACTIONS ("STANDARDS") CONTINUED 496 cost to complete restoration (not to exceed 1.5% of Purchase Price) will be escrowed at Closing. If actual cost of 497 restoration exceeds escrowed amount, Seller shall pay such actual costs (but, not in excess of 1.5% of Purchase 498 Price). Any unused portion of escrowed amount shall be returned to Seller. If cost of restoration exceeds 1.5% of 499 Purchase Price, Buyer shall elect to either take Property "as is" together with the 1.5%, or receive a refund of the 500 Deposit thereby releasing Buyer and Seller from all further obligations under this Contract. Seller's sole obligation 501 with respect to tree damage by casualty or other natural occurrence shall be cost of pruning or removal. 502 N. 1031 EXCHANGE: If either Seller or Buyer wish to enter into a like -kind exchange (either simultaneously with 503 Closing or deferred) under Section 1031 of the Internal Revenue Code ("Exchange"), the other party shall cooperate 504 in all reasonable respects to effectuate the Exchange, including execution of documents; provided, however, 505 cooperating party shall incur no liability or expense related to the Exchange, and Closing shall not be contingent 506 upon, nor extended or delayed by, such Exchange. 507 O. CONTRACT NOT RECORDABLE; PERSONS BOUND; NOTICE; DELIVERY; COPIES; CONTRACT 508 EXECUTION: Neither this Contract nor any notice of it shall be recorded in any public records. This Contract shall 509 be binding on, and inure to the benefit of, the parties and their respective heirs or successors in interest. Whenever 510 the context permits, singular shall include plural and one gender shall include all. Notice and delivery given by or to 511 the attorney or broker (including such broker's real estate licensee) representing any party shall be as effective as 512 if given by or to that party. All notices must be in writing and may be made by mail, personal delivery or electronic 513 (including "pdf') media. A facsimile or electronic (including "pdf') copy of this Contract and any signatures hereon 514 shall be considered for all purposes as an original. This Contract may be executed by use of electronic signatures, 515 as determined by Florida's Electronic Signature Act and other applicable laws. 516 P. INTEGRATION; MODIFICATION: This Contract contains the full and complete understanding and agreement 517 of Buyer and Seller with respect to the transaction contemplated by this Contract and no prior agreements or 518 representations shall be binding upon Buyer or Seller unless included in this Contract. No modification to or change 519 in this Contract shall be valid or binding upon Buyer or Seller unless in writing and executed by the parties intended 520 to be bound by it. 521 Q. WAIVER: Failure of Buyer or Seller to insist on compliance with, or strict performance of, any provision of this 522 Contract, or to take advantage of any right under this Contract, shall not constitute a waiver of other provisions or 523 rights. 524 R. RIDERS; ADDENDA; TYPEWRITTEN OR HANDWRITTEN PROVISIONS: Riders, addenda, and typewritten 525 or handwritten provisions shall control all printed provisions of this Contract in conflict with them. 526 S. COLLECTION or COLLECTED: "COLLECTION" or "COLLECTED" means any checks tendered or 527 received, including Deposits, have become actually and finally collected and deposited in the account of 528 Escrow Agent or Closing Agent. Closing and disbursement of funds and delivery of closing documents 529 may be delayed by Closing Agent until such amounts have been COLLECTED in Closing Agent's accounts. 530 T. RESERVED. 531 U. APPLICABLE LAW AND VENUE: This Contract shall be construed in accordance with the laws of the State 532 of Florida and venue for resolution of all disputes, whether by mediation, arbitration or litigation, shall lie in the 533 county where the Real Property is located. 534 V. FIRPTA TAX WITHHOLDING: If a seller of U.S. real property is a "foreign person" as defined by FIRPTA, 535 Section 1445 of the Internal Revenue Code ("Code") requires the buyer of the real property to withhold up to 15% 536 of the amount realized by the seller on the transfer and remit the withheld amount to the Internal Revenue Service 537 (IRS) unless an exemption to the required withholding applies or the seller has obtained a Withholding Certificate 538 from the IRS authorizing a reduced amount of withholding. 539 (i) No withholding is required under Section 1445 of the Code if the Seller is not a "foreign person". Seller can 540 provide proof of non -foreign status to Buyer by delivery of written certification signed under penalties of perjury, 541 stating that Seller is not a foreign person and containing Seller's name, U.S. taxpayer identification number and 542 home address (or office address, in the case of an entity), as provided for in 26 CFR 1.1445-2(b). Otherwise, Buyer 543 shall withhold the applicable percentage of the amount realized by Seller on the transfer and timely remit said funds 544 to the IRS. 545 (ii) If Seller is a foreign person and has received a Withholding Certificate from the IRS which provides for reduced 546 or eliminated withholding in this transaction and provides same to Buyer by Closing, then Buyer shall withhold the 547 reduced sum required, if any, and timely remit said funds to the IRS. 548 (iii) If prior to Closing Seller has submitted a completed application to the IRS for a Withholding Certificate and has 549 provided to Buyer the notice required by 26 CFR 1.1445-1(c) (2)(i)(B) but no Withholding Certificate has been 550 received as of Closing, Buyer shall, at Closing, withhold the applicable percentage of the amount realized by Seller 551 on the transfer and, at Buyer's option, either (a) timely remit the withheld funds to the IRS or (b) place the funds in 552 escrow, at Seller's expense, with an escrow agent selected by Buyer and pursuant to terms negotiated by the Buyer's Initials C�_S)_ Page 10 of 12 Seller's Initials FloridaRealtors/FloridaBar-ASIS-5x Rev.6/19 © 2017 Florida Realtors® and The Florida Bar. All rights reserved. Se n a I#: 044343-000163-0509417 Electronically Signed using eSignOnpneTM I Session ID : alb19b31.00a2-/fe7.9551-3O6666b7a5Oe I " Form Simplicity