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89 (c) Taxes, Assessments, and Proration s : The following items will be made current and prorated X as of Closing Date
<br /> 90 as of : real estate taxes, bond and assessment payments assumed by Buyer, interest, rents,
<br /> 91 association dues, insurance premiums acceptable to Buyer, operational expenses and
<br /> 92 If the amount of taxes and assessments for the current year cannot be ascertained , rates for the previous year will be
<br /> 93 used with due allowance being made for improvements and exemptions. Seller is aware of the following assessments
<br /> 94 affecting or potentially affecting the Property:
<br /> 95 Buyer will be responsible for all assessments of any kind which become due and owing on or after Effective Date, unless
<br /> 96 the improvement is substantially completed as of Closing Date, in which case Seller will be obligated to pay the entire
<br /> 97 assessment.
<br /> 98 (d) FIRPTA Tax Withholding : The Foreign Investment in Real Property Act ("FIRPTA") requires Buyer to withhold at
<br /> 99 closing a portion of the purchase proceeds for remission to the Internal Revenue Service (" I . R . S. ") if Seller is a "foreign
<br /> 100 person" as defined by the Internal Revenue Code . The parties agree to comply with the provisions of FIRPTA and to
<br /> 101 provide , at or prior to closing , appropriate documentation to establish any applicable exemption from the withholding
<br /> 102 requirement . If withholding is required and Buyer does not have cash sufficient at closing to meet the withholding
<br /> 103 requirement, Seller will provide the necessary funds and Buyer will provide proof to Seller that such funds were properly
<br /> 104 remitted to the I . R. S.
<br /> 105 6. ESCROW: Buyer and Seller authorize Charles Sullivan, Sr.
<br /> 106 Telephone: 772-567-4371 Facsimile: 772-778-4947 Address : 160120th Street, Vero Beach, FL
<br /> 107 to act as "Escrow Agent" to receive funds and other items and , subject to clearance ,
<br /> 108 disburse them in accordance with the terms of this Contract. Escrow Agent will deposit all funds received in X non-interest
<br /> 109 bearing escrow account an interest bearing escrow account with interest accruing to
<br /> 110 with interest disbursed ( check one) at closing at intervals. If Escrow Agent
<br /> 111 receives conflicting demands or has a good faith doubt as to Escrow Agent's duties or liabilities under this Contract, he/she
<br /> 112 may (a) hold the subject matter of the escrow until the parties mutually agree to its disbursement or until issuance of a court
<br /> 113 order or decision of arbitrator determining the parties' rights regarding the escrow or (b) deposit the subject matter of the
<br /> 114 escrow with the clerk of the circuit court having jurisdiction over the dispute. Upon notifying the parties of such action , Escrow
<br /> 115 Agent will be released from all liability except for the duty to account for items previously delivered out of escrow. If a licensed
<br /> 116 real estate broker , Escrow Agent will comply with applicable provisions of Chapter 475 , Florida Statutes. In any suit or
<br /> 117 arbitration in which Escrow Agent is made a party because of acting as agent hereunder or interpleads the subject matter of
<br /> 118 the escrow, Escrow Agent will recover reasonable attorneys' fees and costs at all levels, with such fees and costs to be paid
<br /> 119 from the escrowed funds or equivalent and charged and awarded as court or other costs in favor of the prevailing party. The
<br /> 120 parties agree that Escrow Agent will not be liable to any person for misdelivery to Buyer or Seller of escrowed items, unless
<br /> 121 the misdelivery is due to Escrow Agent's willful breach of this Contract or gross negligence.
<br /> 122 7. PROPERTY CONDITION : Seller will deliver the Property to Buyer at the time agreed in its present "as is" condition ,
<br /> 123 ordinary wear and tear excepted, and will maintain the landscaping and grounds in a comparable condition . Seller makes no
<br /> 124 warranties other than marketability of title. By accepting the Property "as is, " Buyer waives all claims against Seller for any
<br /> 125 defects in the property. (Check (a) or (b)) -
<br /> 126 (a) As Is : Buyer has inspected the Property or waives any right to inspect and accepts the Property in its "as is"
<br /> 127 condition .
<br /> 128 X (b) Due Diligence Period : Buyer will , at Buyer's expense and within 60 days from Effective Date ("Due Diligence
<br /> 129 Period") , determine whether the Property is suitable, in Buyer's sole and absolute discretion, for Buyers intended use and
<br /> 130 development of the Property as specified in Paragraph 4. During the Due Diligence Period , Buyer may conduct any tests,
<br /> 131 analyses, surveys and investigations ("Inspections") which Buyer deems necessary to determine to Buyer's satisfaction
<br /> 132 the Property's engineering , architectural , environmental properties; zoning and zoning restrictions ; flood zone designation
<br /> 133 and restrictions ; subdivision regulations ; soil and grade ; availability of access to public roads, water, and other utilities ;
<br /> 134 consistency with local , state and regional. growth management and comprehensive land use plans; availability of permits,
<br /> 135 government approvals and licenses; compliance with American with Disabilities Act; absence of asbestos, soil and ground
<br /> 136 water contamination; and other inspections that Buyer deems appropriate to determine the suitability of the Property for
<br /> 137 Buyer's intended use and development. Buyer shall deliver written notice to Seller prior to the expiration of the Due
<br /> 138 Diligence Period of Buyer's determination of whether or not the Property is acceptable. Buyer's failure to comply with this
<br /> 139 notice requirement shall constitute acceptance of the Property in its present "as is" condition . Seller grants to Buyer, its
<br /> 140 agents, contractors and assigns, the right to enter the Property at any time during the Due Diligence Period for the
<br /> 141 purpose of conducting Inspections, provided , however, that Buyer, its agents, contractors and assigns enter the Property
<br /> 142 and conduct Inspections at their own risk. Buyer shall indemnify and hold Seller harmless from losses, damages, costs,
<br /> 143 claims and expenses of any nature , including attorneys' fees at all levels, and from liability to any person , arising from the
<br /> 144 conduct of any and all inspections or any work authorized by Buyer. Buyer will not engage in any activity that could result
<br /> 145 in a mechanic's lien being filed against the Property without Seller's prior written consent. In the event this transaction
<br /> 146 does not close, (1 ) Buyer shall repair all damages to the Property resulting from the Inspections and return the Property to
<br /> 147 the condition it was in prior to conduct of the Inspections, and (2) Buyer shall , at Buyer's expense, release to Seller all
<br /> 148 reports and othM work generated as a result of the Inspections. Should Buyer deliver timely notice that the Property is not
<br /> 149acc able , Se r agrees that Buyer's deposit shall be immediately returned to Buyer and the Contract terminated .
<br /> 150 Buyer and Seller CA.J( acknowledge receipt of a copy of this page, which is page 3 of 5 Pages.
<br /> CG2 01997 Florida Association of REALTORS® All Rights Reserved
<br /> This form produced by rw0fJyJL1A3tW # 800-699-9612
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