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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 />149 acclppp((aable, Se r agrees that Buyer's deposit shall be immediately returned to Buyer and the Contract terminated.
<br />150 Buyer and Seller ( A J(_) acknowledge receipt of a copy of this page, which is page 3 of 5 Pages.
<br />CC -2 01997 Florida Association of REALTORS® All Rights Reserved
<br />This form produced by FbV7yJL1A3tW # 800-699-9612
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