2019-02-13_REVISION - M2000077 (5)

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892 special improvements installed as of the date of Buyer's signature hereon, whether assessed or not and previous 893 years'taxes, will be paid at or before Closing by Seller from the proceeds of this transaction or from any other 894 895 source. 896 897 15. CLOSING COSTS, CLOSING FEE,ASSOCIATION FEES AND TAXES. 899 15.1. Closing Costs. Buyer and Seller must pay, in Good Funds, their respective closing costs and 900 all other items required to be paid at Closing, except as otherwise provided herein. 901 15.2. Closing Services Fee. The fee for real estate closing services must be paid at Closing by 903 ❑ Buyer ❑Seller ®One-Half by Buyer and One-Half by Seller 904 ❑ Other 905 15.3. Status Letter and Record Change Fees. At least fourteen days prior to Closing Date, Seller 906 907 agrees to promptly request the Association to deliver to Buyer a current Status Letter.Any fees incident to the 908 issuance of Association's Status Letter must be paid by®None❑Buyer❑Seller❑One-Half by Buyer and 909 One-Half by Seller.Any Record Change Fee must be paid by❑ None ❑ Buyer ❑ Seller ❑One-Half by 910 Buyer and One-Half by Seller. 911 912 15.4. Local Transfer Tax. ❑ The Local Transfer Tax of % of the Purchase Price must 913 be paid at Closing by®None ❑ Buyer ❑ Seller ❑One-Half by Buyer and One-Half by Seller. 914 15.5. Private Transfer Fee. Private transfer fees and other fees due to a transfer of the Property, 915 916 payable at Closing, such as community association fees, developer fees and foundation fees, must be paid at 917 Closing by®None❑Buyer❑Seller ❑One-Half by Buyer and One-Half by Seller.The Private Transfer fee, 918 whether one or more, is for the following association(s): in the total amount of na% of the Purchase Price or$. 920 15.6. Water Transfer Fees. The Water Transfer Fees can change.The fees, as of the date of this 921 Contract, do not exceed $for: 922 ❑Water Stock/Certificates ❑Water District 923 ❑Augmentation Membership ❑Small Domestic Water Company❑ and must be paid at Closing by 924 None Bu er Seller One-Half b Buyer and One-Half b Seller 925 ❑ Y ❑ ❑ Y Y Y 926 15.7. Sales and Use Tax. Any sales and use tax that may accrue because of this transaction 927 must be paid when due by®None❑Buyer❑Seller❑One-Half by Buyer and One-Half by Seller. 928 929 15_$= FIR PTA and Colorado Withholding. 930 15.8.1. FIRPTA. The Internal Revenue Service (IRS) may require a substantial portion of the 931 Seller's proceeds be withheld after Closing when Seller is a foreign person. If required withholding does not occur, 932 the Buyer could be held liable for the amount of the Seller's tax, interest and penalties. If the box in this Section is 933 934 checked, Seller represents that Seller❑IS a foreign person for purposes of U.S. income taxation. If the box in this 935 Section is not checked, Seller represents that Seller is not a foreign person for purposes of U.S. income taxation. 936 Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably requested documents to 937 verify Seller's foreign person status. If withholding is required, Seller authorizes Closing Company to withhold such 939 amount from Seller's proceeds. Seller should inquire with Seller's tax advisor to determine if withholding applies or 940 if an exemption exists. 941 15.8.2. Colorado Withholding. The Colorado Department of Revenue may require a portion of 942 the Seller's proceeds be withheld after Closing when Seller will not be a Colorado resident after Closing, if not 94 944exempt. otherwise exem t• Seller agrees to cooperate with Buyer and Closing Company to provide any reasonably 945 requested documents to verify Seller's status. If withholding is required, Seller authorizes Closing Company to 946 withhold such amount from Seller's proceeds. Seller should inquire with Seller's tax advisor to determine if 947 withholding applies or if an exemption exists. 948 949 950 16. PRORATIONS AND ASSOCIATION ASSESSMENTS.The following will be prorated to the Closing 951 Date, except as otherwise provided: 953 16.1. Taxes. Personal property taxes, if any, special taxing district assessments, if any and general 954 real estate taxes for the year of Closing, based on®Taxes for the Calendar Year Immediately Preceding 955 Closing ❑ Most Recent Mill Leary and Most Recent Assessed Valuation, ❑ Other. 956 16.2. Rents. Rents based on ❑ Rents Actually Received ❑Accrued. At Closing, Seller will 957 transfer or credit to Buyer the security deposits for all Leases assigned, or an remainder after lawful deductions 95s Y Y P 9 � Y 959 and notify all tenants in writing of such transfer and of the transferee's name and address. Seller must assign to 960 Buyer all Leases in effect at Closing and Buyer must assume Seller's obligations under such Leases. 961 16.3. Association Assessments. Current regular Association assessments and dues(Association 6 9 an advance we credited Seller at as reserves e out o the 63 Assessments) id id ill b ditd t Sll t Closing.g• Cash held of regular 964 Association Assessments for deferred maintenance by the Association will not be credited to Seller except as may 965 be otherwise provided by the Governing Documents. Buyer acknowledges that Buyer may be obligated to pay the 966 Association, at Closing, an amount for reserves or working capital.Any special assessment assessed prior to 967 Closing Date b the Association will be the obligation of Bu er Seller. Except however, an special 968 g Y 9 ❑ Y ❑ P Y P 969 assessment by the Association for improvements that have been installed as of the date of Buyer's signature 970 hereon,whether assessed prior to or after Closing, will be the obligation of Seller. Seller represents there are no 971 972