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<br />12.3 Gap Affidavit. An affidavit in form and content reasonably satisfactory to <br />the Title Company to facilitate the insuring of the "gap", i.e., the deleting as an exception to the <br />Title Commitment any matters appearing between the effective date of the Title Commitment <br />and the effective date of the Title Policy. <br /> <br />12.4 FIRPTA. A FIRPTA Non-Foreign Entity Transfer Certificate or <br />Exemption Certificate or document evidencing withholding, in accordance with Section 1445 of <br />the Internal Revenue Code. <br /> <br />12.5 DR-219. DR-219 as required for recording. <br /> <br />12.6 Closing Statement. At least four (4) counterparts of a closing statement <br />for this transaction, executed by Seller. <br /> <br />12.7 Documentation authorizing transaction. Documentation in form and <br />content reasonably satisfactory to the Buyer that (i) the Board of Directors of A vila <br />Condominium Association, Inc. have properly approved this Option Agreement for the purchase <br />and sale of the Property; and (ii) at least 75% of the unit owners of A vila Condominium <br />Association, Inc. have authorized the Board of Directors to approve same. <br /> <br />13. Buyer's Closing Documents. At closing, Buyer shall deliver the following <br />documents (Buyer's Closing Documents) to Seller; <br /> <br />13.1 City Commission Approval. A certified copy of the Resolution, Minutes <br />or Agenda Actions of the pertinent meeting of the Commission Council showing that Buyer has <br />been authorized to enter into and execute this Agreement and consummate the transaction herein <br />contemplated. This Agreement shall be presented to City Commission for its approval at its <br />regular meeting scheduled for November 15,2007. <br /> <br />13.2 Appraisals. Any and all appraisals required under Chapter 166 of the <br />Florida Statutes. <br /> <br />13.3 Closing Statement. At least four (4) counterparts of a closing statement <br />for this transaction, executed by Buyer. <br /> <br />14. Closing Procedure. The Closing shall proceed in the following manner: <br /> <br />14.1 Transfer of Funds. Buyer shall pay the net closing proceeds to the Seller <br />by wire transfer to the account of Seller. <br /> <br />14.2 Delivery of Documents. Seller shall deliver Seller's Closing Documents <br />to the Buyer upon receipt of the Purchase Price. Simultaneously, Buyer shall deliver the Buyer's <br />Closing Documents to Seller. The foregoing may be accomplished by a mutually acceptable <br />escrow arrangement. <br /> <br />Option Agreement for A vila Condo. Assn. Property 12 <br />