FOREIGN SELLERS. The Foreign Investment and Real Property Act (FIRPTA) may apply if Seller is a foreign person, foreign corporation or partnership, or nonresident alien, unless the purchase price is $300,000 or less AND the buyer intends to use the Property the Buyer’s residence. FIRPTA may require the buyer of real property to withhold 10% of the sale price and to deposit that amount with the Internal Revenue Service upon closing.
FOREIGN SELLERS. If such Seller is not a U.S. Person, such Seller hereby represents and warrants that it has satisfied the full observance of the Laws of its jurisdiction in connection with this Agreement and the other Transaction Documents and the subscription for the Acquired Shares, including, without limitation, the receipt of any Consents from or actions to be taken by any Governmental Entity in such jurisdiction required as a condition to the Investment Transaction and the satisfaction of any other applicable legal requirements within such jurisdiction for the purchase of the Acquired Shares. The subscription and payment by FOMO WORLDWIDE, INC.s for, and the continued beneficial ownership of, the Securities will not violate any applicable securities of other Laws of FOMO WORLDWIDE, INC.’s jurisdiction.
FOREIGN SELLERS. Parent shall cause the Foreign Sellers and its other Affiliates to comply with the terms set forth in this Agreement contemplated to be taken by the Foreign Sellers and its other Affiliates. Parent irrevocably guarantees the timely performance of each and every agreement and obligation of the Foreign Sellers and its Affiliates under the provisions of any applicable Transaction Documents. Parent hereby waives, for the benefit of Buyer, (a) any right to require Buyer as a condition of payment or performance of Parent to proceed against the applicable Foreign Sellers or other Affiliates of Parent or pursue any other remedies whatsoever and (b) to the fullest extent permitted by Applicable Law, any defenses or benefits that may be derived from or afforded by Applicable Law that limit the liability of or exonerate guarantors or sureties, except to the extent that any such defense is available to any Seller or Affiliate of Parent. Parent understands that Buyer is relying on this guarantee in entering into the Transaction Documents.
FOREIGN SELLERS. The Foreign Investment in Real Property Tax Act (“FIRPTA”) is applicable if Seller is a non-resident alien 91. individual, foreign corporation, foreign partnership, foreign trust, or foreign estate (“Foreign Person”). Xxxxxx agrees to complete, 92. sign, and deliver to Escrow Company a certificate indicating whether Seller is a Foreign Person, and agrees to comply with all 93. legal requirements for potential withholding payments. Seller is responsible for obtaining independent legal and tax advice.
FOREIGN SELLERS. Federal Regulations require that foreign Sellers MUST provide a U.S. Taxpayer identification number prior to closing. The application may take 4-6 weeks to process. Failure to have the I.D. Number may delay your closing. In addition, Sellers who are not U.S. citizens or permanent residents in possession of a valid “Green Card” may be subject to withholding of proceeds pursuant to the Foreign Investments in Real Property Tax Act (“FIRPTA”). If you are not a U.S. citizen or permanent resident of the United States, contact the IRS, a tax specialist, or your real estate attorney as soon as possible. _______________________________________________________________________________________________ ______________________________________________________________________________________________________________
