Common use of Foreign Person Notification Clause in Contracts

Foreign Person Notification. At the Closing, Seller shall deliver to Buyer and to the Title Company an affidavit(s) from Seller and any other parties required pursuant to Section 1445 of the Internal Revenue Code and/or regulations relating thereto stating, under the penalty of perjury (i) that Seller is not a foreign person, (ii) the U.S. Taxpayer identification number of Seller, and (iii) such other information as may be required by regulations enacted by the Department of Treasury, in connection with Section 1445 of the Internal Revenue Code. An executed counterpart of such affidavit will be furnished to the Buyer at Closing. If Seller is a Foreign Person, as defined by applicable law, or if Seller fails to deliver the above described affidavit, then Buyer or the Title Company shall withhold from the sales proceeds an amount sufficient to comply with applicable tax law and deliver the same to the Internal Revenue Service, together with appropriate tax forms.