Section 1 – Definitions
1.11 Transfer Contribution. The Transfer Contribution to be made to the Foundation in connection with each Transfer. The amount of each such Transfer Contribution shall be equal to one-half of one percent (0.5%) of the applicable Transfer Consideration.
Section 3 – Transfer Contribution
3.1 When due and paid. A Transfer Contribution shall be paid by the transferor to the Foundation on or before the Close of Escrow of the Transfer; provided, however, if the transaction involves more than one (1) Transfer solely because the Residence is held for an interim period (not to exceed 72 hours) by an accommodation party as a part of a tax-deferred exchange under the Internal Revenue Code, and provided there is no increase in consideration given, then for the purposes of this Agreement, only one Transfer shall be deemed to have occurred and only one transfer Contribution must be paid in connection therewith.
To view the Transfer Contribution document in PDF form, please click here.