Basic Options questions

Hi guys,
I am a newbie starting to study up on Vertical spreads. But there are a few thing I can't seem to understand
:(

Lets say:

XYZ trading at $100

I SELL a vertical put for $2.00 debit
Sell : $95 PUT
Buy : $90 PUT

1. So what is my break even? Is it $97 or $92 ?

2. Lets say the stock moves down to the price I SOLD the put at ($95), does it automatically get exercised and I end up with negative 100 shares of XYZ?

3. Or is there a way where I can put a "Limit - 'buy to close' " order as soon as I sell the put, meaning the order executes to buy back the shares I sold at a "certain (I guess market at the time)" price?

4. Do I see the "credit" for the sale instantly or when the options expire?

5. If the stock if trading at $100 at the time of expiration, do I let "both" the Sell and Buy put expire? Or should I / do I need to Buy and Sell to close them out?

I know that's a LOT of questions, but I would really appreciate the help.

Also,
If was to sell the vertical for lets say JULY 2014, what would happen if the stock price hits the Strike price in lets say June 5th?

Thanks

1. Your break even at expiration would be the strike price minus initial credit. So if you sold a 95 put for .7 and bought a 90 put for .2 your beak-even would be 94.5
2. No. First of all you are a put writer, so you are selling the right but NOT the obligation for the buyer to sell you 100 shares of XYZ at 95. If you got assigned, you would have to buy 100 shares. You have a higher likelihood of getting assigned when your put goes in the money however, it's rare.
3. Not necessary.
4. Technically you get the premium right away. However, that doesn't mean you are profitable. As the option gradually erodes through time decay, or moves in your favor, you start to see a profit on the position. So really, the whole premium is yours free and clear only at expiration.
5. They will both expire worthless.