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Property Address: � � f �-��.� !_sw�� `�"„"".� ;���=-�E�.J G<~L G t°��°� � Date: �� '�; � �
<br /> . A
<br /> D; EFFECT OF Bl7YER'S REMOVAL OF CONi'INGENCIES:If Buyer removes,in writing,any contingency or cancellat'��s
<br /> � ' unless otherwise sp�cified in a separate written agreement between Buyer and Seller, Buyer shall conclusively be d�efi�fto�2
<br /> have:({)completed'all Buyer lnvestigations,and review of reporis and other applicable information and disclosures pertaining
<br /> to that contingency or cancellation right;{iIj elected to proceed with the transaction;and(iii)assumed all liability, responsibifity
<br /> and expense for Repairs or corrections pertaining to that contingency or canceflation right, or for inabi[ity to abtain fEnancing.
<br /> E. EFFECT OF CANCELLATIQN ON DEPOSITS: If Suyer or Se!!er gives written notice of canceifatian pursuant to rights duly
<br /> exercised under the terms of this Agreement, Eiuyer and Selfer agree to Sign mutual instructions to cancel the saie and escrow
<br /> and release deposits to the party entiUed to the funds, less fees and costs incurred by that party. Fees and cos#s may be
<br /> payable to service praviders and vendors for services and products provided during escrow. Release of funds will require
<br /> mutual Signed reiease instructions from Buyer anci Seiier, judicial decision or arbitration award. A party may he
<br /> ;�.�,, subject to a civil penatty af up ta $1,000 for refusal to sign such instructions lf no good faith dispute exists as to
<br /> who is entltled to the deposlted funds(Civif Code§'I057.3).
<br /> 5�'�`i5. FINAL VERlFICATION OF CONUlTtON: Buyer shafl haVe the right to make a fina! inspection of the Property within 5 (or
<br /> ) Days Prior to Close Of Escrow, NOT AS A CONTINGENCY OF tHE SALE, but solely to conflrm:(t)the Property
<br /> is maintained pursuant to paragraph 7A; (ii) Repairs have been corrtpleted as agreed; and (ill} Sel{er has complied with Seller's
<br /> ,-�•� other obligations under this Agreement.
<br /> �16��LtQUIDATED DAMAGES: If Buyer fatls to comptete this purchase because of Buyer's defautt, Selter shai!
<br /> "'�•....�retain, as Eiquidated damages,the deposit actually paid. If the Praperty is a dwelling with no more than four
<br /> units, one of whi�l� Buyer intends to occupy, than the amount retained shail be na more than 3% of the
<br /> purchase price. Any ex�ess shalf be re#urned to Buyer. Fieiease af funds witi requfre mutual, Signed release
<br /> instructfons from both Buyer and Setler, j�slicia! decision or ar��ration award.
<br /> BUYER AND SELLER SHALL StGN A SEPARATE LIGIUIDAYE� AGES PROVISIOtd FOR ANY INCREASED
<br /> DEPOSIT. (C.A.R. FORM RPD)
<br /> SuyeCs IniEEals� �_ S$Uew's Initials __.__.I_.
<br /> 97. DfSPUTE RESOLUTION: -
<br /> A. MEDIA710N: Buyer and Seller agree to rr�ediate any dispute or claim arising between them ou# of this Agreement, or any
<br /> resulting transaction, before resorting to arbitration or court action. Paragraphs 176(2)and(3)below apply whether or not the
<br /> Arbitration provision is initialed. Mediation fees,if any, shall be divided equally among the parties involved. If,for any dispute
<br /> or c[aim to which this paragraph applies,any parry commences an action withou#first at#empting to resolve the matter through
<br /> mediation, or refuses to mediate after a request has been made,then that parry shalf not be entitled to recover attorney fees,
<br /> even'sf they would othenrvise be available to that party in any such action.TF41S MEDIA'fION PROVISfON APPLIES WHETHEj�
<br /> OR NOT THE ARBITRA710N PROVISI�N ES INITIAI.ED. .
<br /> B. AFIBITRATION OF DISPUTES: {1) Buyer and Seller agree that any dispute or claim in Law or eqaity arising
<br /> betweere them aut of this Agreement or any resulting transac#ion, which is not settled through rnediation,
<br /> shall be decided hy neutrai, binding ar[aitration, including and subject ta paragraphs't7B(2)and(3)below.
<br /> The arbitra#or shatl be a retired judge or justice, or an attorney with at least 5 years of residential real
<br /> estate Law experience, unless the parties mcatuaEfy agree ta a diiferent arbitratar, who shail render an
<br /> award in accordance with substantive Catifornia Law. The parties shal! have the right to discovery in
<br /> accordance with Ca1i#ornia Code of Civil Procedure§1283.05. In aEl other respects,the arbi#ratfan shali be
<br /> �%'""``-� conducted in accordance with Title 9 of Part Itl of the California Code of Civi! Procedure. Judgment upon
<br /> �. the award �f the arbitrator(s) may be entere8 into any court having jur�sdiction. interpretation of this
<br /> ,;;Y,A�.
<br /> a reement to arbitrate shall be governeci by #he �ederat Arbitra#ion Act. -
<br /> (2� EXCLUSIONS FROM MEDtATION AND ARBITRATION: The follow[ng matters are exaluded from media#fon and
<br /> arbitration: (i)a judicia{or nan-Judiciat forec{osure or other act�on or proceeding to en#orce a deed of trust,mortgage
<br /> or installment land sale contract as defined in Californis CPvU Code§2985;{it)an uniawful detainer actlon;(iii)the filtng
<br /> or enforcement of a mechanic`s lien; and (Iv) any matter#hat is within the jurisdictlon af a proba#e, small claims ar
<br /> bankruptcy court. The filing of a court actian to enable the recordirtg of a nottce of pending action, for order of
<br /> attachment,receivership,inJunction,or other provisional remedies,shall no#constituts a waiver of the mediation snd
<br /> arbitration provisions.
<br /> �3) �RDl:EP.�: Ee:�er�r�ci Selier a�ree to rn�d3ate and arb#tra��dis��tes or cla6ms invaly����j e��e�ar both Brokers,
<br /> consistent w'sth 17A and B,provided either or both Brokers shall have agreed to such mediation or arbitration prior to,
<br /> or within a reasonab{e time after,the dtspute or ctaim is presented to Brokers.Any eiecfian by elther or both Brokers
<br /> to participate in mediation or arhitratian shall not result in Brokers being deemed parties to ihe Agreement.
<br /> "PIOTICE: BY INIl'IALING IN THE SPACE BEL.OW YOU ARE AGREEING TO HAVE ANY DISPUi'E ARISING
<br /> OUT OF THE MATTERS INCLUDED IN TFfE `ARBITRATfON OF DISPUTES' PROVISION DECiDED BY
<br /> IdEUTRAL ARBITRATlON AS PROVIDED BY CALlFORNIA LAW AND YOU ARE GIVING UP ANY R[GHTS
<br /> YOU MIGHT POSSESS TQ HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALlNG IN
<br /> THE SPACE BELOW YOU ARE GIVING UP YOUR JUDIC[AL RlGHTS TO DISCOVERY AND APPEAL,
<br /> UNLESS THOSE RtGHTS ARE SPECIFiCALLY INCLUDED IN THE `ARBiTRAT10N OF DlSPl1TES'
<br /> PROVISIOld. IF YOU REFUSE TO SUBMIT TO ARBITRATIOOV AFT�R AGREElNG TO THIS PROVISION,YOU
<br /> MAY BE CORAPELLED TO AFtBITRA7E UNDER THE AUTHOR!'f'Y OF THE CALIFaRN1A CODE OF CEVIL
<br /> PROCEDURE,YOUR AGREEMENT TO TH1S ARBITRATION PROVISIQN IS VOI.UNTARY."
<br /> "WE HAVE READ QND UNDERSTAND THE FOREGOtNG AND AGREE TO SUBMIT DiSPUTES ARISfNG OU'f
<br /> OF THE MATfERS INCLUDED IN THE`ARBITR�TION OF DISPUTES'PRQVISkQN TO NEUTRAL ARBII"RATION."
<br /> Suyer's Initials / I 's,#nitials /
<br /> Buyer's Initials( f & }(, 1
<br /> Seller's lnitials (�_) �
<br /> ��,r� yright�t993-2QO4,CALIFOf�N�AASSOC3AT10N OF REAIT�RS�,INC. Reviewed by DatB �„�
<br /> "'��'R�A-CA REVISED 10/U2(PAGE 5 OF 8) oormrruxm
<br /> 8E�'4'�'r�'��C3�'Y'
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