1990 AGN JAN 02 I06 - Laserfiche WebLink

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4. AUTHORITY TO BIND CITY: Broker, by authority of signatures affixed hereto, shall act as agent for the City in negotiations with the Railroad and/or Seller, but has no authority to bind the City to specific conditions of the purchase or lease. 5. DEPOSIT: Broker is authorized to accept and hold on Seller's behalf a deposit to be applied toward purchase price. 6. ARBITRATION OF DISPUTES: Any dispute or claim in law or equity arising out of this contract or any resulting transaction shall be decided by neutral binding arbitra- tion in accordance with the rules of the American Arbitration Association, and not by court action except as provided by California law for judicial review of arbitration proceedings. Judgment upon the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. The parties shall have the right to discovery in accordance with Code of Civil Procedure Section 1283.05. The following matters are excluded from arbitration hereunder: (a) a judicial or non -judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage, or real property sales contract as defined in Civil Code Section 2985, (b) an unlawful detainer action, (c) the filing or enforcement of a mechanic's lien, (d) any matter which is within the jurisdiction of a probate court, or (e) an action for bodily injury or wrongful death, or for latent or patent defects to which Code of Civil Procedure Section 337.1 or 337.15 applies. The filing of a judicial action to enable the recording of a notice of pending action, for order of attachment, receivership, injunction, or other pro- visional remedies, shall not constitute a waiver of the right to arbitrate under this provi- sion. "NOTICE: BY INITIALLING IN THE SPACE BELOW YOU ARE GRANTING TO HAVE ANY DISPUTE ARISING OUT OF THE MATTERS INCLUDED IN THE ARBITRATION AS PRO- VIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INI- TIALLING IN THE SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS THOSE RIGHTS ARE SPECIFICALLY INCLUDED IN THE "ARBITRATION OF DISPUTERS" PROVISION. IF YOU REFUSE TO SUBMIT TO AR- BITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OR CIVIL PROCE- DURE. YOUR AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY." "WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING OUT OF THE MATTERS INCLUDED IN THE "ARBITRATION OF DISPUTES" PROVISION TO NEUTRAL ARBITRATION." (Initial) BROKER /4h4& --CITY 7. ATTORNEY'S FEES: In any action, proceeding or arbitration arising out of this agreement, the prevailing party shall be entitled to reasonable attorney's fees and costs. Page 2 of Broker : Date mr5loD City / /'"Date: