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9524759293 CB BURNET GWS PAGE 05 the parties orbybindinB arbitration irthe parties arc un.1ble to mutuatly agree on any ma.teer relatlna to sucb use, m11fnten11ncc 1 repib:. replacement or improvement Ifth1111 parties are unable to a;reo on the ,equircment for. or manner of performing, any opera tion 1 rmlntenunce, repl'lir, repfo.cemc:nt or improvement. the parties $hall •ttcmpt to mutually agree UJ>On a third party to ubHrate any such dispute. Any deciiion by the atbin1uor shall 'be 'binding on the panles, ln th• event the p11rties arc u11ablc to mutually agree on thuelec1ion oh 1ln"1e arbil1ator. any party ma.y submit auoh di11P\lta to btnd'il& arbitration before the Atli~ican Atbitration Auociation in the City ofMiMea;eoUs, MiMc,ota. 'l'he cost of' any &rb!ttation sha.11 bo shared equally by the p11rtii:,d provided each party shlllJ bcarits own uponsc otwltMue$ and c:ou~cl. 6. Derault. In the event either pnrty fails to contribute its prorabl &hare of coats and expenses required to be paid under thia 11.grccmMt to maintain tho Cornmon bock, the other party inay, 'but sh.all not be obligated to, pay all of such costs and expemes · and tccover from the defaulting p:itt)' aueh partiea pro nta 1h1rc1 to4ethc:.r with interest at the hi,hm rate allo~d by law or eighteen percent (18%) per annum ifno ma.~mum intcreat rate ii applicable. In the event ofany default under this agreement, the non-defaulting party shall ha\·e the right to proceed in Jaw ar In equity, i,icluding the right to specific performance, to cmforec i~ lights under this agreement. 7. Atnmdment. Thil agreement may be amended only with the written consent of"the both parties. Any amendment 1hal1 ho recorded in the real estate records for Hennepin County, Minnesota .. 8. Grantor's tJae of l"taperty. Outlot B may bo used by tbe Orantor for any purpose not mconsistont with the rights h«reby granted, provided auch use doe& not interfere with or end11nger chc conarruction. oparation and • niaintenancc o!ar,uuce•, dock and\or aac:cas to Lake Minnetonka. 9. ll:asem.ent To J:tun With Land. This casement and the rights c(the Ora11tec hcrtundct shall run with and benefit the owners of Lor 1, Vaicrius Addition, Hennepin County, Minneaota and shtl extend to and be binding upon the heirs, personal repre,entatlves, administrator..s, successors. assigns of the owner o! Outlot B, Bur,ger'11 Bayside Sccoad Addition. · 10. Ticrn1 of Easenient. This enseme11t sh11ll be perpctuQf: provided, hbwever, in tht event thatthe City of O:rono grants a perpelUnl 11nd exclu~l"c right to tbct owners or Lot l to construct a dock on land 10<:ated on the South side ofBayllide Re:,ad adjacent to Like Minnetonka for the exclusive use and enjoyment ofthe owners of Lot 1 with direct ac:ce.u to Lake Minnetonka; the owners o!' Lot 1 shall, at tht rcquii:st of the Ora.ntor, his su.ccr:nors a11d assisns, executa and ~liver a document tennin&ting the rights of the Orantee hcreund~r. . . . IN Wl'TNJ!SS WHER.EOP. the parties have cxec:uted this instntntcnt the day and' year first ,~linen abo..-11:. 0 STA TE OF MINNESOTA COUNTY OF HENNEPIN The foregoing ina1nmlent was acknow]edtcd before me tl~a .Ef: day or 2 J.~ ; 2001.by Ga.ry R:·Vateriua