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, <br /> :-:�:'a;`-�'�rd;:`� <br /> � : - - �= Afl81TRATI��J DISCLQSUFi� AND <br /> .BURNET. R�SIDENTEAL REAi.PROPER�'Y <br /> CQBURNE�:coni �R8{TRATION AGREEMENT <br /> _::ts.;:;:.-.:=.;,,.�� Tlli�fo!m appra�•ad hy Iho bfinnr�ota Assoctalkan�REALTGRS°, <br /> :Yi1:;h c3tScteNYlo eny'iaL'itityatising a:l vf use ur inieuse 0!Ih�tt l�t�t. <br /> ' �2012!+!ionesc4�AssxiaUan af REALT�OHS'.£dM�,61N <br /> S. Pago t <br /> 2. AR83TWA110N E}ISCtOSURE <br /> 3. You have Ihe right!o chcose rvhefhe�to have an��disputas aboui disclosure o1 material facts atfecting the use <br /> 4. or enjoyment otlt�e praperty thfli you are bu�/ing orselling declded by binding arbitration or by a caurt of iaw.By agreefng <br /> 5. lo binding arbilratlan, you glve ap your right io go to eouxt. By signing ihe RESlDEN71A� REAL PROPER7Y <br /> 6. AfiS{TRATIOAI AGREEIv3E7�1 C{ARBI TfiATION AC�REEM�Nn on page itvo{2],you agree tabl�rg arbitrall�under tha <br /> 7, ResldanlEal Reai Property Arbltration System(Arbitradon System)atiminfstered by Na@onal Cente�for bispuls 5e�tlement <br /> 8, {NCDS} and eadorsed by the MU�nesota Association af REACTORS'{Mt�AR).The AFiBi7RATlON A(3F1E�MEPIT'is <br /> 9, enforceable only if it is signed by all Gt�yers,seAars and lloensses representing or assisdng tha buyers and tf�e sellers. <br /> 10. "fhe ARBfTRATlO�!AGREEMEMT is not part of the Purchasa AgresrrtenL Your PurChase Ag►eemenf wlll s�141 be <br /> 11, vapd whether or not yotf slgn tite,9RBITRATiON AGREEM�N'C. <br /> 12. "fhe Arbitralion Systerrr i�a pm►ate dlspute resolution system oifered as an aiternaiiue W ihe caurt system.!t <br /> 93. is aot govsxnment sponsored.PiCDS and tt�e MtV�R jolnUy adopt the nrles thai govern ihe Arbitratian System.iVCDS <br /> 1�5. and lhe MNAR ara no� sffilisied.Under the ARBITRATION AGREEMENT you fnust use ihe arbitraiion services ot <br /> t 5. NCDS. <br /> �g. All dfsputes about or ratating to disclosure oF inaterial iacts aifeciing the use ar enjoymenl oi Ine propeny,exClud{ng <br /> 17. clispuEes reieted to iitle issues,are subject!o arbitr8tion under the AR8f7RA7'ION AGREEi+�1Ei�T Th#s InC�des c#alms <br /> 18. aS iraud,roisrepresentation,�varranty and negllgence.Pio�hing in this Agreernent Arnfts other rights you mr�y have undar <br /> i9. MN Sia1ute 327A(siatutory netiv home riarrant{as)or under pslvate contracts ior►rarranty coverape.An agreament lo <br /> 20. arbii�ate does noi prevont a �arry kom contactir�g tha ti�irtnesota Deparlrqen4 of(',ommerce,the state agency lhat <br /> 2t, regulaies Ihe reai estate professiai,ahavt I�cansee compl�ance v,�ith state law, <br /> 22. Th8 adrttinistrathre fee tor Iha Arbitrallon System varies depending o� the emaunl o!the clalm,bu!It is rnore <br /> 23. than lnfil�f caart t�ing taes_ln same cases,conciliation court is cheaper than asbflrat'son.Thcs mriximum cfaim atbwed <br /> 24, !n conalfat�on caurt ls St0.000.i'his an'wunt is suhjeclla future change.In some cases,It is quEcket and less expensive <br /> 25. to arbitrale disputes 3han io go to court,but the time to fite ynur claim ancl pra-hearing dfscovary righta are&rr�ited.The <br /> 26. righl ta appeal an arbttrato�'s e.�ard Is very ilrr�ted compared to 4he right to appeal a cauri clecision. <br /> 27. A reques!far arbRratEon must be filed ti�4thin 24 manths of ihe date of tha closing on the p�operty or <br /> 28. eFse the clalm cannai be pursued.in some cases ef iraud, A court or arhNrstor may extend t� 24-month <br /> 29. IimiEatton period provEded herein. <br /> 30. A party who��anis to arbltrate a dlspute iiles a �emand, abng with Ihe appropr4afe administtattve fee,�vith <br /> 31. fJCAS.NCDSnoUtEesEheo4hesparty,vehomayfiteares�onse.NCDSwortcswith�heparliestoseiectaruiappnintanarbiltator <br /> 32. 10 hear and dedde the dispuls.A three-arbilraSor panel��ill be appolnteti fnstsad of a singie aft�itra4or at the reguest <br /> 33. of any pariy.7he pariy reques6ng e panel muat pay ar�additional#ee.Arbitrators have backgrounds in taw,teal estate, <br /> 34. arthiteclure,englneering,eonstruction w other reiated f1eE�s. <br /> 35. Arbitration henrings ara usualiy liel�at ihe home sits.Paftlr3s are notltied ahait 1he hearing ai least 14 days in <br /> .�.G. aci�ixru.e,A pat h�may ba rapra�entcd by a lu�rycr Fnl Shc hoetlRg i(he or nha 9+ves fivFi(b)day^,advance nai�ce!01he <br /> 37. othe�pariy and to NCQ5.�ach party may present 6�idence,incladmg decuments ottestlmorty by witnesses.The ar�itrator <br /> �38. must make an��a�+�ard ti��tt�n�days trom tha Nnal hearing date.The av�ard inust be in ti��rili�g ancl may pravide any <br /> 39. remedy tha arbittetor conslders jusl and equitahle that is vrithin the sco}1e ai Ihe p�rEEes'agraemenl.The e►bitra#or <br /> 40. does not hav�a ta rnake findin�s ot tact ihat explab�t�e r9ason fo�granting or danying a�a�Nard.7he arbiirator may <br /> 41, requke the party►vho does nat prevaii to pay i�ta ad�nin�stral��e fee. <br /> 42. 'f'hls Arbitratlon Disclosure pro�ldes onJy a qeneral desCr[ption aF!he Arblt�ailon Syatem and a gsnerai <br /> d3. overview of the Ar3sltratlon System rule�.�ar epacific informfltion regarding�a admin�strafive fee,pleasa see{he <br /> 44. Fee Schedufe located in tha NGDS Rutes.Cop�es ot the Arbitral�on System rukEs are a+rallable Irom hCDS by ca#!�y <br /> 45. (898}832•�792 or on iho V�leb at vnv+.v.nctlsusa.oFg or ltom your F�EALTOR�.it you t�ve any questiorss abouE arbitratian, <br /> 4S. cafl NCDS at(888}832-�t792 ar consult a lavn/er. � <br /> b�1�.AORlW1 f1D/12) <br /> 1#tstar�t�''..�'t <br /> orms <br />