Standard Real Estate Purchase And Sale Agreement Page 4

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13. INSPECTION. Seller shall facilitate any and all inspections desired by Buyer, including the
provision by Seller of all necessary utility services.
14. DISPUTE RESOLUTION. Buyer and Seller agree that Buyer shall have the exclusive right, but not
the obligation, to require that disputes hereunder be submitted to binding arbitration. Such arbitration
shall be governed under the following terms: (1) arbitration to be administered by the American
Arbitration Association (hereinafter "AAA") under its Arbitration Rules For The Real Estate Industry; (2)
judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction
thereof; (3) the prevailing party may be awarded
but shall be limited to recover actual losses not to exceed
$____________________________________________; (4) no liquidated damages shall be recovered;
(5) all Arbitrator/Mediator fees, all room rental fees and one half of Administrative fees and all other fees
shall be paid by the filing party only; (6) the non-filing party shall pay one half of any Administrative fees;
(7) should a counterclaim be made, both parties shall pay one half of all fees charged by AAA and
Mediators/Arbitrators; (8) no attorney's fees shall be awarded to either party.
Seller hereby waives any objection to jurisdiction or venue being exercised by, or present in the courts
of
_____________________________ county, ______________________________ or any federal district
court in said state. Notwithstanding anything in Paragraph 11, in the event that Seller fails to maintain
residence or occupancy at Seller's Address, Seller agrees that all papers, summons, complaints and
notices may be served on
_______________________________________________ as Seller's duly appointed agent for service of
process.
15. PAYABLE TO BUYER. On the day of closing, Seller shall execute a Promissory Note in favor of
Buyer in
the approximate amount of $_____________________________________________. Seller's breach of
any particular of said Promissory Note shall constitute waiver of any and all claims against Buyer, past,
present and future related to this Agreement. Should Buyer become indebted to Seller for any reason,
Seller hereby consents to a reduction in the amount of said debt equal to the balance then owed to
buyer under the Promissory Note.
16. ______ ______ ASSIGNMENT. Seller consents to Buyer's sale, assignment or transfer
(collectively called "assignment") of Buyer's interest in the Property or in this Agreement to any third
party without prior notice to or additional consent from Seller. In the event of assignment by Buyer of its
interest in the Property or in this Agreement to a successor in the interest who expressly assumes the
obligations of Buyer hereunder, Buyer shall thereupon be released or discharged from all of its
covenants and obligations hereunder, and Seller agrees to look solely to such successor in the interest
of Buyer for performance of such obligations. Buyer's assignment of its interest in the Property or in
this Agreement shall in no manner affect Seller's obligations hereunder. Seller shall thereafter attorn
and look to such assignee as Buyer. Buyer hereby discloses that it is common in the course of
Buyer's business to make assignments as described in this Paragraph, and that such assignments are
likely to continue to be subject to Obligation(s) in the Seller's name (see Paragraph 1 and Paragraph 8).
17. ADDITIONAL TERMS AND CONDITIONS.

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