Laserfiche WebLink
201302943 <br />DEED OF TRUST <br />(Continued) P age 11 <br />or any renewal, extension, modification or refinancing of any indebtedness or obligation relating thereto, including <br />without limitation, their negotiation, execution, collateralization, administration, repayment, modification, extension, <br />substitution, formation, inducement, enforcement, default or termination, or any request for additional credit. This <br />provision is a material inducement for the parties entering into the transactions relating to this Agreement. In the event <br />of a court ordered arbitration, the party requesting arbitration shall be responsible for timely filing the demand for <br />arbitration and paying the appropriate filing fee within 30 days of the abatement order or the time specified by the <br />court; the party s failure to do so shall result in that party s right to demand arbitration being automatically terminated <br />with respect to such Dispute. DISPUTES SUBMITTED TO ARBITRATION ARE NOT RESOLVED IN COURT BY A JUDGE <br />OR JURY. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE PARTIES IRREVOCABLY AND VOLUNTARILY <br />WAIVE ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY DISPUTE ARBITRATED <br />PURSUANT TO THIS ARBITRATION PROGRAM. <br />A. Governing Rules. Any arbitration proceeding will (i) be governed by the Federal Arbitration Act (Title 9 of the United <br />States Code), notwithstanding any conflicting choice of law provision In any of the documents between the parties; and <br />(iii be conducted by the American Arbitration Association ( "AAA "), or such other administrator as the parties shall <br />mutually agree upon, in accordance with the AAA's commercial dispute resolution procedures, unless the claim or <br />counterclaim is at least $1,000,000.00 exclusive of claimed interest, arbitration fees and costs, in which case the <br />arbitration shall be conducted in accordance with the AAA's optional procedures for large, complex commercial <br />disputes (the commercial dispute resolution procedures or the optional procedures for large, complex commercial <br />disputes are referred to herein, as applicable, as the "Rules "). If there is any inconsistency between the terms hereof <br />and the Rules, the terms and procedures set forth herein shall control. Arbitration proceedings hereunder shall be <br />conducted at a location mutually agreeable to the parties, or if they cannot agree, then at a location selected by the <br />AAA in the state of the applicable substantive law primarily governing the Note. Any party who fails or refuses to <br />submit to arbitration following a demand by any other party shall bear all costs and expenses incurred by such other <br />party in compelling arbitration of any Dispute. The arbitrator shall award all costs and expenses of the arbitration <br />proceeding, <br />B. No Waiver of Provisional Remedies, Self -Help and Foreclosure. The arbitration requirement does not limit the right <br />of any party to (I) foreclose against real or personal property collateral; (ii) exercise self -help remedies relating to <br />collateral or proceeds of collateral such as setoff or repossession; or (iii) obtain provisional or ancillary remedies such as <br />replevin, injunctive relief, attachment or the appointment of a receiver, before during or after the pendency of any <br />arbitration proceeding. This exclusion does not constitute a waiver of the right or obligation of any party to submit any <br />Dispute to arbitration or reference hereunder, including those arising from the exercise of the actions detailed in <br />sections (i), (ii) and (iii) of this paragraph. <br />C. Arbitrator Qualifications and Powers. Any arbitration proceeding in which the amount in controversy is <br />$5,000,000.00 or less will be decided by a single arbitrator selected according to the Rules, and who shall not render <br />an award of greater than $5,000,000.00. Any Dispute in which the amount in controversy exceeds $5,000,000.00 <br />shall be decided by majority vote of a panel of three arbitrators; provided however, that all three arbitrators must <br />actively participate in all hearings and deliberations. Every arbitrator shall be a neutral practicing attorney or a retired <br />member of the state or federal judiciary, in either case with a minimum of ten years experience in the substantive law <br />applicable to the subject matter of the Dispute. The arbitrator will determine whether or not an issue is arbitratable and <br />will give effect to the statutes of limitation in determining any claim. In any arbitration proceeding the arbitrator will <br />decide (by documents only or with a hearing at the arbitrator's discretion) any pre - hearing motions which are similar to <br />motions to dismiss for failure to state a claim or motions for summary adjudication. The arbitrator shall resolve all <br />Disputes in accordance with the applicable substantive law and may grant any remedy or relief that a court of such <br />state could order or grant within the scope hereof and such ancillary relief as is necessary to make effective any award. <br />The arbitrator shall also have the power to award recovery of all costs and fees, to impose sanctions and to take such <br />other action as the arbitrator deems necessary to the same extent a judge could pursuant to the Federal Rules of Civil <br />Procedure, the applicable state rules of civil procedure, or other applicable law. Judgment upon the award rendered by <br />the arbitrator may be entered in any court having jurisdiction. The institution and maintenance of an action for judicial <br />relief or pursuit of a provisional or ancillary remedy shall not constitute a waiver of the right of any party, including the <br />plaintiff, to submit the controversy or claim to arbitration if any other party contests such action for judicial relief. <br />D. Discovery. In any arbitration proceeding discovery will be permitted in accordance with the Rules. All discovery <br />shall be expressly limited to matters directly relevant to the Dispute being arbitrated and must be completed no later <br />than 20 days before the hearing date. Any requests for an extension of the discovery periods, or any discovery <br />disputes, will be subject to final determination by the arbitrator upon a showing that the request for discovery is <br />essential for the party's presentation and that no alternative means for obtaining information is available. <br />E. Class Proceedings and Consolidations. No party hereto shall be entitled to join or consolidate disputes by or against <br />others in any arbitration, except parties to this agreement, or any contract, instrument or document relating to this <br />agreement, or to include in any arbitration any dispute as a representative or member of a class, or to act in any <br />arbitration in the interest of the general public or in a private attorney general capacity. <br />F. Small Claims Court. Any party may require that a Dispute be resolved in Small Claims Court if the Dispute and <br />related claims are fully within that court s jurisdiction. <br />G. State Specific Provisions: <br />If Delaware. Pennsylvania or Virginia law governs the Dispute, the following provision is applicable if there Is a <br />