|
.. 06%21/99 MON 12:35 FAX 704 679 4500 EQUIFIRST (�018
<br /> 99 10648�
<br /> ARBITRATIUN R�D.�R
<br /> (To Be Recorded Together with Security lnstrument)
<br /> THiS R1DER is made th'ss 21 st day pf June, 1999 and i3
<br /> incorporated into and shall be deemed to� a�nend and supplement the Mortgage, bccd �of Trus�, or
<br /> Security Deed (the "Security Instrument") of the same dat� given by the undersigned (the
<br /> "Borrower") to secure liotrower's Note (the "Note") to EquiFirst Corporation (the "Lender") of
<br /> the ssme date and eovering the property described ii�the Security Instruinent and located at:
<br /> „ 1219 E.White Cloud Rd.,Grand Island,,N�68801 __ ,
<br /> . . . . ... ..
<br /> � � (Property Rddr�ss)
<br /> As used in this Etider, ihc tcrm "Lender" includes Lender's sucCessors and assigns and the
<br /> company servtcingthc Note on Lender's behalf.
<br /> ADY}Y'Y']ONAL CQVENANTS. In addition to the covettants and agreements made in
<br /> the Securtty Instrument, Borrower and Lender further covenant and agree as follows:
<br /> ARBTTRATION OF DISPUTES. Any claim, dispute, or controversy (whether in
<br /> contract, tort, or atherwise) arising front or related to the loan evidenced by the Note, including
<br /> but not limited to all statutory el�ims, any claim, dispute or controversy that may arise out of or is
<br /> based on the relationships which result frorn the Borrower's application to the lender for tfte loan,
<br /> the closing of the loan, or the servicing of the losn, or any dispute or controversy over the
<br /> applicability or enforceability of this �rbitration agreement or the entire agrcement betwcen
<br /> Borrower and Lender (collectively "claim"), shall be resolved, upon the election of either
<br /> Borrower or Lender, by binding nrbitration, and not by court action, except ss provided uttdsr
<br /> "Excluslons fram ArbitratIon"helow.
<br /> This arbitration agreement is made pursuant t'o a transaction invalving interst<1te commerce, and
<br /> shall be governed by the Federal Arbitration Acl (9 U.S.C. Seclions 1-]6) and the Coda of .
<br /> Procedure of the National Arbitration Forum in efFect at the time a claim is filed. Copies of the
<br /> arbitration rules ��d forms can bo oUtained and any cl�ims can hc filed at any National
<br /> Arbitration Forum ofFice, e.� P.�. Box 50141, Minneapolis, MN 55404� on tl1e World Wide Web
<br /> at www.arb-forum.cpm,or by calling(800)474-2371.
<br /> This agreement to arhitrt�te sh�ll apply no mattcr by whom or against whom a claiin is made.
<br /> �ny eleetiun ta arbitrate may be made at any time, rega��dless of whether a lawsuit has been ftled
<br /> or noS, and SuCtt party rnaking the election may bring a motion in any court havirig jurisdiction to
<br /> cornpel :►rbitration of any claim, and/or to st�y the litigation of any elaim pending arbitration.
<br /> Any participatory arbitration hearing will take place in the federal judicial district of tlie
<br /> Borrowe�'s residence, unless a d'iffcrent location is agreed to by Borrower and Lender. At
<br /> Borrower's request, Lender will advanec the frst $150 of the filing and hearing fees for Qny
<br /> claim which the Borrowcr may file against Lender. Tlle arbitrator will decide which p� wtl!
<br /> ultimately be responsible for paying these fees, AI1 CI�im5 bGtwcen the Borrower a��d ender
<br /> shall be arbitraled in�lividually, ana shall not be subject ta being joined or combined in any
<br /> proceeding with a��y claims of any persons, or class of persons �ther than Borrower or Lender.
<br /> The arbitrator shal( a.pply relevant law �nd providc written, reasoned findings of fact and
<br /> conclusions of faw. Judgment upai� the award rendered by the arbitralor m�y be entered in E�ny
<br /> court having jurisdiction.
<br /> EXCLUSIONS FROM ARBTTRATION. This arbitration agreement shall not apPly
<br /> to rlghts or obligations under tlie ]oan documents that allow the Lender to fur�close or otherw�sa
<br /> take possession of property securing the loan, inclur�in� repossession, foreclo5urt ar unlawful
<br /> detainer. Nor shdll ii be construed to prevent any party's use of banlrruptcy or judicial
<br /> foreclosure. No provision of this agreement shalt limit the ri�ht of the Bnrrower to exerCise
<br /> Borrowe�'s rights under the Uniform Covenant labeled "Borrower's Ri�ht fo Keinstatc". Subjeet
<br /> to these limitations,this arbitr�tian a�reement will survivc the pay-offofthe 1oan.
<br /> SEVERABILITY. If the arbitrator or any court determines that on� or more ternts of
<br /> ihis �rbitrati�n agrccmcnt or the arbitration Code are unenforceable, such determination shall not
<br /> Impalr or afFect the enforceability of the other terms of 4his arbitration agreement or the
<br /> arbitration Code.
<br /> NOTICE. WHEN YOU SiGN THIS ARBI'fRA'f1pN R1DLR, YOU ARE AaREEING
<br /> THAT EVERY DISPUTE DESCKIBED A�OVE MAY B� DECIDED EXCLUSIVELY BY
<br /> AR�31T1tAT1QN. YQU ARE G(VING UP RIGHTS YOU M1GHT HAVE TO Ll'fiG�1'I'E
<br /> THOS� CLAIMS AND DISPUTES IN A COURT OR JURY TR1AL OR TO PAKTICIPA'fE
<br /> AS A REPRESENTATIVE OR MEMBER OF ANY CLASS OF CI.AIMANT$ IN
<br /> CONNEC'1'IUN W1'I'H A CLAIM OR DISPUT�_ DISCOVERY IN ARBITRATION
<br /> PROCF.BDINGS iS L1M1T�D IN THE MANNER PROVIDED BY TH1S AGREEMENT AND
<br /> TME RULES OF' ARBITR.ATION. THE ARBITRATOR'S DEGISION W1LL G�NERAL�.Y
<br /> BE F1NAL AND B1NDING, OTHER RIGHTS THA'I' YOU WOULD HAV�E IF 'YqU WENT
<br /> TO COURT MAY ALSO NOT BC AVAiLABLE IN ARBITR.ATION. 1T 1S 1MPORTANT
<br /> TI[AT YOU READ TrIIS ENTIRE ARBITRATION AGREEMENT CAREFULLY BBFOR.E
<br /> SI(;NWG TH1S ARBlTR.ATION R1Q�R.
<br /> BY SlGN1NG BELOW, Sorrower a.ccepts and agrees to the provisipns cont,3ined in this Rider.
<br /> � _ __�S_.... .._ .. .
<br /> $OrrUwCr
<br /> ,
<br /> BUrrUw�r,, .. _._. .. ,.. ,, , ,
<br /> N�,�w
<br />
|