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528 N Bristol
<br />Property Address: Santa Ana, CA Date: February 3, 2009
<br />D. EFFECT OF BUYER'S REMOVAL OF CONTINGENCIES: If Buyer removes, in writing, any contingency cr cancellation rights, unless otherwise
<br />specified in a separate written agreement between Buyer and Seller, Buyer shall conclusively be deemed to have: {i) completed all Buyer
<br />Investigations, and review of reports and other applicable information and disclosures pertaining to that contingency or cancellation right; (ii) elected
<br />to proceed with the transaction; and (iii) assumed all liability, responsibility and expense for Repairs or corrections pertaining to that contingency or
<br />cancellation right, or for inability to obtain financing.
<br />E. EFFECT OF CANCELLATION ON DEPOSITS: If Buyer or Seller gives written notice of cancellation pursuant to rights duly exercised under the
<br />terms of this /;g:con;nt, °v; er and ~zller agree is sign mutual inst;~~cbons o cal-~cai the ss:le and esc,ro~.v and release deposits is the party eniitled
<br />to the funds, less fees and costs incurred by that party. Fees and costs may be payable to service providers and vendors for services and products
<br />provided during escrow. Release of funds will require mutual Signed release instructions from Buyer and Seller, judicial decision or
<br />arbitration award. A party may be subject to a civil penalty of up to $1,000 for refusal to sign such instructions if no good faith dispute
<br />exists as to who is entitled to the deposited funds (Civil Code §1057.3).
<br />15. FINAL VERIFICATION OF CONDITION: Buyer shall have the right to make a fins( inspection of the Property within 5 (or )Days Prior
<br />to Close Of Escrow, NOT AS A CONTINGENCY OF THE SALE, but solely to confirm: (i) the Property is maintained pursuant to paragraph 7A; (ii)
<br />Repairs have been completed as agreed; and {iii) Seller has complied with Seller's other obligations under this Agreement.
<br />16. LIQUIDATED DAMAGES: If Buyer fails to complete this purchase because of Buyer's default, Seller shall retain,
<br />as liquidated damages, the deposit actually paid. If the Property is a dwelling with no more than four units, one
<br />of which Buyer intends to occupy, then the amount retained shall be no more than 3% of the purchase price.
<br />Any excess shall be returned to Buyer. Release of funds wit( require mutual, Signed release instructions from
<br />both Buyer and Seller, judicial decision or arbitration award.
<br />BUYER AND SELLER SHALL SIGN A SEPARATE LIQUIDATED DAMAGES PROVISION FOR ANY {NCREASED
<br />DEPOSIT. (C.A.R. FORM RID)
<br />Buyer's Initials / Seller's Initials /
<br />17. DISPUTE RESOLUTION:
<br />A. MEDIATION: Buyer and Seller agree to mediate any dispute or claim arising between them out of this Agreement, or any resulting transaction,
<br />before resorting to arbitration or court action. Paragraphs i7B(2} and (3) below apply to mediation whether or not the Arbitration provision is
<br />initialed. Mediation fees, if any, shall be divided equally among the parties involved. If, for any dispute or claim to which this paragraph applies, any
<br />party commences an action without first attempting to resolve the matter through mediation, or refuses to mediate after a request has been made,
<br />then that party shall not be entitled to recover attorney fees; even if they would othewse be available to that party in any such action. THIS
<br />MEDIATION PROVISION APPLIES WHETHER OR NOT THE ARBITRATION PROVISION 15 INITIALED.
<br />B. ARBITRATION OF DISPUTES: (1} Buyer and Seller agree that any dispute or claim in Law or equity arising
<br />between them out of this Agreement or any resulting transaction, which is not settled through mediation,
<br />shall be decided by neutral, binding arbitration, including and subject to paragraphs 17B(2) and (3) below.
<br />The arbitrator shall be a retired judge or justice, or an attorney with at least 5 years of residential real estate
<br />Law experience, unless the parties mutually agree to a different arbitrator, who shall render an award in
<br />accordance with substantive California Law. The parties shall have the right to discovery in accordance with
<br />California Code of Civil Procedure §1283.05. In all other respects, the arbitration shall be conducted in
<br />accordance with Title 9 of Part 111 of the California Code of Civil Procedure. Judgment upon the award of the
<br />arbitrator(s) may be entered into any court having jurisdiction. Interpretation of this agreement to arbitrate
<br />shall be governed by the Federal Arbitration Act.
<br />(2) EXCLUSIONS FROM MEDIATION AND ARBITRATION: The following matters are excluded from mediation and arbitration: (i) a judicial
<br />or non judicial foreclosure or other action or proceeding to enforce a deed of trust, mortgage or installment land sale contract as defined
<br />in California Civil Code §2985; (ii) an unlawful detainer action; (iii) the filing or enforcement of a mechanic's lien; and (iv) any matter that
<br />is within the jurisdiction of a probate, small claims or bankruptcy court. The filing of a court action to enable the recording of a notice of
<br />pending action, for order of attachment, receivership, injunction, or other provisional remedies, shall not constitute a waiver of the
<br />mediation and arbitration provisions.
<br />(3) BROKERS: Buyer and Seller agree to mediate and arbitrate disputes or claims involving either or both Brokers, consistent with 17A
<br />and B, provided either or both Brokers shall have agreed to such mediation or arbitration prior to, or within a reasonable time after, the
<br />dispute or claim is presented to Brokers. Any election by either or both Brokers to participate in mediation or arbitration shall not result
<br />in Brokers being deemed parties to the Agreement.
<br />"NOTICE: BY INITIALING IN THE SPACE BELOW YOU ARE AGREEING TO HAVE ANY DISPUTE
<br />ARISING OUT OF THE MATTERS INCLUDED IN THE 'ARBITRATION OF DISPUTES' PROVISION DECIDED BY
<br />NEUTRAL ARBITRATION AS PROVIDED BY CALIFORNIA LAW AND YOU ARE GIVING UP ANY RIGHTS YOU
<br />MIGHT POSSESS TO HAVE THE DISPUTE LITIGATED IN A COURT OR JURY TRIAL. BY INITIALING IN THE
<br />SPACE BELOW YOU ARE GIVING UP YOUR JUDICIAL RIGHTS TO DISCOVERY AND APPEAL, UNLESS
<br />THOSE RIGHTS ARE SPECIFICALLY INCLUDED (N THE `ARBITRATION OF DISPUTES' PROVISION. IF YOU
<br />REFUSE TO SUBMIT TO ARBITRATION AFTER AGREEING TO THIS PROVISION, YOU MAY BE COMPELLED
<br />TO ARBITRATE UNDER THE AUTHORITY OF THE CALIFORNIA CODE OF CIVIL PROCEDURE. YOUR
<br />AGREEMENT TO THIS ARBITRATION PROVISION IS VOLUNTARY."
<br />"WE HAVE READ AND UNDERSTAND THE FOREGOING AND AGREE TO SUBMIT DISPUTES ARISING
<br />OUT OF THE MATTERS INCLUDED IN THE `ARBITRATION OF DISPUTES' PROVISION TO NEUTRAL
<br />ARBITRATION." Bu er's Initials
<br />y / Seller's Initials /
<br />Buyer's Initials ( )
<br />Seller's Initials (~-) ( ~ ...
<br />Copyright ©1991-2007, CALIFORNIA ASSOCIATION OF REALTORSO, INC. ~~
<br />RPA-CA REVISED 11/67 (PAGE 5 OF 8) Reviewed by Date c°uulauzwc
<br />OPPOPTUNITY
<br />CALIFORNIA RESIDENTIAL PURCHASE AGREEMENT (RPA-CA PAGE 5 OF 8) 518 Bristol Of
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