Buyer’s Initials _______ Seller’s Initials _______
to submit the matter to mediation. Costs related to mediation shall be mutually
shared between or among the Parties. Unless otherwise agreed in mediation,
the Parties retain their rights to proceed to arbitration or litigation.
b.) Arbitration. The Parties agree that any dispute or claim in law or equity arising
between them out of this Agreement or any resulting transaction, which is not
settled through mediation, shall be decided by neutral, binding arbitration. The
arbitrator is required to be a retired judge or justice, or an attorney with at least
five (5) years of residential real estate law experience unless the Parties
mutually agree to a different arbitrator. Under arbitration, the Parties shall have
the right to discovery in accordance with Illinois law. Judgment upon the award
of the arbitrator(s) may be entered into any court having jurisdiction.
Enforcement of this Agreement to arbitrate shall be governed by the Federal
c.) Exclusions. The following matters shall be excluded from the mediation and
arbitration: (i) a judicial or non-judicial foreclosure or other action or proceeding
to enforce a deed, mortgage or installment land sale contract as defined in
accordance with Illinois law; (ii) an unlawful detainer action, forcible entry
detainer, eviction action, or equivalent; (iii) the filing or enforcement of a
mechanic’s lien; and (iv) any matter that 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 pending action, for order of attachment, receivership,
injunction, or other provisional remedies, shall not constitute a waiver or
violation of the mediation and arbitration provisions of this Section.
XXIV. Governing Law. This Agreement shall be interpreted in accordance with the laws
in the State of Illinois.
XXV. Terms and Conditions of Offer. This is an offer to purchase the Property in
accordance with the above stated terms and conditions of this Agreement. If at least one,
but not all, of the Parties initial such pages, a counter offer is required until an agreement
is reached. Seller has the right to continue to offer the Property for sale and to accept
any other offer at any time prior to notification of acceptance. If this offer is accepted and
Buyer subsequently defaults, Buyer may be responsible for payment of licensed real
estate agent(s) compensation. This Agreement and any supplement, addendum or
modification, including any copy, may be signed in two or more counterparts, all of which
shall constitute one and the same writing.
XXVI. Binding Effect. This Agreement shall be for the benefit of, and be binding upon,
the Parties, their heirs, successors, legal representatives, and assigns, which therefore,
constitutes the entire agreement between the Parties. No modification of this Agreement
shall be binding unless signed by both Buyer and Seller.
XXVII. Severability. In the event any provision or part of this Agreement is found to be
invalid or unenforceable, only that particular provision or part so found, and not the entire
Agreement, will be inoperative.
XXVIII. Offer Expiration. This offer to purchase the Property as outlined in this
Agreement shall be deemed revoked and the Earnest Money shall be returned unless