Common use of Required Procedure Clause in Contracts

Required Procedure. Seller and Purchaser each agree that all claims, controversies, or disputes, whether they are statutory, contractual, tort claims and/or counterclaims between or among Seller and Purchaser which arise out of or are related to this Agreement or which relate to the interpretation or breach of this Agreement or otherwise arise regarding the Unit, Common Elements or any part of the Condominium (collectively referred to as “claims”) shall be resolved in accordance with the procedures specified herein. The following matters are excluded from this dispute resolution clause and do not constitute claims: (i) judicial or non-judicial foreclosure or any other action or proceeding to enforce a trust deed, mortgage, or land sale contract; (ii) a forcible entry and detainer action; (iii) the filing or enforcement of a mechanic’s lien; (iv) provisional remedies such as injunctions or the filing of a lis pendens; and (v) as set forth in Section 15.7, at the option of Seller, any claims by Seller against Purchaser arising out of the failure of Purchaser to perform its obligations arising prior to the Closing Date or Purchaser’s failure to close its acquisition of the Unit on the Closing Date. The filing of a notice of pending action (lis pendens) or the application to any court having jurisdiction thereof for the issuance of any provisional process remedy described in Rules 79 through 85 of the Oregon Rules of Civil Procedure (or corresponding federal statutory remedies), including a restraining order, attachment, or appointment of receiver, shall not constitute a waiver of the right to mediate or arbitrate under this Section, nor shall it constitute a breach of the duty to mediate or arbitrate. The proceeds resulting from the exercise of any such remedy shall be held by the party obtaining such proceeds for disposition as may be determined by an agreement of the parties pursuant to mediation or by the arbitration award.