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( (1) The parties shall, within 15 days of the City's decision to proceed to arbitration, appoint one arbitrator each who is experienced and knowledgable in the purchase and valuation of business property. Arbitrators shall each agree upon the selection of a third arbitrator, similarly qualified, within 15 days after appointment of the second arbitrator. (2) Within 30 days after appointment of all arbitrators and upon ten days written notice to parties, the arbitrators shall commence a hearing on the terms and conditions of the purchase in dispute. (3) The hearing shall be recorded and may be tran- scribed at the request and expense of either party. All hearing proceedings, debates, and deliberations shall be open to the public and at such times and places as contained in the notice or as thereafter publicly stated in the order to adjourn. (4) The arbitration panel shall be required to determine the purchase price of the System according to the standards established in paragraph C below. (5) A t the close of the hearings and within 30 days, the arbitrators shall prepare written findings and make a written decision agreed upon by a majority of the arbitrators which shall be served by mail upon City and Grantee. (6) The decision of a majority of the arbitrators shall be binding upon both parties except that City may, in its sole discretion and without any penalty or cost to the City of any kind, withdraw its offer to purchase within 90 days of receipt of the final decision of a majority of the arbitrators. (7) Either party may seek judicial relief to the extent authorized under Minneosta Statutes, Section 572.09 and Section 572.19 as the same may be amended, and in addition, under the followng circumstances: l (a) A party fails to select an arbitrator; (b) The arbitrators fail to select a third arbitra- tor; (c) One or more arbitrator is unqualified; (d) Designated time limits have been exceeded; - 54 -