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<br />parties or by mediation shall be submitted and finally settled by arbitration. Any <br />arbitration shall be conducted under the rules of the American Arbitration <br />Association. <br />Mediation or arbitration conducted under this Agreement shall occur in Orange <br />County, North Carolina. <br />8. Severability. In the event that any provision of this Agreement shall be held to be <br />invalid or unenforceable, the remaining provisions of this agreement shall remain <br />valid and binding upon the parties hereto. <br />CLARION ASSOCIATES LLC ORANGE COUNTY <br />BY: <br />BY: <br />Craig Richardson <br />Title: Vice President Title: <br />Date: Date: <br />3 <br />