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DocuSign Envelope ID:66F168C2-3C54-4274-9428-4F16B3F1802A <br /> obligations within thirty(30) days, or the additional time as is reasonably required to correct any <br /> default, after notice by Lessee to Lessor properly specifying Lessor's failure to perform any the <br /> obligation. <br /> ARTICLE 13: Arbitration <br /> 13.1 ARBITRATION PROCESS: Should any grievance or dispute other than a default <br /> on a monetary term arise between Lessor and Lessee concerning the terms of this Lease that <br /> cannot be resolved by normal interaction, the following arbitration procedure will be used. <br /> Lessor or Lessee will give written notice to the other of its selection of a disinterested <br /> arbitrator. Within fifteen(15) days of the receipt of this written notice, the other party may give <br /> written notice to the first party appointing a disinterested arbitrator of its own choice. These two <br /> arbitrators will select a third arbitrator. If the other party fails to name an arbitrator within 15 <br /> days of receiving the notice from the first party, the arbitrator selected by the first party will be <br /> the sole arbitrator. <br /> The arbitrator or arbitrators will hold a hearing within thirty(30) days after the initial <br /> written notice by the initiator of the arbitration process. At the hearing Lessor and Lessee will <br /> have an opportunity to present evidence and question witnesses in the presence of each other. As <br /> soon as reasonably possible, and in no event later than fifteen (15) days after the hearing, the <br /> arbitration panel will make a written report to the Lessor and Lessee of its findings and <br /> decisions, including a personal statement by each arbitrator of his/her decision and the reasons <br /> for it. The arbitrators will decide the dispute or claim in accordance with the substantive law of <br /> North Carolina and what is just and equitable under the circumstances. The decision and award <br /> of the majority of the arbitration panel will be binding and final. Lessor and Lessee will share <br /> the costs of arbitration equally. <br /> ARTICLE 14: General Provisions <br /> 14.1 LESSEE'S MEMBERSHIP IN CHT: The Lessee under this Lease will <br /> automatically be a regular voting member of the CHT. <br /> 14.2 NOTICES: Whenever this Lease requires either party to give notice to the other, the <br /> notice will be given in writing and delivered in person or mailed,by certified or registered mail, <br /> return receipt requested, to the party at the address set forth below, or the other address <br /> designated by like written notice: <br /> If to Lessor: Community Home Trust, President <br /> PO Box 307 <br /> Carrboro,NC 27510 <br /> With copies to: David M. Rooks, III <br /> PO Box 2208 <br /> Chapel Hill,NC 27515-2208 <br />