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then have the right to terminate by a second written notice • <br /> given within 30 days after the first notice if such condition <br /> has not been met prior to expiration of the 30-day period. <br /> If . this Agreement is terminated pursuant to item (a) <br /> of this Section, the HRA shall retain the Earnest Money and <br /> return the Letter of Credit to Redeveloper . If this Agreement <br /> is terminated pursuant to item (b) of this Section, the HRA may <br /> retain the Earnest Money and draw upon the Letter of Credit and <br /> may retain the full amount thereof as. liquidated damages . If . <br /> this Agreement is terminated pursuant to items (c) , (d) , (e) or <br /> (f) of this Section, and Redeveloper is not materially in <br /> default hereunder, the Earnest Money and the Letter of Credit <br /> shall be returned to Redeveloper if it is not in default <br /> hereunder, and neither party shall have any further rights or <br /> obligations under this Agreement . Additionally, if this <br /> Agreement is terminated pursuant to items (c) or (d) of this <br /> Section, the HRA shall reimburse the Redeveloper, if it is not <br /> in default hereunder, for the out of pocket underwriting fees <br /> paid by the Rede-eloncr fnr 4-U <br /> a�ci.uiuiiiy . <br /> Section 10 . 9 . Arbitration. A party aggrieved by- any <br /> dispute regarding any part of this Agreement shall proceed to <br /> arbitration rather than litigation in the Courts . Either party <br /> shall have authority to appeal said dispute . Said appeal shall <br /> be in writing and shall be addressed to the other party asking • <br /> for arbitration. The point of dispute of the parties shall be <br /> referred to a Board of Arbitration. The Board of Arbitration <br /> shall consist of three persons; one to be appointed by the HRA, <br /> one to be appointed by Redeveloper, and .the third to be <br /> appointed by the two so selected. If the two persons appointed <br /> do not appoint the third person within 15 days after their <br /> appointment, then the Chief Judge of the District Court of <br /> Hennepin County shall have jurisdiction to appoint, upon <br /> application of either or both of the two earlier selected, the <br /> third person to the Board of Arbitration. The arbitrators ' <br /> expenses and fees, together with the other expenses , not <br /> including counsel fees , .incurred in the conduct of the <br /> arbit-ration shall be divided equally between the parties unless <br /> the Board of Arbitration determines that the matter was not <br /> instituted in good faith, in which case the Board of <br /> Arbitration may assess the costs of arbitration against either <br /> party as it determines to be fair to the parties . Arbitration <br /> shall be conducted in accordance with the Uniform Arbitration <br /> Act, Chapter 572 of the Minnesota Statutes., except as herein <br /> otherwise expressly provided . <br /> Section 10 . 10 Letter of Credit and Guaranties . The <br /> Letter of Credit shall be for no less than one year and shall <br /> be replaced by Redeveloper prior to its expiration with a new <br /> -27- • <br />