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4191 <br /> A. City and Grantee shall negotiate all terms and conditions of <br /> the purchase of the System. <br /> B. If City and Grantee cannot agree upon the terms and <br /> conditions of the purchase, City shall have the right to <br /> proceed to arbitration. Arbitration shall commence and <br /> proceed according to applicable Minnesota law except as <br /> follows : <br /> ( 1 ) The parties shall, within fifteen ( 15 ) days of City' s <br /> decision to proceed to arbitration, appoint one <br /> arbitrator each who is experienced and knowledgeable in <br /> the purchase and valuation of business property. <br /> Arbitrators shall each agree upon the selection of a <br /> third arbitrator, similarly qualified, within fifteen <br /> ( 15 ) days after appointment of the second arbitrator. <br /> ( 2 ) Within thirty ( 30 ) days after appointment of all <br /> arbitrators and upon ten ( 10 ) days written notice to <br /> parties , the arbitrators shall commence a hearing on the <br /> terms and conditions of the purchase in dispute. <br /> ( 3 ) The hearing shall be recorded and may be transcribed at <br /> the request and expense of either party. All hearing <br /> proceedings, debates and deliberations shall be open to <br /> the public and at such times and places as contained in <br /> the notice or as thereafter publicly stated in the order <br /> to adjourn. <br /> ( 4 ) The arbitration panel shall be required to determine the <br /> purchase price of the System according to the standards <br /> established in paragraph C below. <br /> 54 <br />