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ARBITRATION AND NOTICE OF FINAL AGREEMENT

Arbitration or Mediation Agreement

ARBITRATION AND NOTICE OF FINAL AGREEMENT | Document Parties: US HOME SYSTEMS INC | American Arbitration Association | FROST NATIONAL BANK | US Home Systems, Inc You are currently viewing:
This Arbitration or Mediation Agreement involves

US HOME SYSTEMS INC | American Arbitration Association | FROST NATIONAL BANK | US Home Systems, Inc

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Title: ARBITRATION AND NOTICE OF FINAL AGREEMENT
Date: 11/4/2010
Industry: Constr. - Supplies and Fixtures     Sector: Capital Goods

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Exhibit 10.66

ARBITRATION AND NOTICE OF FINAL AGREEMENT

 

To:

U.S. Home Systems, Inc.

405 State Highway 121 Bypass

Building A, Suite 250

Lewisville, Texas 75067

(collectively, whether one or more, “ Borrower ”)

As of the effective date of this Notice, Borrower and THE FROST NATIONAL BANK, a national banking association (“ Lender ”) have consummated a transaction pursuant to which Lender has agreed to renew and extend an existing loan or loans to Borrower in the principal amounts of $2,000,000.00 and $999,999.90 and/or to otherwise extend credit or make financial accommodations to or for the benefit of Borrower (collectively, whether one or more, the “ Loan ”).

ARBITRATION

Upon written request of either Lender or Borrower, any controversy or claim between or among the parties hereto including but not limited to those arising out of or relating to the Loan, any of the loan documents or any related agreements or instruments executed in connection with the Loan (the “ Loan Documents ”), including any claim based on or arising from an alleged tort, shall be determined by binding arbitration in accordance with the Federal Arbitration Act (or if not applicable, the applicable state law), the Commercial Arbitration Rules of the American Arbitration Association, and the “Special Rules” set forth below unless both Lender and Borrower, in their respective sole discretion, agree in writing to mediate the dispute prior to submitting to binding arbitration. In the event of any inconsistency, the Special Rules shall control. Judgment upon any arbitration award may be entered in any court having jurisdiction. Any party to this Agreement may bring an action, including a summary or expedited proceeding, to compel arbitration of any controversy or claim to which this agreement applies in any court having jurisdiction over such action. The party that requests arbitration has the burden to initiate the arbitration proceedings pursuant to and by complying with the Commercial Arbitration Rules of the American Arbitration Association and shall pay all associated administrative and filing fees.

The arbitration shall be conducted in the City of San Antonio, Bexar County, Texas and administered by the American Arbitration Association. All arbitration hearings will be commenced within sixty (60) days of the written request for arbitration, and if the arbitration hearing is not commenced within the sixty (60) days, the party that requested arbitration shall have waived its election to arbitrate. Nothing in this Agreement shall be deemed to (i) limit the applicability of any otherwise applicable statutes of limitation or repose and any waivers contained in this Agreement; or (ii) be a waiver by Lender of the protection afforded to it by 12 U.S.C. Sec. 91 or any substantially equivalent state law; or (iii) limit the right of Lender hereto (A) to exercise self help remedies such as (but not limited to) setoff, or (B) to foreclose against any real or personal property collateral in accordance with applicable law, or (C) to obtain from a court provisional or ancillary remedies such as (but not limited to) injunctive relief or the appointment of a receiver in accordance with applicable law. Lender may exercise such self help remedies, foreclose upon such property, or obtain such provisional or ancillary remedies before, during or after the pendency of any arbitration proceeding brought pursuant to this Agreement or any other Loan Document. At Lender’s option, foreclosure under a deed of trust or mortgage may be accomplished by any of the following: the exercise of a power of sale under the deed of trust or mortgage, or by judicial sale under the deed of trust or mortgage, or by judicial foreclosure. Neither this exercise of self help remedies nor the institution or maintenance of an action for foreclosure or provisional or ancillary remedies shall constitute a waiver of the right of any party, including the claimant in any such action, to arbitrate the merits of the controversy or claim occasioning resort to such remedies.

 

ARBITRATION AND NOTICE OF FINAL AGREEMENT

  

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