Rights in rem

Article [X] - Arbitration 1. Any dispute, difference or claim arising out of this deed or the property-law relationship it governs, or in connection therewith, shall be finally settled by arbitration between the parties through the CONCORDA platform (www.concorda.ch), to the exclusion of the ordinary state courts. 2. The following are covered in particular: the existence, extent, exercise and extinction of an easement, the obligations to act or to tolerate attaching thereto, neighbourhood relations (nuisances, encroachments, distances and plantings), use and division in co-ownership, as well as claims relating to the debt secured by a pledge. 3. The arbitration is conducted in accordance with the CONCORDA Arbitration Rules in force at the time proceedings are commenced, which form an integral part of this clause. The parties expressly exclude the application of Chapter 12 of the Federal Act on Private International Law (PILA), in accordance with article 176 paragraph 2 thereof, and submit the proceedings exclusively to Swiss domestic arbitration (art. 353 et seq. CPC). The arbitral tribunal is composed of a sole arbitrator. The seat of the arbitration is at Monthey. The language of the proceedings is French. The award is final and constitutes an enforceable title (art. 387 CPC), the remedies before the Federal Supreme Court remaining reserved (art. 389 et seq. CPC). 4. There remain reserved the acts falling within the exclusive jurisdiction of the authorities, in particular entries, cancellations and corrections in the land register (art. 975 CC) and acts requiring the authentic form. The effect of the award is limited to the parties; the rights acquired by third parties in good faith remain reserved. This clause binds the successors of the parties to the extent that the obligation results from an entry in the land register (art. 730 para. 2 CC). 5. The parties agree that, at the request of a party, the arbitral tribunal may provide in its award that the party which fails to comply within the fixed time limit shall pay the other party a penalty per period of delay, the amount of which the arbitral tribunal fixes on an equitable basis according to the circumstances, without it being able to exceed a rate of 10 % of the amount in dispute per year, calculated pro rata temporis. This penalty is due irrespective of any loss (art. 161 CO); art. 163 para. 2 and 3 CO remains reserved.