Coach 2013 Annual Report Download - page 342

Section 15.5 Arbitration Procedures. Within five (5) business days following the delivery of Arbitration Notice, the Board of Managers
shall make available to each disputing party all applicable books and records in connection with the dispute. The Arbitration hearing shall be conducted in
accordance with the Expedited Procedures, or as the disputing parties may otherwise agree. The decision and award of the Arbitrator shall be binding on the
Unit Owners and the Board of Managers and shall be enforceable in any court of competent jurisdiction. Notwithstanding anything to the contrary contained
herein, the Arbitrator may order any interim measures or provisional remedies as may be deemed necessary, including injunctive relief. Each party to an
Arbitration shall also be permitted recourse to a court for interim or provisional relief necessary to preserve its right to arbitrate.
Section 15.6 Provisions Applicable to Arbitration. The Arbitrator’s decision shall be based on the standards and provisions set forth in,
and the purposes of, the Declaration and these By-laws, but absent specific standards and provisions, the decision shall be based on the standards of
operation of the Condominium as set forth in the Condominium Documents and what a reasonably prudent Unit Owner of a comparable property in a
comparable location would determine under similar circumstances. The Arbitrator shall consider only the specific issues submitted for resolution, as set forth
in the Arbitration Notice. The Unit Owners and the Board of Managers shall execute all documents and do all other things necessary to submit to the
Arbitration and hereby waive any and all rights they may have to revoke their election to arbitrate and to abide by the decision rendered by the Arbitrator. The
Arbitrator shall apply the law of the State of New York without regard to conflict of law principles and shall have no power to vary or modify any of the
provisions of the Declaration or these By-laws, and its powers and jurisdiction are hereby limited accordingly. In no event shall any Unit Owner seek (nor
shall the Arbitrator award) consequential or punitive damages, and the Arbitrator’s powers shall be so limited. No failure or refusal of a Unit Owner to give
any consent required under the Condominium Documents shall be subject to Arbitration, except to the extent (i) the Unit Owner is required pursuant to express
provisions of the Declaration or these By-laws to act in accordance with certain standards, (ii) the Arbitration is to determine whether the Unit Owner acted
within those standards, and (iii) the Arbitration is otherwise permitted as provided in Section 15.1 of this Article 15. In the event that separate Arbitration
proceedings are commenced under this Article 15, and the same or similar issues arise in two (2) or more such Arbitration proceedings, they shall be
consolidated with, and heard by, the Arbitrator appointed in the proceeding in which the Arbitration Notice was first given.
Section 15.7 Resignation/Departure of a Potential Arbitrator. If any Arbitrator appointed hereunder shall be unwilling or unable, for any
reason, to serve, or continue to serve, a replacement shall be appointed in the same manner as provided in Section 15.4 of this Article 15.
Section 15.8 Costs of Arbitration. (a) The fees, costs and expenses of the Arbitrator shall be borne by the losing party in the Arbitration or,
if neither party prevails, the fees, costs and expenses shall be borne equally by the parties. Each party shall also bear the fees and expenses of its own counsel
and expert witnesses. All costs and expenses paid or incurred by the Board of Managers in connection with any Arbitration held hereunder (including, without
limitation, the fees and expenses of counsel and expert witnesses) shall constitute Common Expenses.
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